Business
Commencement of dealings
Commencement of dealings.
About this update from Cambridge Nutritional Sciences Plc
[{"type":"text","content":"\n Quintessentially English PLC\n19 September 2006\n\n\n\nQUINTESSENTIALLY ENGLISH PLC ('QE' OR THE 'COMPANY')\n\n\nCOMMENCEMENT OF DEALINGS\n\n\nQuintessentially English PLC (to be re-named Omega Diagnostics Group PLC)\nannounces that it has completed inter alia the acquisition of Omega Diagnostics\nLimited, a £1 million placing of new ordinary shares and an issue of warrants to\nexisting shareholders in the Company. Its ordinary shares are due to be\nreadmitted to trading on AIM today.\n\nHighlights\n\n• Acquisition of Omega Diagnostics Limited, a UK company specialising in \n in-vitro diagnostics test kits and related products through a distribution \n network in more than 100 countries\n\n• £1 million new equity (before expenses) raised via a cash placing of \n 50,000,000 New Ordinary Shares at 2p per share\n\n• Issue of 5,588,432 QE Warrants to existing Shareholders to subscribe for \n Ordinary Shares at an exercise price of 2p per share\n\n• Appointment of a new management team from Omega Diagnostics Limited: \n Andrew Shepherd, Chief Executive, Kieron Harbinson, Finance Director,\n David Evans, Non-executive Chairman; Michael Gurner continues as a \n Non-executive Director\n\n• The Acquisition furthers Omega's strategy to become a leading in-vitro \n diagnostics company - its strategy is to grow through selective acquisitions\n\nAndrew Shepherd, Chief Executive, commented:\n\n'The purchase of Omega Diagnostics Limited continues our aim to acquire\ncompanies within the medical diagnostics sector and positions us as a key player\nin the in-vitro diagnostics kit market. Our strategy is to grow by acquisition\nand to build our portfolio of products which we are already distributing\nthroughout the UK and in over 100 countries worldwide.'\n\nOn completion, the Company will be paying a maximum consideration of £3 million\nof which approximately £1.2 million will be satisfied by the issue of 60,600,000 \nNew Ordinary Shares and the balance of up to approximately £1.8 million as \ndeferred consideration to be satisfied by way of up to 89,400,000 Earn Out \nShares at a minimum issue price of 2p per share subject to certain earn out \ntargets being met for the financial year ending 31 March 2008.\n\nImmediately following admission, the issued share capital of the Company will \nbe 121,776,865 Ordinary Shares.\n\n\n\n...