REG - Petards Group PLC - Completion of Acquisition

PetardsAnnouncement

14/06/2024 07:00

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RNS Number : 4042S  Petards Group PLC  14 June 2024

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

 

14 June 2024

 

Petards Group plc

("Petards" or the "Group")

Completion of Acquisition

 

Petards Group plc (AIM: PEG), the AIM quoted developer of advanced security
and surveillance systems, announced on 13 June 2024 that it had conditionally
agreed to acquire Affini Technology Group Limited ("ATGL") and thereby
indirectly its wholly owned subsidiary, Affini Technology Limited ("Affini")
(together the "Acquisition"). Affini is a UK based critical communications
solutions provider to the transport, blue light, energy, defence and
construction sectors.

 

The Acquisition was only conditional upon the release of certain bank security
given by ATGL and Affini. The Board is pleased to announce that the condition
has been satisfied and the Acquisition is now unconditional.

 

The consideration for the Acquisition was satisfied by a payment of £2.5
million in cash ("Cash Consideration") and the issue of 4,176,810 new ordinary
shares of one penny each in the capital of the Company ("Ordinary Shares"),
with an aggregate value of £326,000 ("Consideration Shares"). On completion
of the Acquisition, £2.4 million was paid in cash and all the Consideration
Shares have been allotted.  A retention of £0.1 million will be paid in cash
once the conditions for its payment have been met.

 

The Sellers have each undertaken to the Company and WH Ireland Limited not to
dispose of their Consideration Shares prior to the date falling 30 days
following the release of the announcement of the Company's preliminary results
for the year ending 31 December 2024, and furthermore have agreed to customary
orderly market restrictions in respect of the Consideration Shares thereafter.

 

Admission and Total Voting Rights

Application has been made to the London Stock Exchange for the Consideration
Shares to be admitted to trading on AIM ("Admission"). It is expected that
such Admission will occur at 8.00 a.m. on 18 June 2024. The Consideration
Shares will be issued credited as fully paid and will rank in full for all
dividends and other distributions declared, made or paid after the admission
of the Consideration Shares, and will otherwise be identical to and rank on
Admission pari passu in all respects with the existing Ordinary shares.

 

Following Admission, the Company will have 61,705,039 Ordinary Shares in
issue, of which 1,000,000 are held in treasury. Accordingly, the total number
of voting rights in the Company will be 60,705,039 and shareholders may use
this figure 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 Company under the FCA's Disclosure Guidance and
Transparency Rules.

 

 

Contacts:

 Petards Group plc                           www.petards.com (http://www.petards.com/)
 Raschid Abdullah, Chairman                  Mb:  07768 905004

 WH Ireland Limited, Nomad and Joint Broker  https://www.whirelandplc.com/capital-markets
 Mike Coe, Sarah Mather                      Tel:  020 7220 1666

 Hybridan LLP, Joint Broker                  www.hybridan.com (http://www.hybridan.com/)
 Claire Louise Noyce                         Tel:  020 3764 2341

                                             claire.noyce@hybridan.com (mailto:claire.noyce@hybridan.com)

 

 

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