Completion of Acquisition of Adaptix Ltd

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 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.

 

END