Volex PLC Completion of DE-KA Acquisition (4670P)
17 Febbraio 2021 - 3:08PM
UK Regulatory
TIDMVLX
RNS Number : 4670P
Volex PLC
17 February 2021
17 February 2021
Volex plc
("Volex" or the "Company")
Completion of DE-KA Acquisition
Volex plc (AIM:VLX), the global supplier of integrated
manufacturing services and power products, confirms that, further
to the announcement of the proposed acquisition of De-Ka
Elektroteknik Sanayi ve Ticaret Anonim irketi ("DE-KA") made on 12
November 2020 (the "Acquisition"), the Acquisition has been fully
approved by the Turkish Competition Authority and 3,320,000
Ordinary Shares of 25 pence each in Volex (the "Consideration
Shares") have been conditionally allotted to the sellers to satisfy
the share element of the consideration payable pursuant to the
Acquisition. Completion of the Acquisition ("Completion") shall
take place automatically immediately following admission of the
Consideration Shares to trading on AIM, which is expected to take
place on or around 8.00am on 18 February 2021.
The cash consideration payable in respect of the Acquisition
comprises an initial cash consideration of EUR37.0 million, a
deferred cash consideration of EUR2.0 million payable in January
2022 and a deferred contingent cash consideration of up to EUR13.0
million, which may be payable within two years of Completion based
on certain profit targets of DE-KA being met.
An additional EUR9.8 million is to be satisfied by the issue of
the Consideration Shares to the sellers on Completion. The value of
the Consideration Shares is based on Volex's share price of GBP2.63
on the date that the sale and purchase agreement was signed. The
Consideration Shares are subject to a six-month lock-up.
In addition, Volex is pleased to confirm that Servatron, Inc
("Servatron") has achieved certain operating profit targets for the
year ended 31 December 2020 set under the acquisition agreement
entered into on 30 July 2019. The second tranche of deferred
consideration shares are now due to the former owners, and current
employees, of Servatron, comprising 1,481,239 Ordinary Shares of 25
pence each in Volex (the "Servatron Deferred Consideration
Shares"). The Volex Board has therefore approved the issue of the
Servatron Deferred Consideration Shares.
Application has been made to the London Stock Exchange for the
admission of the 3,320,000 Consideration Shares in respect of DE-KA
and 1,481,239 Servatron Deferred Consideration Shares in respect of
Servatron to trading on AIM ("Admission"). Admission of the
Consideration Shares and Servatron Deferred Consideration Shares is
expected to take place on or around 8.00am on 18 February 2021.
The Company's total issued share capital following Admission
will consist of 157,052,041 ordinary shares of 25 pence each with
one voting right per share. The Company holds no ordinary shares in
treasury. Therefore, following Admission, this figure of
157,052,041 may be used by shareholders in the Company 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 share capital of the Company.
Nat Rothschild, Executive Chairman of Volex, commented:
"DE-KA is a world-class business, and one of the two leading
power cord producers in Europe. This, combined with its strong
management team and impressive customer list, means it is a perfect
fit with our existing business and accelerates our strategy of
creating the most efficient and lowest cost global producer in the
industry, providing an immediate and scalable European platform. I
am delighted for our shareholders that we are completing the
acquisition and look forward to working alongside the DE-KA team on
the next exciting stage of Volex's development."
-ENDS-
For further information please contact:
Volex plc +44 (0) 7747 488 785
Nat Rothschild, Executive Chairman
Jon Boaden, Chief Financial Officer
Powerscourt - Media Enquiries +44 (0)20 7250 1446
James White
Jack Holden
N+1 Singer - Nominated Adviser and Joint Broker +44 (0)20 7496 3000
Shaun Dobson
Iqra Amin
HSBC Bank Plc - Joint Broker +44 (0)20 7991 8888
Simon Alexander
Joe Weaving
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END
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