NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT IS FOR INFORMATION
PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY
JURISDICTION.
IDH's proposed revised Delisting
Buyback Price in connection with
delisting from the Egyptian Exchange
27 June 2024
On 24 May 2024, Integrated
Diagnostics Holdings Plc ("IDH" or the "Company") published a Notice of the
Extraordinary General Meeting (the "EGM") to be held on 12 June 2024 in
connection with the proposed voluntary delisting of its ordinary
shares (the "Shares") from
the Egyptian Exchange (the "EGX"). As announced on 12 June
2024, all the resolutions contained in the Notice of EGM were duly
passed at the EGM.
These resolutions included a
resolution authorising the Company to repurchase Shares from
shareholders who hold Shares traded on the EGX held by Misr for
Central Clearing, Depository and Registry ("EGX Shares", and such shareholders,
"EGX Shareholders"), as
well as any creditor who has the benefit of a mortgage over any EGX
Shares ("Mortgaged
Creditors"), if so required by such EGX Shareholders or
Mortgaged Creditors during the relevant buyback period which will
be specified by the Company (such persons, the "Selling Shareholders" and such EGX
Shares acquired by the Company from the Selling Shareholders, the
"Delisting Sale Shares").
This approach is consistent with applicable Egyptian regulations
and practice for Egyptian-incorporated companies seeking to delist
from the EGX. Based on the foregoing, it was determined that
the price to be paid by the Company to the Selling Shareholders
(the "Delisting Buyback
Price") would be 18.62 Egyptian pounds per Delisting Sale
Share (exclusive of expenses).
The Company has since been informed
by the EGX that the calculation of the Delisting Buyback Price did
not in fact properly take account of certain aspects of the
applicable regulations given the low trading volumes in the
Company's Shares and, as a consequence, and notwithstanding that
the relevant resolutions have been passed by its shareholders, the
Delisting Buyback Price should instead be 20 Egyptian pounds per
Delisting Sale Share (exclusive of expenses) in accordance with the
method of calculating the delisting buyback price of shares
applicable by the EGX.
As such, the Company will in the
coming days publish a further notice of extraordinary general
meeting to convene another extraordinary general meeting of
shareholders to approve the resolutions required in order to give
effect to the repurchase of Delisting Sale Shares at this revised
Delisting Buyback Price of 20 Egyptian pounds per Delisting Sale
Share (exclusive of expenses). A further announcement will be
made upon the publication of this further notice of extraordinary
general meeting.
A summary of the resolutions passed
by the board of directors of the Company in relation to this
further extraordinary general meeting is set out in the Appendix to
this announcement.
The information contained in this
announcement is deemed by the Company to constitute inside
information as stipulated under the UK version of the Market Abuse
Regulation (EU) No. 596/2014 as it forms part of UK law by virtue
of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain. Company Matters, IDH's
Company Secretary, is responsible for the release of this
announcement for the purposes of such regulation.
For further information please
contact:
Integrated Diagnostics Holdings
plc
Tarek Yehia
Investor Relations
Director
T: +20 (0)2 3332 1126 | M: +20 10
6882 6678 | tarek.yehia@idhcorp.com
Company Secretary
Company Matters
IDHLondon@linkgroup.co.uk
-Ends-
About Integrated Diagnostics
Holdings (IDH)
IDH is a leading diagnostics
services provider in the Middle East and Africa offering a broad
range of clinical pathology and radiology
tests to patients in Egypt, Jordan, Nigeria, Sudan
and Saudi Arabia.
The Group's core brands include Al
Borg, Al Borg Scan and Al Mokhtabar in Egypt, as well as Biolab
(Jordan), Echo-Lab
(Nigeria), Ultralab and Al Mokhtabar
Sudan (both in Sudan ), and Biolab KSA (Saudi Arabia). With over 40 years of
experience, a long track record for
quality and safety has earned the Company a trusted reputation, as
well as internationally recognised accreditations for its portfolio
of over 3 ,000 diagnostics tests. From its base
of 601 branches as of 31 December 2023 , IDH served over
8. 5 million patients and performed more
than 36.1 million tests in 2023. IDH will continue to add
laboratories through a Hub, Spoke and Spike business model that
provides a scalable platform for efficient expansion. Beyond
organic growth, the Group
targets expansion in appealing markets,
including acquisitions
in the Middle Eastern, African, and East Asian markets where its
model is well-suited to capitalise on similar healthcare and
consumer trends and capture a significant share of fragmented
markets. IDH has been a Jersey-registered entity with a
Standard Listing on the Main Market of the London Stock Exchange
(ticker: IDHC) since May 2015 with a secondary listing on the EGX
since May 2021 (ticker: IDHC.CA).
