Business
Completion of Acquisition
Completion of Acquisition.
About this update from Cambridge Nutritional Sciences Plc
[{"type":"text","content":"\n Omega Diagnostics Group PLC\n03 September 2007\n\n\n\n Omega Diagnostics Group plc\n\n Completion of Acquisition\n\nOmega Diagnostics Group plc ('Omega'), the AIM listed medical diagnostic\ncompany, announces that it has completed the acquisition of the entire issued\nshare capital of Genesis Diagnostics Limited and Cambridge Nutritional Sciences\nLimited (together 'Genesis-CNS').\n\nGenesis-CNS is a growing, profitable, cash-generative business serving the\nclinical and consumer diagnostics markets. Genesis-CNS supplies test kits to\nhospital laboratories in the UK and overseas, via a network of distributors, in\n27 countries. In addition Genesis-CNS offers food intolerance test services to\nhealthcare practitioners and has developed a home test kit for food intolerance\nwhich has received the CE mark and can be sold to consumers directly. The\ncompany has also developed two complementary technologies, the macro- and the\nmicroarray which it currently utilises in its own products and services.\n\nAt the EGM on 30 August 2007 shareholders approved the completion of the\nAcquisition, the Placing, the Share Consolidation and the Capital Reorganisation\nand this morning the Second Admission Shares were admitted to trading on AIM.\nFurther to the announcement on 30 August 2007 the Company's issued share capital\nnow consists of 14,875,693 New Ordinary Shares of 4 pence each.\n\nInitial Consideration and Funding\n\nInitial consideration payable for the Acquisition was £5.7m and was payable as\nfollows:\n\n(a) £3.2 million payable in cash at Completion (approximately £2.9 million net\nof the cash on Genesis - CNS' balance sheet at Completion);\n\n(b) the issue of 4,461,220 Consideration Shares at the Placing Price and an\namount in cash of £61,634 payable one year after Completion; and\n\n(c) the issue of a loan note in respect of £1.1 million on Completion.\n\nIn order to fund the Acquisition the Company raised £2.2 million by means of a\nplacing of 7,333,333 New Ordinary Shares at 30p (0.75p before reorganisation and\nconsolidation) by Landsbanki Securities (UK) Limited. A further £1.2 million of\nfunding for the Acquisition has been provided by a loan from Bank of Scotland.\n\n\n\n\nOmega Diagnostics Group PLC Landsbanki Securities (UK) Ltd Parkgreen Communications Ltd\nAndrew Shepherd, Nominated Adviser & Broker Ben ...