News

Quintessentially acuires Omega in reverse takeover

24 August 2006 09:03:00

Quintessentially English has acquired in-vitro diagnostics test kits group Omega Diagnostics in a reverse takeover for up to £3m.

Initial consideration will be £1.2m and an earn-out of up to £1.8m can also be earned based on future profits for the year to march 2008.

The acquisition will be satisfied by the placing of 50m new ordinary shares at a placing price of 2p per share to raise gross proceeds of £1m.

It will also issue up to 5.5m warrants to existing shareholders for one ordinary share for every two held.

The group is proposing to change its names from Quintessentially to Omega Diagnostics Group.

"Through the transaction with Quintessentially English PLC, Omega will now be able to execute its planned acquisition strategy," said Omega chief executive Andrew Shephard.

"The in vitro diagnostics market has polarised into large multinationals and smaller niche players such as Omega and these market conditions have created opportunities on which the enlarged group will capitalise in the future," he added.

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