Trinity Biotech Announces That Its Shareholders Have Approved All of the Four Resolutions That Were the Subject of the EGM Held on January 25, 2022

Rhea-AI Summary

Trinity Biotech plc (Nasdaq: TRIB) announced the results of its Extraordinary General Meeting (EGM) held on January 25, 2022. Shareholders approved four resolutions necessary for the refinancing of approximately $99.9 million in exchangeable senior notes. Approval included a new term loan, increasing authorized share capital, and granting the board authority to issue shares without limit under Irish law. Notably, each resolution received at least 97% of the votes in favor, indicating strong shareholder support for these refinancing measures.

Positive

• Shareholders approved all four resolutions with over 97% support, indicating strong investor confidence.
• Successful refinancing of $99.9 million in exchangeable senior notes to support financial stability.

Negative

• None.

DUBLIN, Ireland, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Trinity Biotech plc (Nasdaq: TRIB), a leading developer and manufacturer of diagnostic products for the point-of-care and clinical laboratory markets, today announced the results of an Extraordinary General Meeting (EGM).

EGM Results

As previously announced, the Company has entered into refinancing transactions (the “Refinancing”) with respect to substantially all of the outstanding $99.9 million of exchangeable senior notes issued by our subsidiary, Trinity Biotech Investment Limited, and guaranteed by the Company. The Refinancing is conditional on, among other things, the approval by the Company’s shareholders of the new term loan, an increase in the authorized share capital of the Company, authority for the board to issue ordinary shares of the Company without limitation under Irish law, and the issuance of warrants to the lender in the Refinancing, with such approvals being more fully set out in the four shareholder resolutions included in Notice of EGM issued on 23 December, 2021.

At the EGM, the Company’s shareholders approved all of the four resolutions put to the meeting, with each resolution being approved by at least 97% of votes cast.

Trinity Biotech develops, acquires, manufactures and markets diagnostic systems, including both reagents and instrumentation, for the point-of-care and clinical laboratory segments of the diagnostic market. The products are used to detect infectious diseases and to quantify the level of Haemoglobin A1c and other chemistry parameters in serum, plasma and whole blood. Trinity Biotech sells direct in the United States, Germany, France and the U.K. and through a network of international distributors and strategic partners in over 75 countries worldwide. For further information, please see the Company's website: www.trinitybiotech.com. 

Contact:

Trinity Biotech plc John Gillard (353)-1-2769800

Lytham Partners, LLC Joe Diaz (1)-602-889-9700 E-mail: investorrelations@trinitybiotech.com

FAQ

What were the results of Trinity Biotech's EGM on January 25, 2022?

During the EGM, Trinity Biotech's shareholders approved all four resolutions regarding refinancing and capital increases with over 97% support.

What refinancing actions were approved at the Trinity Biotech EGM?

The EGM approved refinancing for $99.9 million in exchangeable senior notes, including a new term loan and increased authorized share capital.

How did shareholders vote on the resolutions at Trinity Biotech's EGM?

Each of the four resolutions was approved by at least 97% of the votes cast at the Extraordinary General Meeting.

What is the significance of the EGM resolutions for Trinity Biotech stock (TRIB)?

The approval of the resolutions is significant as it supports the refinancing plan, which may enhance the company's financial health and stability.