IDH's proposed revised Delisting Buyback Price

Integrated Diagnostics Holdings PLC

27 June 2024

 

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THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.

IDH's proposed revised Delisting Buyback Price in connection with delisting from the Egyptian Exchange

27 June 2024

On 24 May 2024, Integrated Diagnostics Holdings Plc ("IDH" or the "Company") published a Notice of the Extraordinary General Meeting (the "EGM") to be held on 12 June 2024 in connection with the proposed voluntary delisting of its ordinary shares (the "Shares") from the Egyptian Exchange (the "EGX").  As announced on 12 June 2024, all the resolutions contained in the Notice of EGM were duly passed at the EGM.

These resolutions included a resolution authorising the Company to repurchase Shares from shareholders who hold Shares traded on the EGX held by Misr for Central Clearing, Depository and Registry ("EGX Shares", and such shareholders, "EGX Shareholders"), as well as any creditor who has the benefit of a mortgage over any EGX Shares ("Mortgaged Creditors"), if so required by such EGX Shareholders or Mortgaged Creditors during the relevant buyback period which will be specified by the Company (such persons, the "Selling Shareholders" and such EGX Shares acquired by the Company from the Selling Shareholders, the "Delisting Sale Shares"). This approach is consistent with applicable Egyptian regulations and practice for Egyptian-incorporated companies seeking to delist from the EGX.  Based on the foregoing, it was determined that the price to be paid by the Company to the Selling Shareholders (the "Delisting Buyback Price") would be 18.62 Egyptian pounds per Delisting Sale Share (exclusive of expenses).

The Company has since been informed by the EGX that the calculation of the Delisting Buyback Price did not in fact properly take account of certain aspects of the applicable regulations given the low trading volumes in the Company's Shares and, as a consequence, and notwithstanding that the relevant resolutions have been passed by its shareholders, the Delisting Buyback Price should instead be 20 Egyptian pounds per Delisting Sale Share (exclusive of expenses) in accordance with the method of calculating the delisting buyback price of shares applicable by the EGX. 

As such, the Company will in the coming days publish a further notice of extraordinary general meeting to convene another extraordinary general meeting of shareholders to approve the resolutions required in order to give effect to the repurchase of Delisting Sale Shares at this revised Delisting Buyback Price of 20 Egyptian pounds per Delisting Sale Share (exclusive of expenses).  A further announcement will be made upon the publication of this further notice of extraordinary general meeting.

A summary of the resolutions passed by the board of directors of the Company in relation to this further extraordinary general meeting is set out in the Appendix to this announcement.

The information contained in this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018.  Upon the publication of this announcement, this inside information is now considered to be in the public domain.  Company Matters, IDH's Company Secretary, is responsible for the release of this announcement for the purposes of such regulation.

For further information please contact:

Integrated Diagnostics Holdings plc

Tarek Yehia

Investor Relations Director

T: [phone] | M: [phone] |  [e-mail]

Company Secretary

Company Matters

[e-mail]

-Ends-

About Integrated Diagnostics Holdings (IDH)

IDH is a leading diagnostics services provider in the Middle East and Africa offering a broad range of clinical pathology and radiology tests to patients in Egypt, Jordan, Nigeria, Sudan and Saudi Arabia.  The Group's core brands include Al Borg, Al Borg Scan and Al Mokhtabar in Egypt, as well as Biolab (Jordan), Echo-Lab (Nigeria), Ultralab and Al Mokhtabar Sudan (both in Sudan ), and Biolab KSA (Saudi Arabia).  With over 40 years of experience, a long track record for quality and safety has earned the Company a trusted reputation, as well as internationally recognised accreditations for its portfolio of over 3 ,000 diagnostics tests.  From its base of 601 branches as of 31 December 2023 , IDH served over 8. 5 million patients and performed more than 36.1 million tests in 2023.  IDH will continue to add laboratories through a Hub, Spoke and Spike business model that provides a scalable platform for efficient expansion.  Beyond organic growth, the Group targets expansion in appealing markets, including acquisitions in the Middle Eastern, African, and East Asian markets where its model is well-suited to capitalise on similar healthcare and consumer trends and capture a significant share of fragmented markets.  IDH has been a Jersey-registered entity with a Standard Listing on the Main Market of the London Stock Exchange (ticker: IDHC) since May 2015 with a secondary listing on the EGX since May 2021 (ticker: IDHC.CA).