Learn more
at idhcorp.com.
Important disclaimers (including in
relation to securities law restrictions)
This announcement is for information
purposes only and is not intended to and does not constitute or
form part of an investment recommendation or any offer to buy or
sell or subscribe for or any invitation to buy, sell or subscribe
for any securities or the solicitation of any vote or approval in
any jurisdiction.
This announcement may contain
certain forward-looking statements. A forward-looking statement is
any statement that does not relate to historical facts and events,
and can be identified by the use of such words and phrases as
"according to estimates", "aims", "anticipates", "assumes",
"believes", "could", "estimates", "expects", "forecasts",
"intends", "is of the opinion", "may", "plans", "potential",
"predicts", "projects", "should", "to the knowledge of", "will",
"would" or, in each case their negatives or other similar
expressions, which are intended to identify a statement as
forward-looking. This applies, in particular, to statements
containing information on future financial results, plans, or
expectations regarding business and management, future growth or
profitability and general economic and regulatory conditions and
other matters affecting the Company and its subsidiaries (the
"Group").
Forward-looking statements reflect
the current views of the Group's management ("Management") on future events, which
are based on the assumptions of the Management and involve known
and unknown risks, uncertainties and other factors that may cause
the Group's actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by these forward-looking
statements. The occurrence or non-occurrence of an assumption
could cause the Group's actual financial condition and results of
operations to differ materially from, or fail to meet expectations
expressed or implied by, such forward-looking
statements.
The Group's business is subject to a
number of risks and uncertainties that could also cause a
forward-looking statement, estimate or prediction to differ
materially from those expressed or implied by the forward-looking
statements contained in this announcement. The information,
opinions and forward-looking statements contained in this
announcement speak only as at its date and are subject to change
without notice. Save as required by applicable law, the Group
does not undertake any obligation to review, update, confirm or to
release publicly any revisions to any forward-looking statements to
reflect events that occur or circumstances that arise in relation
to the content of this announcement.
Appendix - Summary of Board
Resolutions
Minutes
of the Board of Directors Meeting held on 26/6/2024 of Integrated
Diagnostics Holdings PLC in accordance with the Companies (Jersey)
Law 1991 as amended (the "Law")
|
محضر اجتماع مجلس الإدارة
المنعقد بتاريخ 26/6/2024
لشركة انتجريتيد دياجنوستكس
هولدينجز بي ال سي
طبقا لأحكام
قانون شركات جيرسي لسنة 1991
وتعديلاته ("القانون")
|
On Wednesday 26 June 2024 at
7:30 PM Cairo Time, the Board of Directors of
Integrated Diagnostics Holdings PLC (the "Company") established
under the Law, registered with the Jersey Companies Register under
no. 117257, with an issued capital amounting to (150,000,000 United
State dollars) is held via video conference, based on the
invitation issued by the Chairman.
|
انه في يوم الاربعاء الموافق 26 يونيو
2024 في تمام الساعة 7:30
مساءاً بتوقيت القاهرة، اجتمع مجلس إدارة شركة
انتجريتيد دياجنوستكس هولدينجز بي ال سي ("الشركة") خاضعة لأحكام القانون، ومقيدة
بسجل شركات جيرسي تحت رقم 117257، برأسمال مصدر وقدرة
(150,000,000 دولار أمريكي) وذلك عن طريق وسائل الاتصال الحديثة (الفيديو
كونفرنس)، بناء على الدعوة الموجهة من السيد رئيس مجلس
الإدارة.
|
The meeting was attended by the
following Board of Directors' members:
|
وقد حضر الاجتماع السادة/ أعضاء مجلس
الإدارة التالي أسماؤهم:
|
Chairman
|
Lord Anthony Tudor St.
John
|
Managing
Director
|
Prof. Dr. Hend Mohamed Moataz
Mostafa Kamel El Sherbini
|
Board
Member
|
Mr. Hussien Hassan
Choucri
|
Board
Member
|
Mr. Dan Johan Filmar Olsson
|
Board
Member
|
Mr. Richard Henry
Phillips
|
Board
Member
|
Mrs. Yvonne Stillhart
|
Board
Member
|
Mr. Sherif El Zeiny
|
|
اللورد/ أنتونى تودور سانت
جون
|
رئيس مجلس إدارة
|
أ. د / هند محمد معتز مصطفى كامل
الشربينى
|
العضو المنتدب
|
السيد/ حسين حسن شكرى
|
عضو مجلس إدارة
|
السيد/ دان يوهان فيلمار
أولسون
|
عضو مجلس إدارة
|
السيد/ ريتشارد هينرى
فيليبس
|
عضو مجلس إدارة
|
السيدة/ إيفون ستيلهارت
|
عضو مجلس إدارة
|
السيد/ شريف الزينى
|
عضو مجلس إدارة
|
|
The meeting was chaired by Mr. Lord
Anthony Tudor St. John (the "Chairman") who welcomed the attendees and
appointed Ms. Nadira Hussein, representing Company Matters, as the
secretary of the meeting and the Board has approved such
appointment. The Chairman noted that all directors had
previously disclosed their interests and were entitled to attend
and vote at the meeting pursuant to the law and the Company's
articles of association having done so.
