Deferred Consideration for Servatron Acquisition

RNS Number : 7129E

Volex PLC

02 March 2020

 

2 March 2020

Volex plc

("Volex" or the "Company")

Deferred Consideration for Servatron Acquisition

Further to the announcement dated 30 July 2019 regarding the acquisition of Servatron, Inc ("Servatron"), Volex is pleased to confirm that Servatron has exceeded the operating profit targets set under the acquisition agreement for the year ended 31 December 2019.

As a result, the first tranche of deferred consideration is now due to the former owners, and current employees, of Servatron, comprising:

· 1,481,239 Volex Ordinary Shares of 25 pence

· $1,728,112 in cash

In addition, under the share incentive scheme agreed as part of the acquisition, 469,084 Volex Ordinary Shares of 25 pence are due to those senior employees who have elected to receive their award in shares rather than the cash equivalent.

The Volex board has therefore approved the issue of 1,950,323 new Ordinary Shares of 25 pence each. An application will be made to the London Stock Exchange for the admission of the shares to trading on AIM. Admission is expected to take place on 6 March 2020 ("Admission").

Following the issue of the shares, the issued share capital of the Company will comprise 151,818,762 Ordinary Shares of 25 pence, each with one voting right. There are no ordinary shares held in treasury. Therefore, following Admission, this figure of 151,818,762 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.    

Enquiries

For further information please contact:

Volex plc	[phone]
Nat Rothschild, Executive Chairman
Daren Morris, Chief Financial Officer and Company Secretary

N+1 Singer - Nominated Adviser & Joint Broker	[phone]
Shaun Dobson
Iqra Amin

Whitman Howard - Joint Broker	[phone]
Hugh Rich
Nick Lovering

 

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