IBL Intl.Brand

TIDMEKF

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 This non-binding preliminary proposal has now been withdrawn.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: 029 2071 0570 
David Evans, Executive Chairman                              Mob: 07740 084 452 
Julian Baines, CEO                                           Mob: 07788 420 859 
Paul Foulger, CFO                                            Mob: 07710 989 255 
 
Panmure Gordon (UK) Limited                                  Tel: 020 7886 2500 
Robert Naylor (Corporate Finance) 
Paul Fincham (Corporate Finance) 
Karri Vuori (Corporate Finance) 
 
Walbrook PR Limited                    Tel: 020 7933 8780 or ekf@walbrookpr.com 
Paul McManus                                                 Mob: 07980 541 893 
Lianne Cawthorne                                             Mob: 07584 391 303 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 23, 2015 12:06 ET (16:06 GMT)

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