Penarth based EKF Diagnostics is to update shareholders on a dividend in specie which will facilitate the spin-out of the company’s shareholding in Trellus Health.

Trellus provides digital health services for people with complex chronic conditions.

Insider Media reports EKF made a $5m investment in the business, which is headquartered in New York and has a base in Penarth, in August 2020.

At the time, EKF said Trellus’ investors’ intention would be to conduct initial market soundings to determine the feasibility of an IPO. If an IPO were to take place, the expectation would be for this to be undertaken in 2021.

EKF will hold a general meeting on December 10th, seeking shareholder approval to distribute the entire shareholding in Trellus via a dividend in specie. The value has not yet been determined.