CINP Cinpart

 

TIDMCINP 
 
RNS Number : 3560X 
Cinpart PLC 
13 August 2009 
 
13 August 2009 
CINPART PLC 
('Cinpart' or the 'Company') 
 
 
 
 
Increase in shareholding in Active Energy Limited 
 
 
 
 
Cinpart, the AIM-quoted electrical products manufacturer and supplier, is 
pleased to announce that it has entered into an agreement to acquire a 10 per 
cent interest (equivalent to 2,000 ordinary shares following a share 
reorganisation) in its wholly owned subsidiary, Active Energy Limited ("Active 
Energy"), currently held by Alpha Prospects Plc ("Alpha") for a total 
consideration of GBP250,000 (the "Acquisition"). 
 
 
The consideration will be satisfied as to GBP100,000 in cash and the balance by 
the issue of 1,125,000 new ordinary shares in Cinpart (the "Consideration 
Shares"). In accordance with an orderly market agreement entered into between 
the Company, Alpha and John East & Partners Limited ("JEP") Alpha has undertaken 
not to dispose of the Consideration Shares for a period of twelve months (save 
in certain limited circumstances) without the consent of the Company or JEP 
(such consent not to be unreasonably withheld). 
 
 
Conditional on completion of the Acquisition, Cinpart has entered into an 
agreement to sell 555 ordinary shares, equivalent to 2.78 per cent, in the 
capital of Active Energy to Stephen Coomes for a cash consideration of 
GBP69,375. Stephen Coomes currently holds 25 per cent. of the issued share 
capital of Active Energy and the effect of this transaction will allow Mr Coomes 
to maintain his pro-rata shareholding in Active Energy relative to Cinpart's 
current shareholding. 
 
 
Following the Acquisition and sale to Mr Coomes Cinpart will hold 72.23 per 
cent. of the issued share capital of Active Energy. 
 
 
Conditional on completion of the Acquisition, the sales agent agreement entered 
into on 5 March 2009 between Active Energy and Alpha will be terminated with 
immediate effect. 
 
 
As Christopher Foster, executive director of the Company, is also a director of 
Alpha he has taken no part in the Company's deliberations relating to the 
Acquisition. 
 
 
The Company has applied for the Consideration Shares to be admitted to trading 
on AIM. Admission is expected to become effective and dealings are expected to 
commence on 18 August 2009. 
 
 
Following the issue of the Consideration Shares the Company will have 
77,292,133 Ordinary Shares in issue. 
 
 
-ENDS- 
Enquiries: 
+--------------------------------------+--------------------------------------+ 
| Cinpart Plc                          |                                      | 
+--------------------------------------+--------------------------------------+ 
| Kevin Baker, Chief Executive         |                  Tel: 020 3176 3033  | 
| Christopher Foster, Executive        |                   Tel: 020 3176 3031 | 
| Director                             |                                      | 
|                                      |                                      | 
+--------------------------------------+--------------------------------------+ 
| John East & Partners Limited, a      |                                      | 
| subsidiary of Merchant Securities    |                                      | 
| Plc (Nominated Adviser)              |                                      | 
+--------------------------------------+--------------------------------------+ 
| John East/Simon Clements             |                   Tel: 020 7628 2200 | 
|                                      |                                      | 
+--------------------------------------+--------------------------------------+ 
| Rivington Street Corporate Finance   |                                      | 
| Limited (Joint Broker)               |                                      | 
+--------------------------------------+--------------------------------------+ 
| Monisha Varadan                      |                   Tel: 020 7562 3389 | 
|                                      |                                      | 
+--------------------------------------+--------------------------------------+ 
| Mirabaud Securities LLP              |                                      | 
| (Joint Broker)                       |                                      | 
+--------------------------------------+--------------------------------------+ 
| Rory Scott                           |                   Tel: 020 7878 3360 | 
|                                      |                                      | 
+--------------------------------------+--------------------------------------+ 
| Hansard Group (Public Relations)     |                                      | 
+--------------------------------------+--------------------------------------+ 
| Vikki Krause                         |                   Tel: 020 7245 1100 | 
|                                      |                                      | 
+--------------------------------------+--------------------------------------+ 
 
 
About Cinpart: 
 
 
Cinpart plc (AIM:CINP) is a designer, manufacturer and supplier of electrical 
components. The Group owns a manufacturing facility in Thailand and operates 
through its wholly owned subsidiaries Gasignition Limited; a supplier of 
electrical components to small and medium-sized European gas appliance 
manufacturers, Derlite Co Limited; an international manufacturer of electrical 
and non-electrical components, and Active Energy Limited, the 65 per cent. owned 
manufacturer and supplier of the VoltageMaster, a device that can reduce 
electricity consumption in commercial buildings by up to 20 per cent. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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