Elektron PLC
28 June 2005
FOR IMMEDIATE RELEASE
28 June 2005
ELEKTRON PLC
('Elektron' or the 'Company')
On 1 December 2003, Elektron, the AIM traded electro-mechanical components
manufacturer, announced that it had acquired Eastchart Limited from Mr. J Kinder
for a consideration of 4 million new Elektron ordinary shares of 5p each of the
Company ('Ordinary Shares'). Elektron also at that time entered into an option
agreement with Mr. J Kinder to acquire Riveroak Limited ('Riveroak') for a
consideration of 4 million new Ordinary Shares (the 'Option'). The acquisition
of Riveroak was contingent upon Mr. J Kinder exercising the Option prior to 11
July 2005 and upon Riveroak Limited having cash, at the time of the acquisition,
of £200,000 and having not traded since incorporation.
The Company announces that Mr. J Kinder has exercised the Option and the Company
has therefore acquired Riveroak from Mr. J Kinder for a consideration of 4
million new Ordinary Shares, subject to admission of the new Ordinary Shares to
trading on AIM.
The cash resources that will be made available to the Company as a result of the
acquisition will be used for additional working capital purposes.
Following the issue of the new Ordinary Shares for the acquisition of Riveroak,
Mr. J Kinder will hold a total of 14,242,647 Ordinary Shares in the Company
representing 17.7 per cent. of the enlarged issued share capital of the Company.
The new Ordinary Shares to be issued pursuant to the above arrangements will
rank pari passu with the existing Ordinary Shares in issue. Application will be
made for the 4 million new Ordinary Shares to be admitted to trading on AIM.
For further information please contact:
Adrian Girling Christopher Leigh
Executive Chairman Finance Director
Elektron Plc Elektron Plc
Tel: 0208 477 9300 Tel: 0208 477 9308
This information is provided by RNS
The company news service from the London Stock Exchange
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