Immunodiagnostic Systems Hldgs PLC Share Buyback Programme (6579I)
June 21 2017 - 1:01AM
UK Regulatory
TIDMIDH
RNS Number : 6579I
Immunodiagnostic Systems Hldgs PLC
21 June 2017
Share Buyback Programme
Immunodiagnostic Systems Holdings PLC
21 June 2017
Immunodiagnostic Systems Holdings PLC ("IDS"), a specialist
producer of manual and automated diagnostic testing kits and
instruments for the clinical market, today announces a proposed
share buy-back programme.
The IDS Board has approved a programme to buy back up to 500,000
of the Company's ordinary shares ("Shares"), which amounts to 1.7%
of the 29.4 million Shares in issue at the date of this
announcement. The purpose of the programme is to reduce the capital
of the Company and to meet future obligations under the IDS
Co-Investment Share Option plan. IDS plans to hold the Shares
purchased in treasury.
The buy back will be funded from IDS's cash reserves which stood
at GBP31.5m as at 31 March 2017. The programme will commence on
4(th) July 2017.
Share purchases will take place in open market transactions and
may be made from time to time depending on market conditions, share
price, trading volume and other factors. The Company has appointed
Peel Hunt LLP to manage an irrevocable, non-discretionary share
buy-back programme to repurchase on its behalf, subject to a
pre-agreed maximum price and general availability of Shares in the
market.
Any purchases of Shares by the Company in relation to this
announcement will be carried out on the London Stock Exchange and
will be effected within certain pre-set parameters and in
accordance with (and subject to the limits prescribed by) the
general authority to purchase shares granted by IDS shareholders at
the 2016 Annual General Meeting held on 28 July 2016, the Market
Abuse Regulation 596/2014 ("MAR") and Chapter 12 of the Listing
Rules.
This announcement includes inside information.
For further information:
Immunodiagnostic Systems Holdings PLC Tel : +44 (0)191 519 0660
Regis Duval, Chief Executive Officer
Paul Martin, Group Finance Director
Peel Hunt LLP Tel : +44 (0)207 418 8900
James Steel
Oliver Jackson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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