Business
Final Dividend Distribution
Final Dividend Distribution.
About this update from Integrated Diagnostics Holdings Plc
[{"type":"text","content":"\n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n \n \n \n \n \n Final Dividend Distribution\n \n \n \n \n 27 July 2022\n \n \n \n \n (Cairo and London)\n \n - On 7 June 2022, at the annual general meeting of Integrated Diagnostics Holdings plc (\"IDH\" or \"the Company\"), the shareholders of IDH approved a final dividend equivalent to Egyptian Pounds (\"EGP\") 2.17 per share (EGP 1.3 billion in aggregate) in respect of the year ended 31 December 2021 (to be paid in US dollars (\"USD\") at the official exchange rate on that date, which amounts to USD 69.6 million in aggregate) due today to the holders of shares on the register of members as at the close of business on 17 June 2022 (\"Eligible Shareholders\") (the \"Dividend Payment\").\n \n \n \n 1. Steps taken in respect of the Dividend Payment\n \n \n \n In anticipation of the Dividend Payment and prior to the Company's annual general meeting, IDH's subsidiaries in Egypt and Jordan approved dividend distributions and up-streamed cash to IDH. These funds remain in reserve for the purposes of the dividend (alongside other cash set aside for these purposes). IDH benefits from a strong balance sheet and robust cash management, as evidenced in its recent results announcement published on 8 June 2022, where IDH's net cash balance amounted to EGP 1,724 million as at 31 March 2022. Based on IDH's management accounts, as at 30 June 2022 IDH's cash and cash equivalents amounted to EGP 2,182 million. IDH has therefore sufficient funds in EGP to pay the dividend of EGP 1.3 billion in aggregate, subject to being able to convert the required amount of EGP into USD on the foreign exchange market.\n \n \n Since the recommendation of the final dividend by IDH's board of directors and the subsequent declaration of the dividend by IDH's shareholders, the macro-economic situation globally and in Egypt has changed significantly. As such, despite its financial rigour and planning outlined above, IDH has encountered significant difficulties in sourcing the required amounts of USD to exchange for EGP for the purposes of making the Dividend Payment. This ...