Tekmar Group PLC Acquisition of minority interest (2789T)
14 Novembre 2023 - 8:00AM
UK Regulatory
TIDMTGP
RNS Number : 2789T
Tekmar Group PLC
14 November 2023
14 November 2023
Tekmar Group plc
("Tekmar Group" the "Company" or the "Group")
Acquisition of minority interest in Ryder Geotechnical
Limited
Tekmar Group plc (AIM: TGP), a leading provider of technology
and services for the global offshore energy markets, announces that
AgileTek Engineering Limited ("AgileTek Engineering"), a wholly
owned subsidiary of the Group, has entered into an agreement to
acquire the remaining shares of Ryder Geotechnical Limited ("Ryder
Geotechnical") not already owned by it.
On 28 March 2019, Tekmar announced that AgileTek Engineering had
completed the acquisition of 80 per cent. of the total share
capital of Ryder Geotechnical from Nigel Jeremy Martin and Fraser
Gibson ("the Sellers") for a nominal consideration of GBP2 and that
an option had been granted for AgileTek Engineering to acquire the
remaining 20 per cent for a capped consideration(1) , with the
actual consideration payable on exercise to be subject to the
performance of Ryder Geotechnical.
Agreement has now been reached to acquire the remaining 20 per
cent. of Ryder Geotechnical for GBP200,000 (the "Transaction") from
the Sellers, with GBP150,000 payable in cash on completion, and the
remaining amount of GBP50,000 to be paid in the form of shares in
the Group maturing equally on the first and second anniversary of
the Transaction, provided the Sellers continue to be employed by
the Company.
For the year ended 30 September 2022, Ryder Geotechnical
reported a profit before tax of GBP101,000 and net assets of
GBP276,000.
As the Sellers are both directors of Ryder Geotechnical, the
Transaction is classified as a related party transaction under the
AIM Rules for Companies. The directors of Tekmar consider, having
consulted with Singer Capital Markets its Nominated Adviser, that
the terms of the Transaction are fair and reasonable insofar as its
shareholders are concerned.
Enquiries:
Tekmar Group plc
Alasdair MacDonald / Leanne Wilkinson +44 (0)1325 349 050
Singer Capital Markets (Nominated Adviser
and Joint Broker)
Rick Thompson / James Fischer +44 (0)20 7496 3000
Berenberg (Joint Broker)
Ben Wright / Ciaran Walsh +44 (0)20 3207 7800
Bamburgh Capital Limited (Financial PR & Investor
Relations)
Murdo Montgomery +44 (0) 131 376 0901
About Tekmar Group plc
Tekmar Group plc (AIM: TGP) collaborates with its partners to
deliver robust and sustainable engineering led solutions that
enable the world's energy transition.
Through our Offshore Energy and Marine Civils Divisions we
provide a range of engineering services and technologies to support
and protect offshore wind farms and other offshore energy assets
and marine infrastructure. With near 40 years of experience, we
optimise and de-risk projects, solve customers' engineering
challenges, improve safety and lower project costs. Our
capabilities include geotechnical design and analysis, simulation
and engineering analysis, bespoke equipment design and build,
subsea protection technology and subsea stability technology.
We have a clear strategy focused on strengthening Tekmar's value
proposition as an engineering solutions-led business which offers
integrated and differentiated technology, services and products to
our global customer base.
Headquartered in Darlington, UK, Tekmar Group has an extensive
global reach with offices, manufacturing facilities, strategic
supply partnerships and representation in 18 locations across
Europe, Africa, the Middle East, Asia Pacific and North
America.
For more information visit: www.tekmargroup.com
Subscribe to further news from Tekmar Group at Group News
(1) Maximum consideration of GBP2 million
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END
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