DUBLIN, Ireland, June 6, 2012 (GLOBE NEWSWIRE) -- Trinity Biotech plc (Nasdaq:TRIB), a leading developer and manufacturer of diagnostic products for the point-of-care and clinical laboratory markets, announced additional details of its Dividend and Share Buyback Program.
Annual Dividend
At its most recent AGM held on 25 May, 2012, Trinity Biotech obtained shareholder approval to pay a dividend of US 15 cents per ADR. The dividend will have a record date of Friday June 8, 2012 with payment to follow two weeks later on Friday June 22, 2012.
Share buyback
At the same meeting, the shareholders also renewed their approval for the Company to repurchase its own shares, up to a maximum of 10% of the outstanding shares at the date of the meeting. This authority is valid for an 18 month period commencing on the date of the meeting and is capable of being renewed at any future General Meeting.
Following this approval, the Board of the Company has determined to continue to repurchase shares in the market, up to the maximum level approved. The approval granted allows for up to 10% of the issued shares of the Company, or 2.1m ADRs, to be repurchased which, based on current market prices, equates to up to approximately $23m. The levels of these repurchases, which will be determined by the Board at regular intervals, will depend on market conditions at the time, in particular the prevailing share price and trading volumes.
About Trinity Biotech plc
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.
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Forward-looking statements in this release are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, but not limited to, the results of research and development efforts, the effect of regulation by the United States Food and Drug Administration and other agencies, the impact of competitive products, product development commercialisation and technological difficulties, and other risks detailed in the Company's periodic reports filed with the Securities and Exchange Commission.