Business
Completion of sale of Total Carbide Limited
Completion of sale of Total Carbide Limited.
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[{"type":"text","content":"\n \nRNS Number : 8286G Elektron Technology PLC 12 June 2013 \n \n\n \n12 June 2013\n \nElektron Technology plc\n \nTotal Carbide Limited - Completion of Sale\n \nElektron Technology plc (AIM: EKT, \"Elektron\" or the \"Group\"), the global technology group, has completed the sale of its subsidiary, Total Carbide Limited (\"Total Carbide\"), to Versarien plc (\"Versarien\"), for a total consideration of approximately £2.3 million. Of this, approximately £1.23 million (net) is in cash and £1.05 million is in shares in Versarien (\"the Consideration Shares\"). The consideration represents the approximate net asset value of Total Carbide. \n \nElektron now holds approximately 10.3% of Versarien's share capital following its Admission to AIM. \n \nApproximately £0.7 million of Consideration Shares are required to be held by Elektron for a minimum period of six months and will be held as an investment. There are no restrictions on the balance of £0.35 million Consideration Shares. The cash proceeds of the disposal will be used by Elektron to reduce borrowings.\n \nThe proposed disposal is part of the Group's rationalisation of its portfolio, focusing its investment in its core brands and key segments of Connectivity and IMC (Instrumentation, Monitoring and Control). Elektron is continuing to transform its business, building an innovation-led technology company through its strategy of innovation, streamlining operations, investing in infrastructure, people and capabilities, as well as focusing resources on key brands and product offerings.\n \nKeith Daley, Chairman of Elektron commented: \n \n\"As part of our non-core Materials segment, we have been looking for a suitable owner for Total Carbide and are excited to have sold it to an innovative technology company. \n \n\"We are pleased to be investing in this dynamic young business, and to be working again with Neill Ricketts, CEO of Versarien, who was formerly with Elektron. We wish Versarien the very best on its first day of dealings on AIM.\"\n \nEnquiries:\n\n\n \n\n\n\n\n\nElektron Technology www.elektron-technology.com\n\n\n+44 (0)1223 371 000\n\n\n\n\nKeith Daley - Chairman\n\n\n\n\nNoah Franklin - Chief Financial Officer\n\n\n\n\n \n\n\n \n\n\n\n\nfinnCap\n\n\n+44 (0)20 7220 0500\n\n\n\n\nEd...