ODX.L Regulatory News (ODX)

19 Sep 2006 07:02

Quintessentially English PLC19 September 2006 QUINTESSENTIALLY ENGLISH PLC ("QE" OR THE "COMPANY") COMMENCEMENT OF DEALINGS Quintessentially English PLC (to be re-named Omega Diagnostics Group PLC)announces that it has completed inter alia the acquisition of Omega DiagnosticsLimited, a £1 million placing of new ordinary shares and an issue of warrants toexisting shareholders in the Company. Its ordinary shares are due to bereadmitted to trading on AIM today. Highlights • Acquisition of Omega Diagnostics Limited, a UK company specialising in in-vitro diagnostics test kits and related products through a distribution network in more than 100 countries • £1 million new equity (before expenses) raised via a cash placing of 50,000,000 New Ordinary Shares at 2p per share • Issue of 5,588,432 QE Warrants to existing Shareholders to subscribe for Ordinary Shares at an exercise price of 2p per share • Appointment of a new management team from Omega Diagnostics Limited: Andrew Shepherd, Chief Executive, Kieron Harbinson, Finance Director, David Evans, Non-executive Chairman; Michael Gurner continues as a Non-executive Director • The Acquisition furthers Omega's strategy to become a leading in-vitro diagnostics company - its strategy is to grow through selective acquisitions Andrew Shepherd, Chief Executive, commented: "The purchase of Omega Diagnostics Limited continues our aim to acquirecompanies within the medical diagnostics sector and positions us as a key playerin the in-vitro diagnostics kit market. Our strategy is to grow by acquisitionand to build our portfolio of products which we are already distributingthroughout the UK and in over 100 countries worldwide." On completion, the Company will be paying a maximum consideration of £3 millionof which approximately £1.2 million will be satisfied by the issue of 60,600,000 New Ordinary Shares and the balance of up to approximately £1.8 million as deferred consideration to be satisfied by way of up to 89,400,000 Earn Out Shares at a minimum issue price of 2p per share subject to certain earn out targets being met for the financial year ending 31 March 2008. Immediately following admission, the issued share capital of the Company will be 121,776,865 Ordinary Shares. For further information, please contact: Quintessentially English PLC (to be re-named Omega Diagnostics Group PLC) - 01259 763 030 Andrew ShepherdChief Executive Kieron HarbinsonFinance Director City Financial Associates Limited - 020 7090 7800 Barry SaintDirector END This information is provided by RNS The company news service from the London Stock Exchange