600 Group PLC Acquisition of ProPhotonix Shares & Equity Issue (1036O)
August 04 2014 - 2:00AM
UK Regulatory
TIDMSIXH TIDMPPIR
RNS Number : 1036O
600 Group PLC
04 August 2014
600 Group PLC ("600 Group" or the "Company")
Acquisition of shares in ProPhotonix Limited and issue of
equity
The Directors are pleased to announce that the 600 Group has
acquired 22,042,143 ordinary shares in ProPhotonix Limited (AIM:
PPIX) ("ProPhotonix") representing 26.3% of the issued share
capital of ProPhotonix. The consideration for the purchase of these
shares will be satisfied by the issue of 4,925,621 ordinary shares
of 1 pence each in the Company ("New Ordinary Shares") representing
5.5% of the issued share capital of the 600 Group.
ProPhotonix is based in Salem, New Hampshire, USA and consists
of two businesses which manufacture LED systems in Cork, Ireland
and produce and distribute laser modules and diodes from Hatfield
Broad Oak in the UK. In the year to December 2013, Prophotonix
reported operating losses of US$1.18m on annual revenues of
US$15.60m.
600 Group Plc will become the largest shareholder in
Prophotonix, and will seek to work constructively with the board of
ProPhotonix to explore possible closer business co-operation in
future.
An application will be made for the New Ordinary Shares to be
admitted to trading on AIM. The New Ordinary Shares will rank pari
passu in all respects with the existing ordinary shares. It is
expected that admission will become effective and that dealings in
the New Ordinary Shares will commence at 8.00 a.m. on 8 August
2014.
Following admission of the New Ordinary Shares, the Company's
issued share capital will consist of 89,607,958 ordinary shares
with voting rights. 600 Group does not hold any ordinary shares in
treasury. The aforementioned figure of 89,607,958 ordinary shares
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, 600
Group under the FCA's Disclosure and Transparency Rules.
600 Group Chairman, Paul Dupee, said,
"This should be construed as a strategic investment in a company
with interesting business activities and improving prospects."
Contact:
600 Group PLC
Paul Dupee (Chairman) 0207 409 5044
Nigel Rogers (Chief Executive) 0113 200 8482
SPARK Advisory Partners Limited - Financial Adviser
Miriam Greenwood 0203 368 3553
Sean Wyndham-Quin 0113 370 8975
finnCap Ltd - Nominated Adviser and Broker 020 7220 0500
Julian Blunt(Corporate Finance)
Tom Jenkins (Corporate Broking)
Cadogan PR Limited
Alex Walters
0207 930 7006
07771 713
608
This information is provided by RNS
The company news service from the London Stock Exchange
END
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