Avingtrans PLC Completion of Acquisition of Adaptix Ltd (6732M)
18 Septembre 2023 - 8:00AM
UK Regulatory
TIDMAVG
RNS Number : 6732M
Avingtrans PLC
18 September 2023
18 September 2023
Avingtrans Plc
("Avingtrans" or the "Group")
Completion of Acquisition of Adaptix Ltd
Further to its announcement on 13 July 2023 and following
approval under the UK National Security & Investment Act,
Avingtrans plc is pleased to announce that it has completed the
acquisition of the remaining issued and to be issued share capital
of Adaptix Ltd, the emerging MedTech business based in Oxford, for
a total consideration of up to GBP2.7m (the "Acquisition") to be
satisfied by the issue of 642,355 ordinary shares of 5p each in the
Company ("Ordinary Shares") at 426 pence per Ordinary Share
("Consideration Shares").
Avingtrans has been supporting Adaptix over the past few months
through a loan facility from the Company of GBP1.1m and has agreed
to adopt debt facilities of GBP2.1m. In addition to repaying a
renegotiated sum to various debt and creditors of GBP2.2m on behalf
of Adaptix.
Issue of Equity
Application has been made for the admission to trading on AIM
for the 642,355 new Ordinary Shares ("Admission"). It is expected
that Admission will become effective on 21 September 2023.
Total Voting Rights
Following the issue of the 642,355 Consideration Shares, the
Company will have a total of 32,892,800 Ordinary Shares in issue.
The Company does not hold any shares in Treasury.
The above figure may be used by shareholders as the denominator
for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest
in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.
The above information is provided by the Company in accordance
with its obligations under the FCA's Disclosure Guidance and
Transparency Rules.
ENDS
Enquiries:
Avingtrans plc
Les Thomas, Interim Chairman
Steve McQuillan, Chief Executive Officer
Stephen King, Chief Financial Officer 01354 692391
Singer Capital Markets (Nominated Adviser
and Broker)
Shaun Dobson
Alex Bond
Oliver Platts 02074 963000
IFC Advisory (Financial PR)
Graham Herring
Tim Metcalfe
Zach Cohen 020 3934 6630
About Avingtrans plc:
Avingtrans designs, manufactures and supplies original
equipment, systems and associated aftermarket services to the
energy, medical and industrial markets worldwide.
Business units
Hayward Tyler - Luton, Nottingham & East Kilbride, UK and USA,
China and India
Specialises in the design, manufacture and servicing of performance-critical
motors and pumps for challenging environments.
Energy Steel, Inc - Rochester Hills, Michigan, USA
Energy Steel, part of the Engineered Pumps and Motors Division of
Avingtrans plc, has been serving the nuclear power industry since
1982 with capabilities in equipment fabrication, material supply,
precision machining, engineering, and repair services. Through strategic
OEM partnerships, it also provides solutions for obsolete nuclear
components and support for the most complex projects.
Stainless Metalcraft Ltd - Chatteris, UK
Provider of safety-critical equipment for the energy, medical, science
and research communities, worldwide, specialising in precision pressure
and vacuum vessels and associated fabrications, sub-assemblies and
systems.
Booth Industries - Bolton, UK
Designs, manufactures, installs and services doors and walls which
can be tailored to be: blast &explosion proof; fireproof; acoustically
shielded; high security/safety; or combinations of the above
Ormandy Group, Bradford, UK
Design, manufactures and servicing of off-site plant, heat exchangers
and other HVAC (heating, ventilation and air conditioning) products
Composite Products Ltd - Buckingham, UK
Centre for composite technology, parts and assemblies, serving customers
in industrial markets.
Magnetica Ltd - Brisbane, Australia
Magnetica Limited specialises in the development of next generation
MRI technologies, including dedicated extremity MRI systems and
MRI system components. Magnetica has successfully built and tested
a compact, integrated 3 Tesla orthopaedic MRI system, demonstrating
clinical-quality imaging. Commercialisation of this system (and
others) is on-going. Magnetica's structure now includes two other
business units:
Scientific Magnetics - Abingdon, UK
Designs and manufactures superconducting magnet systems and associated
cryogenics for a variety of markets including MRI and provides services
for Nuclear Magnetic Resonance instruments.
Tecmag Inc, Houston, USA
Designs, manufactures and installs instrumentation, including consoles,
system upgrades, and probes, mainly for Magnetic Resonance Imaging
(MRI) and Nuclear Magnetic Resonance (NMR) systems.
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END
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