TIDMAVG

RNS Number : 6732M

Avingtrans PLC

18 September 2023

18 September 2023

Avingtrans Plc

("Avingtrans" or the "Group")

Completion of Acquisition of Adaptix Ltd

Further 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 GBP2.7m (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").

Avingtrans has been supporting Adaptix over the past few months through a loan facility from the Company of GBP1.1m and has agreed to adopt debt facilities of GBP2.1m. In addition to repaying a renegotiated sum to various debt and creditors of GBP2.2m on behalf of Adaptix.

Issue of Equity

Application 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.

Total Voting Rights

Following 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.

The 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.

The above information is provided by the Company in accordance with its obligations under the FCA's Disclosure Guidance and Transparency Rules.

ENDS

Enquiries:

 
 Avingtrans plc 
  Les Thomas, Interim Chairman 
  Steve McQuillan, Chief Executive Officer 
  Stephen King, Chief Financial Officer       01354 692391 
 Singer Capital Markets (Nominated Adviser 
  and Broker) 
  Shaun Dobson 
  Alex Bond 
  Oliver Platts                               02074 963000 
 IFC Advisory (Financial PR) 
  Graham Herring 
  Tim Metcalfe 
  Zach Cohen                                  020 3934 6630

About Avingtrans plc:

Avingtrans designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets worldwide.

Business units

 
Hayward Tyler - Luton, Nottingham & East Kilbride, UK and USA, 
 China and India 
 
 Specialises in the design, manufacture and servicing of performance-critical 
 motors and pumps for challenging environments. 
 
 Energy Steel, Inc - Rochester Hills, Michigan, USA 
 
 Energy Steel, part of the Engineered Pumps and Motors Division of 
 Avingtrans plc, has been serving the nuclear power industry since 
 1982 with capabilities in equipment fabrication, material supply, 
 precision machining, engineering, and repair services. Through strategic 
 OEM partnerships, it also provides solutions for obsolete nuclear 
 components and support for the most complex projects. 
 
 Stainless Metalcraft Ltd - Chatteris, UK 
 
 Provider of safety-critical equipment for the energy, medical, science 
 and research communities, worldwide, specialising in precision pressure 
 and vacuum vessels and associated fabrications, sub-assemblies and 
 systems. 
 
 Booth Industries - Bolton, UK 
 
 Designs, manufactures, installs and services doors and walls which 
 can be tailored to be: blast &explosion proof; fireproof; acoustically 
 shielded; high security/safety; or combinations of the above 
 
 Ormandy Group, Bradford, UK 
 
 Design, manufactures and servicing of off-site plant, heat exchangers 
 and other HVAC (heating, ventilation and air conditioning) products 
 
 Composite Products Ltd - Buckingham, UK 
 
 Centre for composite technology, parts and assemblies, serving customers 
 in industrial markets. 
 
 Magnetica Ltd - Brisbane, Australia 
 
 Magnetica Limited specialises in the development of next generation 
 MRI technologies, including dedicated extremity MRI systems and 
 MRI system components. Magnetica has successfully built and tested 
 a compact, integrated 3 Tesla orthopaedic MRI system, demonstrating 
 clinical-quality imaging. Commercialisation of this system (and 
 others) is on-going. Magnetica's structure now includes two other 
 business units: 
 
 Scientific Magnetics - Abingdon, UK 
 
 Designs and manufactures superconducting magnet systems and associated 
 cryogenics for a variety of markets including MRI and provides services 
 for Nuclear Magnetic Resonance instruments. 
 
 Tecmag Inc, Houston, USA 
 
 Designs, manufactures and installs instrumentation, including consoles, 
 system upgrades, and probes, mainly for Magnetic Resonance Imaging 
 (MRI) and Nuclear Magnetic Resonance (NMR) systems.

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END

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