15 Sep 2009 07:00
| Date: | 15 September 2009 |
| On behalf of: | Advanced Power Components Plc ('APC' or 'the Company') |
| Embargoed until: | 0700hrs |
Advanced Power Components Plc
Amendment to Novacom acquisition agreement
Advanced Power Components Plc (AIM: APC), the UK and specialist distributor and manufacturers' representative of electronic components, is pleased to announce that the Company has signed an amendment agreement relating to the share purchase agreement dated 14 April 2008 entered into with the vendors of Novacom Microwave Limited (the "Vendors").
Under the amendment, APC and the Vendors have agreed that the earn-out consideration payable under the share purchase agreement shall be settled by the payment of £250,000 in cash and by the issue of a total of 1,500,000 new ordinary shares in APC (the "Earn-Out Shares"). The Earn-Out Shares will rank pari passu with the existing ordinary shares in APC and will be freely transferable, save that they may only be sold prior to 15 September 2010 with the consent of APC's brokers, such consent not to be unreasonably withheld.
Application has been made to the London Stock Exchange for the Earn-Out Shares to be admitted to trading on AIM. It is expected that admission will become effective and that trading will commence on 18 September 2009.
Following the admission of the Earn-Out Shares to trading on AIM, the Company will have 23,824,257 ordinary shares in issue.
Enquiries:
| Advanced Power Components plc Mark Robinson, Chief Executive Officer | 01634 290588 www.apc-plc.co.uk |
| Redleaf Communications Samantha Robbins / Henry Columbine | 020 7566 6700 apc@redleafpr.com |
| Strand Partners | 020 7409 3494 |
| James Harris / Angela Peace | |
| Astaire Partners | 020 7448 4454 |
| Ruari McGirr |
About Advanced Power Components
APC plc is a leading specialist distributor of electronic components, comprising eight areas of activity:
APC Hi-Rel distributes a variety of specialist electronic components into applications where component reliability is of paramount importance. Hi-Rel's franchised product lines include power semiconductors, power supplies, memory, wound and high voltage components.
APC Locator is the number one solutions provider for obsolete and hard-to-find parts, with 25 years' experience in the industrial and defence/aerospace markets across Europe.
APC Hero has a specialist team of Product Managers ready to assist with your next design; our key areas include LEDS/LAMPS, drivers, wireless devices and modules, Zigbee, specialist sensors and crystals (plus fast turn around on programming).
APC Go! provides a kitting and materials management service to companies wanting to outsource non core activities, offering services ranging from material procurement to full production management.
APC Displays+ provides dedicated technical and commercial support for a wide range of LCD`s, standard, custom, TFT, e-signage, character, graphics, driver boards, IC`s, single board computers and all related connectivity.
APC Novacom is a distributor and manufacturers' representative for RF and microwave frequency electronic components. The business is managed by a team of technical specialists with many years experience in the RF and Microwave industry.
APC Contech is a distributor of specialist data input devices for industrial, broadcasting and medical sectors providing technically advanced solutions for specific application areas.
APC KVAR is a manufacturer and distributor of power saving equipment which optimises the performance of electrical motors, leading to reduced energy consumption and cost savings.