REG - CT Automotive Group - Service Agreement with iAqua

CT AutomotiveAnnouncement

03/01/2025 11:45

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250103:nRSC1088Sa&default-theme=true

RNS Number : 1088S  CT Automotive Group PLC  03 January 2025

3 January 2025

 

CT Automotive Group PLC

("CT Automotive" or the "Group")

 

Service Agreement with iAqua

 

CT Automotive Group PLC announces the following historic service agreement
with a related party.

Service Agreement with iAqua Watercraft Limited

On 1 May 2024, CT Automotive entered into a general service agreement with
iAqua Watercraft Limited, a 100% wholly owned subsidiary of iAqua Limited
(together, "iAqua") under which it would provide general services to iAqua on
a 'cost-plus' basis ("Service Agreement"). The Service Agreement covers the
provision of Engineering Services (including the design and development of
automobile components) and Product Management (for automobile components), by
CT Automotive to iAqua and its subsidiaries.  The Company does not expect to
invoice in excess of $100,000 annually to iAqua under the Service Agreement
and the Service Agreement is profitable for CT Automotive.

Related Party Transaction

Simon Phillips, CEO and Founder of CT Automotive is also a 30% shareholder of
iAqua Limited. By virtue of Simon's shareholding in iAqua Limited and his
position at CT Automotive, iAqua is a related party of the Company pursuant to
Rule 13 of the AIM Rules for Companies.

As required by AIM Rule 13, the Directors of the Company (excluding Simon
Phillips), having consulted with the Company's Nominated Advisor, Singer
Capital Markets, consider that the terms of the Service Agreement are fair and
reasonable.

Enquiries:

 CT Automotive                                                       Via Novella

 Simon Phillips, Chief Executive Officer

 Salman Mohammed, Chief Financial Officer

 Singer Capital Markets Advisory LLP (Nominated Adviser and Broker)  Tel: +44 (0)20 7496 3000

 Steve Pearce, Alex Bond, James Todd

 Novella Communications (Financial Public Relations)                 Tel : +44 (0)20 3151 7008

 Tim Robertson, Claire de Groot, Safia Colebrook                     ctautomotive@novella-comms.com (mailto:ctautomotive@novella-comms.com)

 

 

Notes to editors

 

CT Automotive is engaged in the design, development and manufacture of bespoke
automotive interior finishes (for example, dashboard panels and fascia
finishes) and kinematic assemblies (for example, air registers, arm rests,
deployable cup holders and storage systems), as well as their associated
tooling, for the world's leading automotive original equipment suppliers
("OEMs") and global Tier One manufacturers.

 

The Group is headquartered in the UK with a low cost manufacturing footprint.
Key production facilities are located in Shenzhen and Ganzhou, China
complemented by additional manufacturing facilities in Mexico, Türkiye and
Czechia.

 

CT Automotive's operating model enables it to pursue a price leadership
strategy, supplying high quality parts to customers at a lower overall landed
cost than competitors. This has helped the Group build a high-quality
portfolio of OEM customers, both directly and via Tier One suppliers including
Forvia and Marelli.  End customers include volume manufacturers, such as
Nissan, Ford, GM and Volkswagen Audi Group, and premium luxury car brands such
as Bentley and Lamborghini.  In addition, the Group supplies all our customer
base with a range of products for PHEV and BEV platforms and supplies electric
car manufacturers, including Rivian and a US based major EV OEM.

 

The Group currently supplies component part types to over 57 different models
for 22 OEMs. Since its formation, the Group has been one of the very few new
entrants to the market, which is characterised by high barriers to entry.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGRFZGGMMFGGKZM