Business
Acquisition and Placing
Acquisition and Placing.
About this update from Ekf Diagnostics Holdings Plc
[{"type":"text","content":"\n RNS Number : 6037N International Brand Licensing PLC 15 June 2010 \n \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR THE REPUBLIC OF IRELAND OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE ANNOUNCEMENT. \n \n15 June 2010\nINTERNATIONAL BRAND LICENSING PLC\n(\"IBL\" or the \"Company\")\n \nProposed Acquisition of EKF-diagnostic GmbH\nPlacing to raise £15.06m (gross) at 15p per share\nChange of name to EKF Diagnostics Holdings plc\n \nInternational Brand Licensing Plc (AIM: IBL), which has recently re-focussed on building a business within the in vitro diagnostic devices market, announces:\n \n· an agreement to acquire EKF-diagnostic GmbH (\"EKF\") for a total consideration of €14.32m to be satisfied by €11.32m in cash on completion and €3m deferred consideration in shares;\n· a placing by Zeus Capital and Matrix Corporate Capital to raise approximately £15.06m (gross) by means of the issue of 100,435,653 new Ordinary Shares at 15 pence per share to fund the acquisition and to provide working capital; and\n· a change of name of the Company to EKF Diagnostics Holdings plc (AIM trading symbol will be EKF.L).\n \nCommenting, Julian Baines, CEO of IBL, said: \"This acquisition is the first step in our strategy to build a diagnostics business and gives us a good platform for future growth both organically and by further acquisitions. We intend, in particular, to focus on devices and reagents relating to diabetes, one of the fastest growing diseases in the world.\"\n \nThe acquisition of EKF, which constitutes a reverse takeover under the AIM rules, will provide the Company with an established, profitable and cash generative business within the diagnostic devices industry. The Enlarged Group will be a manufacturer and distributor of point of care diagnostic devices and reagents and will immediately have sales and distribution channels into over 65 countries (including the key markets of the US, Europe and Russia).\n \nThe unaudited pro forma income statement, illustrating the ef...