Learn more at  idhcorp.com.

Important disclaimers (including in relation to securities law restrictions)

This announcement is for information purposes only and is not intended to and does not constitute or form part of an investment recommendation or any offer to buy or sell or subscribe for or any invitation to buy, sell or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction.

 This announcement may contain certain forward-looking statements. A forward-looking statement is any statement that does not relate to historical facts and events, and can be identified by the use of such words and phrases as "according to estimates", "aims", "anticipates", "assumes", "believes", "could", "estimates", "expects", "forecasts", "intends", "is of the opinion", "may", "plans", "potential", "predicts", "projects", "should", "to the knowledge of", "will", "would" or, in each case their negatives or other similar expressions, which are intended to identify a statement as forward-looking. This applies, in particular, to statements containing information on future financial results, plans, or expectations regarding business and management, future growth or profitability and general economic and regulatory conditions and other matters affecting the Company and its subsidiaries (the "Group").

Forward-looking statements reflect the current views of the Group's management ("Management") on future events, which are based on the assumptions of the Management and involve known and unknown risks, uncertainties and other factors that may cause the Group's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.  The occurrence or non-occurrence of an assumption could cause the Group's actual financial condition and results of operations to differ materially from, or fail to meet expectations expressed or implied by, such forward-looking statements.

The Group's business is subject to a number of risks and uncertainties that could also cause a forward-looking statement, estimate or prediction to differ materially from those expressed or implied by the forward-looking statements contained in this announcement.  The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice.  Save as required by applicable law, the Group does not undertake any obligation to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

