Checkit Regulatory News (CKT)

28 Jun 2005 15:12

Elektron PLC28 June 2005 FOR IMMEDIATE RELEASE 28 June 2005 ELEKTRON PLC ("Elektron" or the "Company") On 1 December 2003, Elektron, the AIM traded electro-mechanical componentsmanufacturer, announced that it had acquired Eastchart Limited from Mr. J Kinderfor a consideration of 4 million new Elektron ordinary shares of 5p each of theCompany ("Ordinary Shares"). Elektron also at that time entered into an optionagreement with Mr. J Kinder to acquire Riveroak Limited ("Riveroak") for aconsideration of 4 million new Ordinary Shares (the "Option"). The acquisitionof Riveroak was contingent upon Mr. J Kinder exercising the Option prior to 11July 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 Companyhas therefore acquired Riveroak from Mr. J Kinder for a consideration of 4million new Ordinary Shares, subject to admission of the new Ordinary Shares totrading on AIM. The cash resources that will be made available to the Company as a result of theacquisition 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 Companyrepresenting 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 willrank pari passu with the existing Ordinary Shares in issue. Application will bemade for the 4 million new Ordinary Shares to be admitted to trading on AIM. For further information please contact: Adrian Girling Christopher LeighExecutive Chairman Finance DirectorElektron Plc Elektron PlcTel: 0208 477 9300 Tel: 0208 477 9308 This information is provided by RNS The company news service from the London Stock Exchange