Change in shareholding

22 Mar 2007 07:02

Pure Wafer PLC22 March 2007 22nd March 2007 PURE WAFER PLC ("Pure Wafer" or "the Company") Change in shareholding Swansea based Pure Wafer plc, the provider of high quality silicon wafer reclaimservices for many of the world's leading semiconductor manufacturers, todayannounces that funds advised by Apax Partners (Apax) have placed their entire49.9% stake in the Company, a total of 13,247,134 shares, with institutionalinvestors at a price of 300p per share. Apax no longer holds a notifiableinterest in the company. Following the transaction, the free float in Pure Wafer will be approximately98%. Prior to the flotation of Pure Wafer on the AIM market of the London StockExchange, as part of the Company's debt restructuring, there was an optionagreement put in place between the Directors and Apax. The option was for theDirectors to purchase shares from Apax at the float price of 145p, exercisablewhen Apax had realised its initial investment. As a result, Keith Baker, Chief Executive and Peter Harrington, ExecutiveDirector have each exercised their options to acquire 346,667 and 314,167 sharesrespectively from Apax at a price of 145p per share. As part of thetransaction, Keith Baker and Peter Harrington have sold 304,576 and 276,022option shares respectively, primarily to fund the acquisition of those sharesfrom Apax and the associated taxes. Following the exercise of the options, Keith Baker's holding has increased from120,921 shares to 163,012 shares, representing 0.61% of the issued sharecapital. Peter Harrington's holding has increased from 120,921 shares to159,066 shares, representing 0.60% of the issued share capital. Giles Clarke, Chairman, Pure Wafer, commented, "I would like to thank Apax for being such a supportive shareholder. Apax hasseen Pure Wafer from concept in 2000 through to its current fast growingprofitable stage and has laid important and secure foundations for futureprofitable growth. "I am delighted to welcome a large group of new institutional shareholders tothe Pure Wafer share register. The additional liquidity in Pure Wafer's shareswill undoubtedly help us and be of value to all of our shareholders as we growthe business in the years ahead." Ian Jones, Partner, Apax Partners said: "Since our initial investment in 2000, we have enjoyed working with themanagement team to create the strong and rapidly growing business that existstoday. Our involvement with the company has been highly satisfactory and we wishthe company every success as it moves to the next stage in its development." Ends ENQUIRIES: Pure Wafer plc (www.purewafer.com) Tel. +44 (0) 1792 311 200Keith Baker, Chief ExecutiveJames Dearing, Group Finance Director Financial Dynamics Tel. +44 (0) 207 269 7157Billy CleggEdward Westropp This information is provided by RNS The company news service from the London Stock Exchange