4 Aug 2014 07:00
600 Group PLC ("600 Group" or the "Company")
Acquisition of shares in ProPhotonix Limited and issue of equity
The Directors are pleased to announce that the 600 Group has acquired 22,042,143 ordinary shares in ProPhotonix Limited (AIM: PPIX) ("ProPhotonix") representing 26.3% of the issued share capital of ProPhotonix. The consideration for the purchase of these shares will be satisfied by the issue of 4,925,621 ordinary shares of 1 pence each in the Company ("New Ordinary Shares") representing 5.5% of the issued share capital of the 600 Group.
ProPhotonix is based in Salem, New Hampshire, USA and consists of two businesses which manufacture LED systems in Cork, Ireland and produce and distribute laser modules and diodes from Hatfield Broad Oak in the UK. In the year to December 2013, Prophotonix reported operating losses of US$1.18m on annual revenues of US$15.60m.
600 Group Plc will become the largest shareholder in Prophotonix, and will seek to work constructively with the board of ProPhotonix to explore possible closer business co-operation in future.
An application will be made for the New Ordinary Shares to be admitted to trading on AIM. The New Ordinary Shares will rank pari passu in all respects with the existing ordinary shares. It is expected that admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 8 August 2014.
Following admission of the New Ordinary Shares, the Company's issued share capital will consist of 89,607,958 ordinary shares with voting rights. 600 Group does not hold any ordinary shares in treasury. The aforementioned figure of 89,607,958 ordinary shares 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, 600 Group under the FCA's Disclosure and Transparency Rules.
600 Group Chairman, Paul Dupee, said,
"This should be construed as a strategic investment in a company with interesting business activities and improving prospects."
Contact:
600 Group PLC Paul Dupee (Chairman) Nigel Rogers (Chief Executive) |
0207 409 5044 0113 200 8482 | |||||
SPARK Advisory Partners Limited - Financial Adviser Miriam Greenwood Sean Wyndham-Quin |
0203 368 3553 0113 370 8975 | |||||
finnCap Ltd - Nominated Adviser and Broker Julian Blunt(Corporate Finance) Tom Jenkins (Corporate Broking)
|
020 7220 0500
0207 930 7006 07771 713 608 |