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 END MSCBGBDGIXBBGDR -0- Oct/17/2012 10:41 GMT
Immunodiagnostic Sys IDH Settlement on Escalon debt
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