Business
Investment in Subsidiary
Investment in Subsidiary.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n RNS Number : 3560X Cinpart PLC 13 August 2009 \n13 August 2009\n \nCINPART PLC\n('Cinpart' or the 'Company')\n\n\nIncrease in shareholding in Active Energy Limited\n\n\nCinpart, 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').\n\nThe 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).\n\nConditional 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. \n\nFollowing the Acquisition and sale to Mr Coomes Cinpart will hold 72.23 per cent. of the issued share capital of Active Energy. \n\nConditional 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.\n\nAs 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. \n\nThe Company has applied for the Consideration ...