REG - Tekmar Group PLC - Acquisition of minority interest

TekmarAnnouncement

14/11/2023 07:00

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RNS Number : 2789T  Tekmar Group PLC  14 November 2023

14 November 2023

Tekmar Group plc

("Tekmar Group" the "Company" or the "Group")

Acquisition of minority interest in Ryder Geotechnical Limited

Tekmar Group plc (AIM: TGP), a leading provider of technology and services for
the global offshore energy markets, announces that AgileTek Engineering
Limited ("AgileTek Engineering"), a wholly owned subsidiary of the Group, has
entered into an agreement to acquire the remaining shares of Ryder
Geotechnical Limited ("Ryder Geotechnical") not already owned by it.

On 28 March 2019, Tekmar announced that AgileTek Engineering had completed the
acquisition of 80 per cent. of the total share capital of Ryder Geotechnical
from Nigel Jeremy Martin and Fraser Gibson ("the Sellers") for a nominal
consideration of £2 and that an option had been granted for AgileTek
Engineering to acquire the remaining 20 per cent for a capped
consideration(1), with the actual consideration payable on exercise to be
subject to the performance of Ryder Geotechnical.

Agreement has now been reached to acquire the remaining 20 per cent. of Ryder
Geotechnical for £200,000 (the "Transaction") from the Sellers, with
£150,000 payable in cash on completion, and the remaining amount of £50,000
to be paid in the form of shares in the Group maturing equally on the first
and second anniversary of the Transaction, provided the Sellers continue to be
employed by the Company.

For the year ended 30 September 2022, Ryder Geotechnical reported a profit
before tax of £101,000 and net assets of £276,000.

As the Sellers are both directors of Ryder Geotechnical, the Transaction is
classified as a related party transaction under the AIM Rules for Companies.
The directors of Tekmar consider, having consulted with Singer Capital
Markets its Nominated Adviser, that the terms of the Transaction are fair and
reasonable insofar as its shareholders are concerned.

Enquiries:

 Tekmar Group plc

 Alasdair MacDonald / Leanne Wilkinson                              +44 (0)1325 349 050
 Singer Capital Markets (Nominated Adviser and Joint Broker)        +44 (0)20 7496 3000

 Rick Thompson / James Fischer
 Berenberg (Joint Broker)                                            +44 (0)20 3207 7800

 Ben Wright / Ciaran Walsh
 Bamburgh Capital Limited (Financial PR & Investor Relations)       +44 (0) 131 376 0901

 Murdo Montgomery

About Tekmar Group plc

 

Tekmar Group plc (AIM: TGP) collaborates with its partners to deliver robust
and sustainable engineering led solutions that enable the world's energy
transition.

 

Through our Offshore Energy and Marine Civils Divisions we provide a range of
engineering services and technologies to support and protect offshore wind
farms and other offshore energy assets and marine infrastructure. With near 40
years of experience, we optimise and de-risk projects, solve customers'
engineering challenges, improve safety and lower project costs. Our
capabilities include geotechnical design and analysis, simulation and
engineering analysis, bespoke equipment design and build, subsea protection
technology and subsea stability technology.

 

We have a clear strategy focused on strengthening Tekmar's value proposition
as an engineering solutions-led business which offers integrated and
differentiated technology, services and products to our global customer base.

 

Headquartered in Darlington, UK, Tekmar Group has an extensive global reach
with offices, manufacturing facilities, strategic supply partnerships and
representation in 18 locations across Europe, Africa, the Middle East, Asia
Pacific and North America.

 

For more information visit: www.tekmargroup.com (http://www.tekmargroup.com/)

Subscribe to further news from Tekmar Group at Group News
(http://eepurl.com/cN91l5)

 

(1)Maximum consideration of £2 million

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