Tekmar Group PLC Acquisition of minority interest (2789T)

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RNS Number : 2789T

Tekmar Group PLC

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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November 14, 2023 02:00 ET (07:00 GMT)

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