Quintessentially English PLC
19 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 Diagnostics
Limited, a £1 million placing of new ordinary shares and an issue of warrants to
existing shareholders in the Company. Its ordinary shares are due to be
readmitted 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 acquire
companies within the medical diagnostics sector and positions us as a key player
in the in-vitro diagnostics kit market. Our strategy is to grow by acquisition
and to build our portfolio of products which we are already distributing
throughout the UK and in over 100 countries worldwide.'
On completion, the Company will be paying a maximum consideration of £3 million
of 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 Shepherd
Chief Executive
Kieron Harbinson
Finance Director
City Financial Associates Limited - 020 7090 7800
Barry Saint
Director
END
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