Appendix - Summary of Board Resolutions

Minutes of the Board of Directors Meeting held on 26/6/2024 of Integrated Diagnostics Holdings PLC in accordance with the Companies (Jersey) Law 1991 as amended (the "Law")	محضر اجتماع مجلس الإدارة المنعقد بتاريخ 26/6/2024 لشركة انتجريتيد دياجنوستكس هولدينجز بي ال سي طبقا لأحكام قانون شركات جيرسي لسنة 1991 وتعديلاته ("القانون")
On Wednesday 26 June 2024 at 7:30 PM Cairo Time, the Board of Directors of Integrated Diagnostics Holdings PLC (the "Company") established under the Law, registered with the Jersey Companies Register under no. 117257, with an issued capital amounting to (150,000,000 United State dollars) is held via video conference, based on the invitation issued by the Chairman.	انه في يوم الاربعاء الموافق 26 يونيو 2024 في تمام الساعة 7:30 مساءاً بتوقيت القاهرة، اجتمع مجلس إدارة شركة انتجريتيد دياجنوستكس هولدينجز بي ال سي ("الشركة") خاضعة لأحكام القانون، ومقيدة بسجل شركات جيرسي تحت رقم 117257، برأسمال مصدر وقدرة (150,000,000 دولار أمريكي) وذلك عن طريق وسائل الاتصال الحديثة (الفيديو كونفرنس)، بناء على الدعوة الموجهة من السيد رئيس مجلس الإدارة.
The meeting was attended by the following Board of Directors' members:	وقد حضر الاجتماع السادة/ أعضاء مجلس الإدارة التالي أسماؤهم:
Chairman Lord Anthony Tudor St. John Managing Director Prof. Dr. Hend Mohamed Moataz Mostafa Kamel El Sherbini Board Member Mr. Hussien Hassan Choucri Board Member Mr. Dan Johan Filmar Olsson   Board Member Mr. Richard Henry Phillips Board Member Mrs. Yvonne Stillhart   Board Member Mr. Sherif El Zeiny	اللورد/ أنتونى تودور سانت جون رئيس مجلس إدارة أ. د / هند محمد معتز مصطفى كامل الشربينى العضو المنتدب السيد/ حسين حسن شكرى عضو مجلس إدارة السيد/ دان يوهان فيلمار أولسون عضو مجلس إدارة السيد/ ريتشارد هينرى فيليبس عضو مجلس إدارة السيدة/ إيفون ستيلهارت عضو مجلس إدارة السيد/ شريف الزينى عضو مجلس إدارة
The meeting was chaired by Mr. Lord Anthony Tudor St. John (the "Chairman") who welcomed the attendees and appointed Ms. Nadira Hussein, representing Company Matters, as the secretary of the meeting and the Board has approved such appointment.  The Chairman noted that all directors had previously disclosed their interests and were entitled to attend and vote at the meeting pursuant to the law and the Company's articles of association having done so.	وراس الاجتماع اللورد/ أنتونى تودور سانت جون ("رئيس مجلس الإدارة") وقام رئيس الاجتماع بالترحيب بالسادة الحضور ورشح تعيين السيدة/ ناديرا حسين، ممثلا لقطاع شئون الشركة، للقيام بأعمال أمانة سر الاجتماع ووافق المجلس على هذا التعيين. وقد افاد رئيس مجلس الإدارة ان جميع الأعضاء قد أفصحوا عن عدم وجود تعارض مصالح ووفقا للقانون والنظام الأساسي للشركة يحق لهم الحضور والتصويت على القرارات بالاجتماع.
After deliberating and discussing the meeting's agenda, the Board of Directors (Board) present at the meeting have unanimously approved the following resolutions:	وبعد المداولة والمناقشة في جدول الاعمال فقد قرر أعضاء المجلس الحاضرين الموافقة بالإجماع على القرارات التالية:
Resolution No. 1	القرار الأول
Further to the resolutions of the Board of Directors meeting held on 15 May 2024 and the Extraordinary General Assembly Meeting held on 12 June 2024 resolving to voluntarily delist the Company's shares from the Egyptian Stock Exchange (the "EGX") and determining the delisting buyback price (the "Delisting Buyback Price") at 18.62 Egyptian pounds per share. The Company has been informed by the EGX that the calculation of the Delisting Buyback Price did not properly take account of certain aspects of the applicable regulations given the low trading volumes in the Company's shares and, as a consequence, and notwithstanding that the relevant resolutions have been passed by its shareholders, the Delisting Buyback Price should instead be 20 Egyptian pounds per share (exclusive of expenses) in accordance with the method of calculating the delisting buyback price of shares applicable by the Egyptian stock exchange.  Based on the foregoing, the Board of Directors have unanimously approved: i) the convening of an Extraordinary General Meeting (EGM) of the Company's shareholders to approve the buyback at the revised Delisting Buyback Price of 20 Egyptian pounds instead of 18.62 Egyptian pounds per Delisting Sale Share (exclusive of expenses) and the holding in treasury of such repurchased Delisting Sale Shares, ii) the announcement of the revised Delisting Buyback Price to be released to the London Stock Exchange at 7:00 am BST on Thursday 27th June 2024, and at the same time, to the EGX, iii) the delegation of authority to any two Board Members to approve the final EGM circular and notice, and iv) the buyback at the revised Delisting Buyback Price and the holding in treasury of such repurchased Delisting Sale Shares.	