Acquisition Share Incentive Awards and TVR

RNS Number : 9968E

Volex PLC

13 July 2021

 

13 July 2021

Volex plc

("Volex" or the "Company")

Acquisition Share Incentive Awards and TVR

Further to the announcements dated 30 July 2019 and 2 March 2020 regarding the acquisition of Servatron, Inc ("Servatron"), Volex  plc (AIM:VLX) is pleased to confirm that Servatron has exceeded the operating profit targets for the year ended 31 December 2020.  As a result, under the acquisition retention award scheme agreed as part of that acquisition, 1,000,000 ordinary shares of 25 pence each ("Ordinary Shares") are due to former owners and senior employees of Servatron. Additionally, the second tranche of the deferred consideration of $1.73m due to the former owners and senior employees of Servatron has also been paid.

In addition, further to the announcement on 11 December 2018 regarding the acquisition of GTK (Holdco) Limited ("GTK"), Volex is pleased to announce that GTK has exceeded the operating profit targets for the third consecutive financial period. As a result, under the acquisition retention award scheme agreed as part of that acquisition, 666,668 Ordinary Shares are due to the former owners and senior managers of GTK.

The Volex board has, therefore, approved the issue of 1,666,668 Ordinary Shares to satisfy the vesting of the share awards granted to the senior employees and/or former owners of Servatron and GTK.

Application will be made to the London Stock Exchange for the new Ordinary Shares to be admitted to AIM, with the admission date expected to be 16 July 2021. On admission, the new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares of the Company. The Company's total issued share capital following admission will consist of 158,718,709 Ordinary Shares of 25 pence each with one voting right per share. This figure may be used by shareholders in the Company 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 share capital of the Company.

For further information please contact:

Volex plc	[phone]
Nat Rothschild, Executive Chairman
Jon Boaden, Chief Financial Officer
Christian Bedford, Group General Counsel & Company Secretary

Singer Capital Markets - Nominated Adviser & Joint Broker	[phone]
Shaun Dobson
Iqra Amin
James Fischer

HSBC Bank Plc - Joint Broker	[phone]
Simon Alexander
Joe Weaving

Powerscourt - Media Enquiries	+ 44 (0)20 7250 1446
James White
Jack Holden

 

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