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Omega Diagnostics

  • BY: Andrew Hore |
  • POSTED: 06/08/2007 |

Omega Diagnostics is buying two more diagnostics businesses.

Genesis Diagnostics and Cambridge Nutritional Sciences develop test kits for autoimmune disease, infectious disease and food intolerance. Omega is paying an initial £3.2m in cash, £1.4m in shares at the same price as a share placing and a £1.1m loan note. The share issue is dependent on the shares being issued not going above 29.99% of the share capital. Any shortfall to the £1.4m figure will be paid in a year’s time in cash. There is also performance-related consideration of up to £1m.
Omega is consolidating 40 existing shares into one new share as well as reorganising its capital by reducing the par value of the shares. A placing at the post-consolidation price of 30p will raise £2.2m.
The businesses have complementary product ranges that use similar technology. The two companies being acquired generated turnover of £2.1m excluding intercompany turnover and both were profitable.
Teather & Greenwood has been appointed nominated adviser and broker.

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