21 Jun 2017 07:01
Share Buyback Programme
Immunodiagnostic Systems Holdings PLC
21 June 2017
Immunodiagnostic Systems Holdings PLC ("IDS"), a specialist producer of manual and automated diagnostic testing kits and instruments for the clinical market, today announces a proposed share buy-back programme.
The IDS Board has approved a programme to buy back up to 500,000 of the Company's ordinary shares ("Shares"), which amounts to 1.7% of the 29.4 million Shares in issue at the date of this announcement. The purpose of the programme is to reduce the capital of the Company and to meet future obligations under the IDS Co-Investment Share Option plan. IDS plans to hold the Shares purchased in treasury.
The buy back will be funded from IDS's cash reserves which stood at £31.5m as at 31 March 2017. The programme will commence on 4th July 2017.
Share purchases will take place in open market transactions and may be made from time to time depending on market conditions, share price, trading volume and other factors. The Company has appointed Peel Hunt LLP to manage an irrevocable, non-discretionary share buy-back programme to repurchase on its behalf, subject to a pre-agreed maximum price and general availability of Shares in the market.
Any purchases of Shares by the Company in relation to this announcement will be carried out on the London Stock Exchange and will be effected within certain pre-set parameters and in accordance with (and subject to the limits prescribed by) the general authority to purchase shares granted by IDS shareholders at the 2016 Annual General Meeting held on 28 July 2016, the Market Abuse Regulation 596/2014 ("MAR") and Chapter 12 of the Listing Rules.
This announcement includes inside information.
For further information:
Immunodiagnostic Systems Holdings PLC Tel : +44 (0)191 519 0660
Regis Duval, Chief Executive Officer
Paul Martin, Group Finance Director
Peel Hunt LLP Tel : +44 (0)207 418 8900
James Steel
Oliver Jackson