Immunodiagnostic Systems Hldgs PLC Proposed Share Buyback (1978Z)
30 August 2018 - 4:00PM
UK Regulatory
TIDMIDH
RNS Number : 1978Z
Immunodiagnostic Systems Hldgs PLC
30 August 2018
Share Buyback
Immunodiagnostic Systems Holdings PLC
30 August 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014. Upon the publication
of this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
Immunodiagnostic Systems Holdings plc
Proposed Share Buyback
Immunodiagnostic Systems Holdings PLC ("IDS" or "the Company"),
a specialist producer of manual and automated diagnostic testing
kits and instruments for the clinical and research markets, today
announces that following unsolicited shareholder interest in
expanding the existing share buyback programme, the IDS Board has
instructed Peel Hunt LLP to acquire up to a further 1,000,000
Ordinary Shares of 2p each ("Ordinary Shares"), which amounts to
3.4% of the 29.4 million Ordinary Shares in issue at the date of
this announcement (excluding treasury shares) (the "Proposed Share
Buyback").
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 Ordinary Shares purchased
in treasury.
Shareholders who want to participate in the Proposed Share
Buyback are requested to contact Peel Hunt by no later than 4:30
p.m. on Monday 3 September 2018. Peel Hunt will carry out a
bookbuild process to determine the price at which the shares may be
purchased by the Company.
IDS has run a share buyback programme since 4 July 2017. Due to
low liquidity the Company has only purchased 66,078 shares under
the existing share buyback programme and believes the Proposed
Share Buyback would provide an opportunity for shareholders to
access liquidity. The existing programme will be suspended while
the Proposed Share Buyback is ongoing.
The Proposed Share Buyback is expected to exceed the 25% limit
of the average daily trading volume as laid down in Article 3 of
Commission Delegated Regulation (EU) No 2016/1052.
IDS will operate within the remaining safe harbour provisions
set out in the Market Abuse Regulation 596/2014 and Chapter 12 of
the Listing Rules. Under these safe harbours, the maximum price at
which the Company can purchase shares will be the lowest of the
closing bid price on Monday 3 September 2018, the last independent
trade on Monday 3 September 2018 and 105% of the average mid-market
close price for the five business days up to and including Monday 3
September 2018. As at 30 August 2018, this would imply a maximum
price payable of 220 pence per share.
Any purchases of Ordinary 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 2018 Annual General Meeting held on 26 July 2018.
There can be no certainty that IDS will purchase any Ordinary
Shares under the Proposed Share Buyback.
Total Voting Rights
The Company's issued share capital prior to the buyback
programme comprises 29,450,175 Ordinary Shares. Of these 66,078 are
held in Treasury. The total voting rights of the Company are
29,384,097 Ordinary Shares and this figure may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the FCA's Disclosure and Transparency Rules.
For further information:
Immunodiagnostic Systems Holdings Tel : +44 (0)191 5190660
plc
Jaap Stuut, Chief Executive
Officer
Paul Martin, Group Finance Director
Peel Hunt LLP Tel : +44 (0)207 418 8900
James Steel
Oliver Jackson
Sohail Akbar (ECM)
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
POSFKCDKOBKDQFB
(END) Dow Jones Newswires
August 30, 2018 02:00 ET (06:00 GMT)
Immunodiagnostic Systems (LSE:IDH)
Historical Stock Chart
From Apr 2024 to May 2024
Immunodiagnostic Systems (LSE:IDH)
Historical Stock Chart
From May 2023 to May 2024