Strix Group PLC Completion of acquisition of LAICA S.p.A (1946D)
26 Oktober 2020 - 11:58AM
UK Regulatory
TIDMKETL
RNS Number : 1946D
Strix Group PLC
26 October 2020
Strix Group Plc
("Strix", the "Group" or the "Company")
Completion of acquisition of LAICA S.p.A
Strix Group Plc (AIM:KETL), the AIM quoted global leader in the
design, manufacture and supply of kettle safety controls and other
complementary water temperature management components, is pleased
to announce, further to its announcement on 23 September 2020, that
it has today completed the acquisition of LAICA S.p.A
("LAICA").
As previously announced, under the terms of the transaction, in
addition to the payment to the vendors of LAICA (the "Vendors") of
an initial cash consideration of EUR11.6 million*, the Company has
issued to the Vendors 3,192,236 new ordinary shares of GBP0.01 each
in the capital of the Company ("Ordinary Shares"), credited as
fully paid (the "Consideration Shares"). The Consideration Shares
are subject to a lock-in period of 6 months, during which the
Vendors are restricted (subject to limited and customary
exceptions) from disposing of their Consideration Shares.
Application has been made to the London Stock Exchange for
admission of securities to trading on AIM in respect of 3,192,236
new Ordinary Shares and it is expected that admission will become
effective at 8.00 a.m. on 27 October 2020.
Following admission of the Consideration Shares, the Company's
issued share capital will comprise 202,071,088 Ordinary Shares and
this figure may be used by the Company's shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules. The Company does not
hold any shares in treasury.
Mark Bartlett, CEO of Strix Group Plc, commented: "We are very
pleased to complete the acquisition of LAICA which has a
considerable global presence, an established product range and an
advanced new product roadmap. The acquisition expands Strix's water
category and enhances its presence in the health and wellness
market, both of which are core to Strix's ESG strategy. LAICA also
strengthens Strix's ability to capitalise on the double-digit
global sales growth of both the small domestic appliance and water
markets."
*Subject to a customary post-completion adjustment with respect
to the net debt and working capital of LAICA
For further enquiries, please contact:
Strix Group Plc +44 (0) 1624 829829
Mark Bartlett, CEO
Raudres Wong, CFO
Zeus Capital Limited (Nominated Advisor and +44 (0) 20 3829
Joint Broker) 5000
Nick Cowles / Jamie Peel / Jordan Warburton
(Corporate Finance)
Stifel Nicolaus Europe Limited (Joint Broker +44 (0) 20 7710
) 7600
Matthew Blawat / Francis North
+44 (0) 20 3934
IFC Advisory Limited (Financial PR and IR) 6630
Graham Herring / Tim Metcalfe / Florence Chandler
ABOUT STRIX GROUP PLC
Isle of Man based Strix, is a global leader in the design,
manufacture and supply of kettle safety controls and other
components and devices involving water heating and temperature
control, steam management and water filtration.
Strix's core product range comprises a variety of safety
controls for small domestic appliances, primarily kettles. Kettle
safety controls require precision engineering and intricate
knowledge of material properties in order to repeatedly function
correctly. Strix has built up market leading capability and
know-how in this field since being founded in 1982.
Strix is admitted to trading on the AIM Market of the London
Stock Exchange (AIM: KETL).
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END
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