Business
Trading Update & Possible Acquisition of Adaptix
Trading Update & Possible Acquisition of Adaptix.
About this update from Avingtrans Plc
[{"type":"text","content":"\n\n13 July 2023\nAvingtrans Plc\n \n(\"Avingtrans\" or the \"Group\")\n \nPossible Acquisition of Adaptix, Trading Update & Notice of Results\n \nAvingtrans plc (AIM: AVG), the engineering technology group, announces a trading update in respect of the financial year ended 31 May 2023. The Board is pleased to report that the results for the year ended 31 May 2023 are expected to be in line with market expectations*. The momentum from FY23 has continued into FY24 and the current order book has continued to strengthen leaving us with a record order book for this time of year.\n \nThe Group is also pleased to announce that it has secured a number of positive contract wins throughout the period, notably in the nuclear sector, several of which have been set out below.\n \nHayward Tyler Luton has secured a £3.3m follow-on order, for Forsmark nuclear power station in Sweden to support the life extension programme there. This follow-on order is expected to be delivered in the next 18 months and comes after the initial £10m order in 2019, which was completed in 2022.\n \nA £1.6m order for Hayward Tyler Luton from a Polish nuclear power station, owned by the energy group Enea, also for a life extension programme.\n \nA $2.5m order for Hayward Tyler in Vermont from KHNP, ordered via Doosan in South Korea, to support upgrades in relation to nuclear regulatory requirements.\n \nEnergy Steel in Michigan received its first order from TerraPower, for equipment worth $1m. TerraPower is a next generation nuclear power company, backed by Bill Gates, which is now building a demonstrator plant.\n \nPossible Acquisition of Adaptix\n \nAvingtrans announces that it has submitted a proposal in connection with the conditional acquisition of the remaining issued share capital and to be issued share capital of Adaptix Ltd (\"Adaptix\") (the \"Proposal\"), the emerging MedTech business based in Oxford, for a total consideration of up to £3.0m (being up to 100 pence per ordinary share) (the \"Consideration\").\n \nThe Proposal has been accepted by the majority of Adaptix shareholders on a conditional basis with Adaptix (in accordance with its obligations under its Articles) inviting various other parties to submit a competing proposal for the entire business, or its assets, by 21st July. Sh...