|
وراس الاجتماع اللورد/ أنتونى تودور
سانت جون ("رئيس مجلس الإدارة")
وقام رئيس الاجتماع
بالترحيب بالسادة الحضور ورشح تعيين السيدة/ ناديرا حسين، ممثلا لقطاع
شئون الشركة، للقيام بأعمال أمانة سر الاجتماع ووافق المجلس على هذا
التعيين.
وقد افاد رئيس مجلس الإدارة ان جميع
الأعضاء قد أفصحوا عن عدم وجود تعارض مصالح ووفقا للقانون والنظام
الأساسي للشركة يحق لهم الحضور والتصويت على القرارات
بالاجتماع.
|
After deliberating and discussing
the meeting's agenda, the Board of Directors (Board) present at the
meeting have unanimously approved the following
resolutions:
|
وبعد المداولة والمناقشة في جدول
الاعمال فقد قرر أعضاء المجلس الحاضرين الموافقة بالإجماع على
القرارات التالية:
|
Resolution No. 1
|
القرار
الأول
|
Further to the resolutions of the
Board of Directors meeting held on 15 May 2024 and the
Extraordinary General Assembly Meeting held on 12 June 2024
resolving to voluntarily delist the Company's shares from the
Egyptian Stock Exchange (the "EGX") and determining the delisting
buyback price (the "Delisting Buyback Price") at 18.62 Egyptian
pounds per share.
The Company has been informed by the
EGX that the calculation of the Delisting Buyback Price did not
properly take account of certain aspects of the applicable
regulations given the low trading volumes in the Company's shares
and, as a consequence, and notwithstanding that the relevant
resolutions have been passed by its shareholders, the Delisting
Buyback Price should instead be 20 Egyptian pounds per share
(exclusive of expenses) in accordance with the method of
calculating the delisting buyback price of shares applicable by the
Egyptian stock exchange.
Based on the foregoing, the Board of
Directors have unanimously approved: i) the convening of an
Extraordinary General Meeting (EGM) of the Company's shareholders
to approve the buyback at the revised Delisting Buyback Price of 20
Egyptian pounds instead of 18.62 Egyptian pounds per Delisting Sale
Share (exclusive of expenses) and the holding in treasury of such
repurchased Delisting Sale Shares, ii) the announcement of the
revised Delisting Buyback Price to be released to the London Stock
Exchange at 7:00 am BST on Thursday 27th June 2024, and
at the same time, to the EGX, iii) the delegation of authority to
any two Board Members to approve the final EGM circular and notice,
and iv) the buyback at the revised Delisting Buyback Price and the
holding in treasury of such repurchased Delisting Sale
Shares.
|
بالإشارة الى قرارات اجتماع مجلس
الإدارة المنعقد بتاريخ 15 مايو 2024 والجمعية العامة غير العادية
للشركة المنعقدة بتاريخ 12 يونيو 2024 بالموافقة على شطب أسهم الشركة
اختياريا من البورصة المصرية وتحديد سعر شراء أسهم الشطب
("سعر شراء أسهم
الشطب") بمبلغ 18.62
جنيه مصري للسهم الواحد.
وحيث أن البورصة المصرية قد أبلغت
الشركة بأن طريقة حساب سعر أسهم الشطب لا يتوافق مع اللوائح المعمول
بها نظرًا لانخفاض أحجام التداول على أسهم الشركة، ونتيجة لذلك، وعلى
الرغم من القرارات ذات الصلة التي تم اعتمادها من قبل المساهمين، يجب
أن يكون سعر شراء أسهم الشطب 20 جنيه مصري للسهم الواحد (غير شامل
للنفقات) وذلك وفقا لطريقة احتساب سعر أسهم الشطب المعمول بها
بالبورصة المصرية.
