Strategic Update

RNS Number : 3163D

EKF Diagnostics Holdings PLC

23 October 2015

 

EKF Diagnostics Holdings plc
("EKF" or the "Company")

Strategic Update

The Board note the announcement by Jinjing (Group) Co., Ltd. that they do not intend to make an offer for the Company. The Company is no longer in an offer period under the City Code and, accordingly, the requirement to make disclosures under Rule 8 of the City Code has now ceased.

As outlined in the Company's conclusion of strategic review announcement of 18 August 2015, as the interest shown in the Company has not led to a realisation event, the Board now intend to invite Mr Ron Zwanziger to become Chairman, with the current Chairman becoming deputy Non-Executive Chairman.

Ron Zwanziger has been the founder and Chief Executive Officer of three highly successful medical diagnostic companies. Mr Zwanziger was Chairman, Chief Executive Officer and President of Alere Inc. from its inception in May 2001 until July 2014. Alere is a global diagnostics company with a $4 billion market capitalisation listed on the New York Stock Exchange. Prior to Alere Mr Zwanziger served as Chairman, Chief Executive Officer and President of Inverness Medical Technology, from its inception in 1992 to November 2001, when that company was acquired by Johnson & Johnson. From 1981 to 1991, he was Chairman and Chief Executive Officer of MediSense, a medical device company. Mr Zwanziger served as a director of AMAG Pharmaceuticals, Inc. from November 2006 to December 2011. Finally, Mr Zwanziger is currently Chairman and Chief Executive Officer of Lumira Holdings Ltd.

The Company announced on 24 August 2015 that it had received a non-binding preliminary proposal from an unrelated third party of US$115 million to $125 million for the Company's Point-of-Care business (which excludes the Clinical Chemistry and Molecular Diagnostics businesses). This non-binding preliminary proposal has now been withdrawn.

David Evans, Chairman of EKF commented:

"Although we had a number of expressions of interest this has not let to a realisation event. We now look forward to working with Mr Zwanziger as Chairman to build on the solid foundations of the EKF business. Mr Zwanziger brings strategic vision, leadership, extensive business and operating experience and an immense knowledge of the industry to our Board."

Further disclosure in accordance with Schedule Two paragraph (g) of the AIM Rules will be made in due course.

EKF Diagnostics Holdings plc		Tel: [phone]
David Evans, Executive Chairman		Mob: [phone]
Julian Baines, CEO			Mob: [phone]
Paul Foulger, CFO		Mob: [phone]
Panmure Gordon (UK) Limited		Tel: [phone]
Robert Naylor (Corporate Finance)
Paul Fincham (Corporate Finance)
Karri Vuori (Corporate Finance)
Walbrook PR Limited	Tel: [phone] or [e-mail]
Paul McManus		Mob: [phone]
Lianne Cawthorne		Mob: [phone]

 

END

 

 

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