REG - Avingtrans PLC - Completion of Acquisition of Adaptix Ltd

AvingtransAnnouncement

18/09/2023 07:00

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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 £2.7m (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 £1.1m and has agreed to adopt debt facilities of
£2.1m. In addition to repaying a renegotiated sum to various debt and
creditors of £2.2m 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                                          01354 692391

 Les Thomas, Interim Chairman

 Steve McQuillan, Chief Executive Officer

 Stephen King, Chief Financial Officer

 Singer Capital Markets (Nominated Adviser and Broker)   02074 963000

 Shaun Dobson

 Alex Bond

 Oliver Platts

 IFC Advisory (Financial PR)                             020 3934 6630

 Graham Herring

 Tim Metcalfe

 Zach Cohen

 

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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