Completion of Acquisition (4912M)
August 17 2011 - 3:30AM
UK Regulatory
TIDMMAN
RNS Number : 4912M
Manroy PLC
17 August 2011
17 August 2011
MANROY PLC
("MANROY" OR THE "COMPANY")
COMPLETION OF ACQUISITION OF 49 PER CENT. STAKE IN MANROY USA,
ADMISSION OF NEW ORDINARY SHARES AND TOTAL VOTING RIGHTS
The Directors of Manroy (AIM: MAN), the UK's leading machine gun
manufacturer, are pleased to make the following announcement:
Completion of acquisition and admission of new ordinary
shares
Further to the Company's announcement on 16 August 2011 and in
accordance with the circular to shareholders of Manroy dated 25
July 2011 (the "Circular"), the Company has today completed the
acquisition of a 49 per cent. stake in Manroy USA LLC ("MUSA") from
Caledonian Heritable Limited ("Caledonian"). As part of this
acquisition, Manroy also acquired Caledonian's loan account to MUSA
and its 50 per cent. interest in the premises from which MUSA
operates.
Manroy USA is a limited liability company that is governed by a
board of managers which operates in a similar manner to a board of
directors in the UK. Glyn Bottomley and David Low, Chief Executive
and non-executive Director of Manroy respectively, will join the
board of managers of MUSA as representatives of Manroy.
2,049,069 new ordinary shares of 5p each ("Ordinary Shares") in
the Company (the "Consideration Shares") have been issued as
consideration for the acquisition and have today been admitted to
trading on AIM. As a result of the admission of the Consideration
Shares, the Concert Party (as defined in the Circular) has an
aggregate interest in the Company of 7,142,368 Ordinary Shares,
representing approximately 39.3 per cent. of the Company's issued
share capital. This comprises 4,394,069 Ordinary Shares (24.2 per
cent.) held by Caledonian, of which 3,594,069 are held in the name
of Caledonian and 800,000 are held in the name of Kevin Hugh
Michael Doyle, a director and owner of Caledonian; 2,081,632 (11.4
per cent.) are held by Glyn Bottomley, Manroy's Chief Executive;
and 666,667 (3.7 per cent.) are held by Surinder Rajput.
Total Voting Rights
Following admission of the Consideration Shares, Manroy's issued
share capital comprises 18,194,202 Ordinary Shares, each with
identical voting rights. The Company does not hold any Ordinary
Shares in treasury. Therefore the total number of Ordinary Shares
in the Company with voting rights is 18,194,202, which figure 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 in their interest in, the
share capital of the Company under the FSA's Disclosure and
Transparency Rules.
Glyn Bottomley, Chief Executive of Manroy, commented:
"When Manroy came to the market in December 2010, we made clear
our intention to acquire a 49 per cent stake in MUSA. To have
completed this deal before our first financial year end on AIM is
evidence of our ambition. MUSA is an obvious fit for us and has
itself expanded rapidly, having acquired the business and assets of
Sabre Defence Industries LLC earlier this year. We look forward to
working closely with the MUSA team in order to further develop the
business and continue Manroy's expansion into the huge US
market."
For further information please contact:
Manroy Plc Tel: 01252 874 177
Glyn Bottomley, Chief Executive
Paul Carter, Finance Director
Arbuthnot Securities Limited Tel: 020 7012 2000
Tom Griffiths
Ed Groome
Tavistock Communications Tel: 020 7920 3150
Baron Phillips
Simon Compton
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
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