Business
Completion of Acquisition of Adaptix Ltd
Completion of Acquisition of Adaptix Ltd.
About this update from Avingtrans Plc
[{"type":"text","content":"\n\n18 September 2023\nAvingtrans Plc\n \n(\"Avingtrans\" or the \"Group\")\n \n \nCompletion of Acquisition of Adaptix Ltd\n \nFurther to its announcement on 13 July 2023 and following approval under the UK National Security & Investment Act, Avingtrans plc is pleased to announce that it has completed the acquisition of the remaining issued and to be issued share capital of Adaptix Ltd, the emerging MedTech business based in Oxford, for a total consideration of up to £2.7m (the \"Acquisition\") to be satisfied by the issue of 642,355 ordinary shares of 5p each in the Company (\"Ordinary Shares\") at 426 pence per Ordinary Share (\"Consideration Shares\").\n \nAvingtrans has been supporting Adaptix over the past few months through a loan facility from the Company of £1.1m and has agreed to adopt debt facilities of £2.1m. In addition to repaying a renegotiated sum to various debt and creditors of £2.2m on behalf of Adaptix.\n \nIssue of Equity\n \nApplication has been made for the admission to trading on AIM for the 642,355 new Ordinary Shares (\"Admission\"). It is expected that Admission will become effective on 21 September 2023.\n \nTotal Voting Rights\n \nFollowing the issue of the 642,355 Consideration Shares, the Company will have a total of 32,892,800 Ordinary Shares in issue. The Company does not hold any shares in Treasury.\n \nThe above figure may be used by shareholders 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, the Company under the FCA's Disclosure Guidance and Transparency Rules.\n \nThe above information is provided by the Company in accordance with its obligations under the FCA's Disclosure Guidance and Transparency Rules.\n \n \nENDS\n \n \n \nEnquiries:\n \n\n\n\nAvingtrans plc\nLes Thomas, Interim Chairman\nSteve McQuillan, Chief Executive Officer\nStephen King, Chief Financial Officer\n \n\n\n01354 692391\n\n\n\n\nSinger Capital Markets (Nominated Adviser and Broker)\nShaun Dobson\nAlex Bond\nOliver Platts\n \n\n\n02074 963000\n\n\n\n\nIFC Advisory (Financial PR)\nGraham Herring\nTim Metcalfe\nZach Cohen\n\n\n020 3934 6630\n\n\n\n \nAbout Avingtrans plc: \n \nAvingtrans desi...