وبناءاً عليه، وافق مجلس الإدارة
بالأجماع على تقديم مقترح للجمعية العامة غير العادية لتعديل
سعر شراء أسهم الشطب ليصبح 20 جنيه مصري بدلا من
18.62 جنيه مصري للسهم الواحد (غير شامل للنفقات) وذلك في ضوء ما سبق
بيانه.
وبناء على ما تقدم فقد وافق مجلس
الإدارة بالإجماع على ما يلي:
(أ) عقد جمعية عامة غير عادية لمساهمي
الشركة للموافقة على شراء أسهم الشطب بسعر الشراء المعدل البالغ 20 جنيهًا مصريًا
بدلاً من 18.62 جنيهًا مصريًا للسهم الواحد
(غير شامل للنفقات) والاحتفاظ بتلك الأسهم
كأسهم خزينة،
(ب) الإعلان عن سعر
شراء أسهم الشطب المعدل في
بورصة لندن في الساعة 7:00 صباحًا بتوقيت جرينتش يوم الخميس 27 يونيو
2024، وفي نفس الوقت في البورصة المصرية،
(ج) تفويض اثنين من أعضاء مجلس
الإدارة للموافقة على دعوة الجمعية العامة غير العادية في صيغتها
النهائية، و
(د) شراء أسهم الشطب بسعر
الشراء المعدل
والاحتفاظ بتلك الأسهم كأسهم خزينة.
|
Resolution No. 2
|
القرار
الثاني
|
The attendees have unanimously
approved to delegate Prof. Dr. Hend Mohamed Moataz Mostafa Kamel El
Sherbini or any person who is authorized by the Board, solely, in
taking all necessary procedures to voluntarily delist the Company's
shares from the Egyptian Exchange and purchase the shares of the
affected shareholders and/or those objecting to the voluntary
delisting and/or mortgaged creditors and revising the Delisting
Buyback Price. In this respect, such persons shall have all the
powers and authorities to represent the Company before all
governmental and non-governmental entities, the Egyptian Exchange,
the Financial Regulatory Authority and the Misr for Central
Clearing, Depository and Registry and have been authorized
severally to take all procedures in relation to the publication of
any announcements or disclosures concerning the implementation of
the delisting procedures. Such persons shall have the right to
entirely or partially delegate the aforementioned to third
parties.
|
وافق الحضور بالإجماع على
تفويض أ. د / هند محمد معتز مصطفى كامل
الشربيني او من يفوضه المجلس منفردين في
اتخاذ كافة الإجراءات اللازمة لشطب قيد اسهم الشركة من البورصة
المصرية شطبا اختياريا وشراء اسهم المساهمين المتضررين و/او المعترضين
على الشطب و/او الدائنين المرتهنين وتعديل سعر شراء أسهم الشطب ولهم في ذلك كافة
السلطات والصلاحيات في تمثيل الشركة امام كافة الجهات الحكومية وغير
الحكومية والبورصة المصرية و الهيئة العامة للرقابة المالية وشركة مصر
للمقاصة والايداع والحفظ المركزي وتفويضهم منفردين في اتخاذ كافة
الإجراءات المتعلقة بنشر أي إعلانات او افصاحات خاصة بتنفيذ إجراءات
الشطب ولهم الحق في تفويض او توكيل الغير في كل او بعض ما
سبق.
|
Resolution No. 3
|
القرار
الثالث
|
The attendees have unanimously
approved inviting the Extraordinary General Meeting of the Company
to resolve, in connection with the delisting of the Company's
shares which are listed on the Egyptian Exchange, to allow the
buyback of shares on the EGX including the amendment of the
Delisting Buyback Price and the holding of such shares in treasury
and authorized the Chairman in serving the invitations of the
Extraordinary General Meeting and determining the agenda, place and
time of convening the same.
|
وافق الحضور بالإجماع على دعوة
الجمعية العامة غير العادية للشركة للنظر في تعديل سعر شراء أسهم
الشطب في ضوء شطب أسهم الشركة اختياريا من البورصة المصرية بما في ذلك
تعديل سعر شراء أسهم الشطب
والاحتفاظ بها كأسهم خزينة وتفويض رئيس مجلس الإدارة
في توجيه دعوة الجمعية العامة غير العادية للشركة وتحديد بنود جدول
الاعمال وموعد ومكان الانعقاد.
|
At 8:00 PM Cairo Time,
the meeting ended after the Chairman has thanked the
attendees.
|
وحيث كانت الساعة 8:00 مساءاً
بالتوقيت المحلى، انتهى الاجتماع بعد ان قام السيد/ رئيس الاجتماع
بتوجيه الشكر للسادة الحضور.
|
Chairman: Lord Anthony Tudor St. John
Secretary of the
Board: Company
Matters