Business
Board Changes, New Strategy,
Board Changes, New Strategy,.
About this update from Ekf Diagnostics Holdings Plc
[{"type":"text","content":"\n RNS Number : 1073D International Brand Licensing PLC 26 November 2009 \n \n\nInternational Brand Licensing plc\n(\"IBL\" or \"the Company\")\nBoard Changes, Proposed New Strategy, Disposal of Existing Business and Placing\nKey points\nThe Board of IBL is pleased to announce:\n\n\nNew Board appointments with David Evans joining the Board as non-executive chairman, Julian Baines as CEO and Dr Kevin Wilson as non-executive director. \n\n\nProposed change in the strategy of the Company moving away from the exploitation of a portfolio of sports and lifestyle brands to building a business within the in vitro diagnostic devices (\"IVD\") market place. \n\n\nA placing to raise circa £1 million by way of the issue of 8,398,300 new ordinary shares at a price of 12.75p per share and a commitment to dispose of the existing licensing business.\n\n\nProposed New Strategy\nThe Board has identified the IVD market place as having significant potential for generating shareholder value and intends to use IBL as a vehicle to build a group focused on the IVD industry, through acquisition. The recent Board appointments bring a wealth of experience in this industry, adding to that of Gordon Hall, and a strong track record of delivering significant returns to the shareholders of companies in which they have been directors. The Board's intention is to deliver attractive returns to shareholders within the next 3-5 years.\nThe target businesses will be within the diagnostics industry, focusing initially on applications which will benefit most from the migration of routine diagnostic testing from the clinical laboratory to the point of care. The target businesses will have a proven product record, significant intellectual property and manufacturing expertise.\nThe IVD Market \nIn the Directors' opinion, there is a substantial opportunity to construct a business that can take advantage of the significant ageing profile of the western world population and help in the diagnosis, treatment and care for older people. \nIn vitro diagnostic medical devices are used for the examination of specimen samples taken from the human body in order to diagnose patients. In particular, IVDs are used in ...