Last checked at 13 Aug 2009 07:00
13 August 2009
CINPART PLC
('Cinpart' or the 'Company')
Increase in shareholding in Active Energy Limited
Cinpart, the AIM-quoted electrical products manufacturer and supplier, is pleased to announce that it has entered into an agreement to acquire a 10 per cent interest (equivalent to 2,000 ordinary shares following a share reorganisation) in its wholly owned subsidiary, Active Energy Limited ("Active Energy"), currently held by Alpha Prospects Plc ("Alpha") for a total consideration of £250,000 (the "Acquisition").
The consideration will be satisfied as to £100,000 in cash and the balance by the issue of 1,125,000 new ordinary shares in Cinpart (the "Consideration Shares"). In accordance with an orderly market agreement entered into between the Company, Alpha and John East & Partners Limited ("JEP") Alpha has undertaken not to dispose of the Consideration Shares for a period of twelve months (save in certain limited circumstances) without the consent of the Company or JEP (such consent not to be unreasonably withheld).
Conditional on completion of the Acquisition, Cinpart has entered into an agreement to sell 555 ordinary shares, equivalent to 2.78 per cent, in the capital of Active Energy to Stephen Coomes for a cash consideration of £69,375. Stephen Coomes currently holds 25 per cent. of the issued share capital of Active Energy and the effect of this transaction will allow Mr Coomes to maintain his pro-rata shareholding in Active Energy relative to Cinpart's current shareholding.
Following the Acquisition and sale to Mr Coomes Cinpart will hold 72.23 per cent. of the issued share capital of Active Energy.
Conditional on completion of the Acquisition, the sales agent agreement entered into on 5 March 2009 between Active Energy and Alpha will be terminated with immediate effect.
As Christopher Foster, executive director of the Company, is also a director of Alpha he has taken no part in the Company's deliberations relating to the Acquisition.
The Company has applied for the Consideration Shares to be admitted to trading on AIM. Admission is expected to become effective and dealings are expected to commence on 18 August 2009.
Following the issue of the Consideration Shares the Company will have 77,292,133 Ordinary Shares in issue.
-ENDS-
Enquiries:
| Cinpart Plc | |
| Kevin Baker, Chief Executive Christopher Foster, Executive Director | Tel: 020 3176 3033 Tel: 020 3176 3031 |
| John East & Partners Limited, a subsidiary of Merchant Securities Plc (Nominated Adviser) | |
| John East/Simon Clements | Tel: 020 7628 2200 |
| Rivington Street Corporate Finance Limited (Joint Broker) | |
| Monisha Varadan | Tel: 020 7562 3389 |
| Mirabaud Securities LLP (Joint Broker) | |
| Rory Scott | Tel: 020 7878 3360 |
| Hansard Group (Public Relations) | |
| Vikki Krause | Tel: 020 7245 1100 |
About Cinpart:
Cinpart plc (AIM:CINP) is a designer, manufacturer and supplier of electrical components. The Group owns a manufacturing facility in Thailand and operates through its wholly owned subsidiaries Gasignition Limited; a supplier of electrical components to small and medium-sized European gas appliance manufacturers, Derlite Co Limited; an international manufacturer of electrical and non-electrical components, and Active Energy Limited, the 65 per cent. owned manufacturer and supplier of the VoltageMaster, a device that can reduce electricity consumption in commercial buildings by up to 20 per cent.