Immunodiagnostic Sys IDH Settlement on Escalon debt

  Immunodiagnostic Sys (IDH) - Settlement on Escalon debt

RNS Number : 9011O
Immunodiagnostic Systems Hldgs PLC
17 October 2012




17 October 2012



                    Immunodiagnostic Systems Holdings PLC

                                      

                       €1.9m settlement on Escalon debt



Immunodiagnostic Systems  Holdings  PLC  ("the Company"  or  "the  Group"),  a 
leading producer of  manual and automated  specialist diagnostic testing  kits 
and instrumentation for the clinical and research markets, today announces the
receipt of €1.9m in cash from Escalon Medical Corporation ("EMC") as full  and 
final settlement  against a  debt of  €3.2m relating  to outstanding  deferred 
consideration from an earlier business disposal.



In December  2008,  the Group  disposed  of  its Haematology  Division  to  BH 
Holdings SAS ("BHH"), with an element of deferred consideration guaranteed  by 
its ultimate parent company EMC. BHH  later went into administration and  the 
Group  made  a  full  provision   for  the  outstanding  amount  of   deferred 
consideration of €3.2m in its financial year ended 31 March 2012.



This settlement agreement was reached today  following the disposal by EMC  of 
it clinical diagnostics business  to ERBA Diagnostics for  $6.5m on 4  October 
2012 and will result in an exceptional gain for the Group of £1.5m during  the 
year ending 31 March 2013.





For further information:



Immunodiagnostic Systems Holdings PLC
Patrik Dahlen, Chief Executive Officer  Tel : +44 (0)191 5190660
Gerard Murray, Finance Director
Peel Hunt LLP                          Tel : +44 (0)207 418 8900
James Steel
Dr Vijay Barathan
FTI Consulting                         Tel : +44 (0)207 831 3113
Ben Atwell
Simon Conway
Mo Noonan



                     This information is provided by RNS
           The company news service from the London Stock Exchange

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MSCBGBDGIXBBGDR -0- Oct/17/2012 10:41 GMT
 
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