News/announcements

 

Board Committee Changes Aug 16

Board Committee Changes Aug 16

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Termination of Strategic Review

Bioquell PLC
 
Termination of Strategic Review
 
 
As a result of the termination of the Strategic Review, announced with the publication of the Company’s interim results earlier today, the Company is no longer in an offer period for the purposes of the Takeover Code and, accordingly, the requirement to make disclosures under Rule 8 of the Code has now ceased.
In accordance with Rule 26.1 of the Code, a copy of this announcement will be published, subject to certain restrictions relating to persons in any restricted jurisdiction, at http://www.bioquell.com
 
 
Ends
 
 
 
For further information contact:
 
Bioquell PLC 01264 835900
Ian Johnson Chairman
Michael Roller Finance Director
 

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Bioquell PLC – 2016 interim results

Bioquell PLC – 2016 interim results
Bioquell PLC (“Bioquell”) (LSE symbol: BQE) - provider of specialist bio-decontamination products and services for the international Life Sciences markets today announces its interim results for the six month period ended 30 June, 2016.
 
Highlights:
Financial
  • Bio-decontamination revenues (excluding defence sales) increased by 8% to £11.1 million (2015: £10.3 million)
  • Overall revenues declined by 3% to £12.1 million (2015: £12.5 million)
  • Non-UK revenues amounted to £9.0 million (2015: £10.0 million) – representing  74% of total revenues
  • Gross margin increased to 46% (2015: 42%)
  • EBITDA increased 14% to £1.6 million (2015: £1.4 million)
  • Earnings per share were 0.8p (2015: 82.5p, 0.2p excluding the profit on disposal of TRaC) 
  • Following the completion of the June tender offer, £40.8 million of cash was returned to shareholders via a share buyback, leaving net cash of £7.3 million at 30 June, 2016 (2015: £47.7 million)
Business activities
  • Strategic review concluded; management restructured and focus on further development and improvement of bio-decontamination business
  • Strong focus on generating recurring revenues from service activities and consumables sales
  • Launch of new fixed (wall-mounted) bio-decontamination system – the Bioquell
  • ‘Flat-screen’
  • US salesforce restructured
Commenting on the 2016 interim results, Ian Johnson, Chairman of Bioquell PLC, said: 
Whilst overall revenues declined slightly as a result of lower defence sales compared with the first half of 2015, I am pleased to report that our bio-decontamination business grew by 8%. Profitability improved as a result of our cost reduction programme – and management continues to seek further improvements in the financial performance of the business through greater focus on the international Life Sciences market and driving up the proportion of recurring revenues.
The Board has now concluded the Strategic Review announced in 2015 and believes that Bioquell shareholders’ interests would best be served by continuing to build a world class bio-decontamination business and focussing on further improving its financial performance.  Accordingly the management of the business will be restructured.   I have become Executive Chairman and the current Chief Executive, Nick Adams, has stepped down.  In addition, Jay LeCoque has joined the board of Bioquell in the new role of Commercial Director.
On behalf of all Bioquell shareholders I would like to thank Nigel Keen for his seven years as Chairman.
I would also like to thank Nick Adams for his substantial contribution as Chief Executive.  Under his leadership Bioquell has changed beyond all recognition from a low technology manufacturer of safety cabinets to a leader in specialist bio-decontamination.  
The Board is confident that the improved financial performance seen in the first half of the year will carry through to the full year.
 
Enquiries:
Ian Johnson Chairman
Michael Roller Finance Director
Bioquell PLC 01264 835900
 

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Result of Tender Offer note 2

Result of Tender Offer

Bioquell PLC announces following the closing of its tender offer, announced earlier today, 20,405,814 ordinary shares of 10p each (the “Shares”) were validly tendered to N+1 Singer for subsequent purchase and cancellation by the Company.

Following the cancellation of the Shares, the Company has 22,938,059 ordinary shares of 10p each in issue.  No ordinary shares are held in treasury.


In accordance with Rule 2.10 of the Code, as at the date of this announcement, the Company confirms that it has 22,938,059 ordinary shares of 10 pence each in issue.”

Ends

Enquiries:

Michael Roller

Bioquell PLC         

01264 835 900

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Result of Tender Offer note 1

The Company today announces the final results of the Tender Offer, details of which were set out in the circular to Shareholders published by the Company on 2 June 2016 (the "Circular").

A total of 20,405,814 Ordinary Shares were validly tendered by Shareholders and accepted for purchase by N+1 Singer at the Tender Price for a total cost of £40.8million. This represents approximately 47 per cent of the Company's current share capital. 

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Directors' Dealings and Total Voting Rights

As a result of the Tender Offer announced on 2 June 2016, and in the case of Nicholas Adams as a result of the issue of 26,817 shares to him pursuant to the exercise of share options, the following changes to the holdings of the following Directors and their connected persons will take place on 21 June 2016.

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Results of 2016 Annual General Meeting

Results of 2016 Annual General Meeting
 
 
The Board announces that the Annual General Meeting of the Company was held this morning.  Resolution 5 relating to the reappointment of Mr Nigel Keen as a director was not put to the meeting following the announcement on 8 June that Mr Keen would be retiring at the end of the meeting.
All other resolutions as set out in the Notice of Meeting dated 29 April 2016 were duly passed on a show of hands.
 
Ends
 
 
Enquiries:
Nicholas Adams Bioquell PLC 01264 835 900
Michael Roller

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Directorate Change

Bioquell PLC (the “Company”) announces that Nigel Keen has informed the Company that he will be retiring at the end of the AGM which is to be held on 10 June, 2016.
Mr. Keen will be succeeded as non-executive Chairman by Ian Johnson who is being appointed to the Board today and who has been put forward for election as a director of the Company at the forthcoming AGM.
Mr Johnson has spent his career working in a number of Life Sciences companies and is currently non-executive chairman of Cyprotex PLC and was formerly non-executive chairman of Celsis International Group as well as a non-executive director of MyCelx Technologies Corporation. 

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Tender Offer Circular

Proposed Return of Cash to Shareholders of Bioquell PLC by way of a Tender Offer to purchase 1 in every 2 Ordinary Shares held by Qualifying Shareholders at a tender price of £2.00 per Ordinary Share and Notice of General Meeting.

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Tender Offer

Tender Offer

Further to the Board’s announcement on 29 April 2016, the Company announces a tender offer pursuant to which 1 in every 2 Ordinary Shares held by Qualifying Shareholders would be purchased at a price of £2 per Ordinary Share. If the maximum number of shares under the Tender Offer is acquired, this will result in an amount of approximately £44 million being returned by the Company to Qualifying Shareholders.
A circular including notice of the General Meeting and a tender offer application form is expected to be sent to Shareholders later today and will set out the background to and reasons for the Tender Offer and why the Directors believe the Tender Offer to be in the best interests of the Company and its Shareholders as a whole. The Circular will also contain details on the procedure that should be followed by those Qualifying Shareholders who wish to participate in the Tender Offer. The Company is seeking Shareholders’ approval of the Tender Offer at a General Meeting to be held at 12.00 p.m. on 20 June 2016.
 
As set out in further detail within the Circular, whilst the Board is engaged in preliminary discussions with several parties regarding a potential offer for the Company, Shareholders should be aware that these discussions are at an early stage and there can be no certainty that an offer will be made, nor as to the terms on which any offer might be made. Shareholders should note that the Board considers it unlikely that, in the event that an offer for the Company is received, it will be at a price per share which is greater than the Tender Price. The Board will announce further details of these discussions as appropriate.
 

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