Business
Statement regarding Elektron Technology plc
Statement regarding Elektron Technology plc.
About this update from Aptitude Software Group Plc
[{"type":"text","content":"\n \nRNS Number : 7602J Microgen PLC 17 June 2014 \n\nmicrogen\nwww.microgen.com\n \n 17 June 2014\n \n \n \nSTATEMENT REGARDING ELEKTRON TECHNOLOGY PLC\n \nAnnouncement falling under Rule 2.8 of the City Code on Takeovers and Mergers (the \"Code\")\n \nMicrogen plc (\"Microgen\") announced its interest in exploring opportunities consistent with the Elektron Technology plc (\"Elektron\") Strategic Alternatives Process (\"SAP\") on 20 May 2014 and provided a further update on 27 May 2014.\n \nMicrogen submitted its original proposal to the Board of Elektron on 2 May 2014 (\"Refinancing Proposal\"). The Refinancing Proposal indicated, subject to due diligence information being provided and other terms typical of a transaction of this nature, that Microgen could make a potential equity-based investment of between £12 million and £18 million and that Elektron would remain listed on AIM. Further information in respect of this proposal was detailed in Microgen's announcement of 20 May 2014.\n \nThe Refinancing Proposal was rejected by the Board of Elektron on 7 May 2014 who also then advised that, contrary to the SAP announcement, only offers for the entire issued share capital of Elektron would be considered. Following Microgen's announcement of 20 May 2014, access to due diligence information was progressed allowing Microgen to determine whether or not it was able to submit such an offer.\n \nWhilst Microgen's preferred structure remains the Refinancing Proposal, on 11 June 2014 Microgen submitted to the Board of Elektron a non-binding letter with details of a potential offer by Microgen for the entire issued share capital of Elektron (\"Offer Proposal\"). Microgen's Offer Proposal was, subject to a number of conditions typical of a transaction of this nature, to make an offer for all of the issued equity of Elektron at a price of 5 pe...