Business
Acquisition of minority shareholding in Bordeaux
Acquisition of minority shareholding in Bordeaux.
About this update from Judges Scientific Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n Press Release\n \n \n \n \n \n \n 27 June 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n Judges Scientific plc\n \n \n \n \n \n \n (\"Judges Scientific\", \"Judges\", the \"Company\" or the \"Group\")\n \n \n \n Acquisition of the minority shareholding in Bordeaux Acquisition Limited\n \n \n \n \n \n \n Judges Scientific, a \n group focused on acquiring and developing companies \n in the scientific instrument sector, announces that it has acquired the remaining minority interest in its majority owned subsidiary Bordeaux Acquisition Limited (\"Bordeaux\") bringing the Group's shareholding from 88% to 100%.\n \n \n In 2011, Judges purchased Deben UK Limited through Bordeaux, a newly created buy-out vehicle; Bordeaux was owned by Judges (51%) and the Deben UK vendors (49%). In 2017, Bordeaux acquired Oxford Cryosystems Limited and Judges increased its stake to 75.5%; this was increased to 88% in February 2021.\n \n \n Judges has now purchased the final 12% of Bordeaux's issued share capital for a consideration of 2.1m, based on an enterprise value of 12.6m for 100% of Bordeaux plus excess cash. In 2021, Bordeaux generated 2.7m adjusted EBIT. £2m of the consideration will be settled through the issue of 29,197 new Judges ordinary shares (the \"New Ordinary Shares\") issued at a price of £68.50 per share, equal to the mid-market price at close of business on Friday 24 June 2022, with the balance paid in cash. Application for admission of the new Ordinary Shares to trading on AIM has been made and dealing in the new Ordinary Shares is expected to commence at 8.00 a.m. on 30 June 2022. The new Ordinary Shares will rank pari-passu with the Company's existing issued ordinary shares.\n \n \n The Board of Judges expects the transaction to be immediately earnings enhancing for the Group. \n \n \n \n \n \n For further information please contact:\n \n \n \n \n \n \n Judges Scientific\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n David Cicurel, CEO\n \n \n Brad Ormsby, Group FD\n \n \n \n \n Tel: +44 (0) 20 3829 6970\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Shore Capital (Nominated Adviser & Broker)\n \n \n \n \n \n \n \n \n \n \n \n \n \n Stephane Auton\n \n...