Business
Proposed Acquisition and Notice of General Meeting
Proposed Acquisition and Notice of General Meeting.
About this update from Concurrent Technologies Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN (THE \"ANNOUNCEMENT\") IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, OR INTO ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA, THE UNITED STATES OF AMERICA (OR TO ANY U.S. PERSON), CANADA, JAPAN, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION EU NO. 596/2014, AS RETAINED AND APPLICABLE IN THE UK PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED AND AS MODIFIED FROM TIME TO TIME BY OR UNDER DOMESTIC LAW). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n16 August 2023\n \nConcurrent Technologies Plc\n(\"Concurrent Technologies\" or the \"Company\")\n \nProposed Acquisition of Phillips Machine & Welding Company, Inc\n \nConditional Placing of 10,000,000 new Ordinary Shares to raise £6.5 million\n \nProposed Retail Offer of up to 461,538 new Ordinary Shares to raise up to £0.3 million\n \nand\n \nNotice of General Meeting\n \nConcurrent Technologies (AIM: CNC), a world leading specialist in the design and manufacture of high-end embedded computer solutions for critical applications, is pleased to announce that it has entered into a conditional agreement to acquire the entire issued share capital of Phillips Machine & Welding Company, Inc (\"Stryker\") for an aggregate consideration of US$3.375 million (approximately £2.64 million) (the \"Acquisition\"). Prior to Completion of the Acquisition, the machine shop division of Phillips Machine & Welding Company, Inc will be transferred out of the business and, as a result, Concurrent Technologies will own the Aerospace and Military division.\n \nThe Concurrent Technologies directors believe that the Acquisition will progress the Company's strategic ambitions in the Systems market, a market comprising of computer systems designed to operate in harsh and demanding environments typically including military, aerospace and industrial uses, and anticipated to be valued at c.US$6.9 billion by 2033. The na...