بالإشارة الى قرارات اجتماع مجلس الإدارة المنعقد بتاريخ 15 مايو 2024 والجمعية العامة غير العادية للشركة المنعقدة بتاريخ 12 يونيو 2024 بالموافقة على شطب أسهم الشركة اختياريا من البورصة المصرية وتحديد سعر شراء أسهم الشطب ("سعر شراء أسهم الشطب") بمبلغ 18.62 جنيه مصري للسهم الواحد. وحيث أن البورصة المصرية قد أبلغت الشركة بأن طريقة حساب سعر أسهم الشطب لا يتوافق مع اللوائح المعمول بها نظرًا لانخفاض أحجام التداول على أسهم الشركة، ونتيجة لذلك، وعلى الرغم من القرارات ذات الصلة التي تم اعتمادها من قبل المساهمين، يجب أن يكون سعر شراء أسهم الشطب 20 جنيه مصري للسهم الواحد (غير شامل للنفقات) وذلك وفقا لطريقة احتساب سعر أسهم الشطب المعمول بها بالبورصة المصرية. وبناءاً عليه، وافق مجلس الإدارة بالأجماع على تقديم مقترح للجمعية العامة غير العادية لتعديل سعر شراء أسهم الشطب ليصبح 20 جنيه مصري بدلا من 18.62 جنيه مصري للسهم الواحد (غير شامل للنفقات) وذلك في ضوء ما سبق بيانه. وبناء على ما تقدم فقد وافق مجلس الإدارة بالإجماع على ما يلي: (أ) عقد جمعية عامة غير عادية لمساهمي الشركة للموافقة على شراء أسهم الشطب بسعر الشراء المعدل البالغ 20 جنيهًا مصريًا بدلاً من 18.62 جنيهًا مصريًا للسهم الواحد (غير شامل للنفقات) والاحتفاظ بتلك الأسهم كأسهم خزينة،  (ب) الإعلان عن سعر شراء أسهم الشطب المعدل في بورصة لندن في الساعة 7:00 صباحًا بتوقيت جرينتش يوم الخميس 27 يونيو 2024، وفي نفس الوقت في البورصة المصرية، (ج) تفويض اثنين من أعضاء مجلس الإدارة للموافقة على دعوة الجمعية العامة غير العادية في صيغتها النهائية، و (د) شراء أسهم الشطب بسعر الشراء المعدل والاحتفاظ بتلك الأسهم كأسهم خزينة.
Resolution No. 2	القرار الثاني
The attendees have unanimously approved to delegate Prof. Dr. Hend Mohamed Moataz Mostafa Kamel El Sherbini or any person who is authorized by the Board, solely, in taking all necessary procedures to voluntarily delist the Company's shares from the Egyptian Exchange and purchase the shares of the affected shareholders and/or those objecting to the voluntary delisting and/or mortgaged creditors and revising the Delisting Buyback Price. In this respect, such persons shall have all the powers and authorities to represent the Company before all governmental and non-governmental entities, the Egyptian Exchange, the Financial Regulatory Authority and the Misr for Central Clearing, Depository and Registry and have been authorized severally to take all procedures in relation to the publication of any announcements or disclosures concerning the implementation of the delisting procedures. Such persons shall have the right to entirely or partially delegate the aforementioned to third parties.	وافق الحضور بالإجماع على تفويض أ. د / هند محمد معتز مصطفى كامل الشربيني او من يفوضه المجلس منفردين في اتخاذ كافة الإجراءات اللازمة لشطب قيد اسهم الشركة من البورصة المصرية شطبا اختياريا وشراء اسهم المساهمين المتضررين و/او المعترضين على الشطب و/او الدائنين المرتهنين وتعديل سعر شراء أسهم الشطب ولهم في ذلك كافة السلطات والصلاحيات في تمثيل الشركة امام كافة الجهات الحكومية وغير الحكومية والبورصة المصرية و الهيئة العامة للرقابة المالية وشركة مصر للمقاصة والايداع والحفظ المركزي وتفويضهم منفردين في اتخاذ كافة الإجراءات المتعلقة بنشر أي إعلانات او افصاحات خاصة بتنفيذ إجراءات الشطب ولهم الحق في تفويض او توكيل الغير في كل او بعض ما سبق.
Resolution No. 3	القرار الثالث
The attendees have unanimously approved inviting the Extraordinary General Meeting of the Company to resolve, in connection with the delisting of the Company's shares which are listed on the Egyptian Exchange, to allow the buyback of shares on the EGX including the amendment of the Delisting Buyback Price and the holding of such shares in treasury and authorized the Chairman in serving the invitations of the Extraordinary General Meeting and determining the agenda, place and time of convening the same.	وافق الحضور بالإجماع على دعوة الجمعية العامة غير العادية للشركة للنظر في تعديل سعر شراء أسهم الشطب في ضوء شطب أسهم الشركة اختياريا من البورصة المصرية بما في ذلك تعديل سعر شراء أسهم الشطب والاحتفاظ بها كأسهم خزينة وتفويض رئيس مجلس الإدارة في توجيه دعوة الجمعية العامة غير العادية للشركة وتحديد بنود جدول الاعمال وموعد ومكان الانعقاد.
At 8:00 PM Cairo Time, the meeting ended after the Chairman has thanked the attendees.	وحيث كانت الساعة 8:00 مساءاً بالتوقيت المحلى، انتهى الاجتماع بعد ان قام السيد/ رئيس الاجتماع بتوجيه الشكر للسادة الحضور.

Chairman:   Lord Anthony Tudor St. John 

Secretary of the Board:   Company Matters 

 

END