Vulcan Industries Plc Acquisition of Aftech Limited

 
TIDMVULC 
 
24 March 2022 
 
                             Vulcan Industries plc 
 
                          ("Vulcan" or the "Company") 
 
                         Acquisition of Aftech Limited 
 
Vulcan Industries plc (AQSE: VULC) is pleased to announce that it has acquired 
the entire share capital of Aftech Ltd ("Aftech") and its dormant parent 
company (together the "Aftech Group") from Unity Global - FZCO (the "Vendor" or 
"Unity Group"). 
 
Acquisition rationale 
 
Aftech is a sheet metal fabrication company specialising in laser cutting, 
bending and forming. Aftech complements the existing fabrication businesses 
within the Group by introducing additional capacity, capabilities and skills. 
 
Aftech Group 
 
For the year ended 30 November 2021 Aftech reported unaudited revenue of £ 
1,182,000 and unaudited normalised EBITDA of £266,000. At completion, the 
Aftech Group is expected to have unaudited net assets of £940,000 and unaudited 
borrowings of £155,000. The acquisition is expected to be immediately earnings 
enhancing. 
 
Total Consideration 
 
The total consideration payable is £1,550,000 to be satisfied by the issue of 
123,307,433 new ordinary shares of £0.0004 each (the "Consideration Shares") at 
a price of 1.257p determined by the VWAP calculated for the 15 days prior to 
completion. In addition, the Company will issue 24,661,486 warrants with an 
exercise price of £0.03 with an expiry date of 30 June 2023 to the vendor (the 
"Vendor Warrants"). 
 
In total the Consideration Shares will represent approximately 22.4% of the 
enlarged share capital of the Company and together with the warrants 
approximately 25.8% of the fully diluted share capital. 
 
Of the consideration shares, 100,000,000 new ordinary shares have been allotted 
on completion (the "Initial Consideration Shares") and the issue of the 
remaining 23,307,433  Consideration Shares and the Vendor Warrants have been 
deferred, pending the receipt of the necessary authorities at the next general 
meeting of the Company. 
 
Admission 
 
Application has been made for the 100,000,000 Initial Consideration Shares to 
be admitted to trading on Aquis Stock Exchange ('Admission'). Admission is 
expected to occur at 8:00am on or around 28th March 2022. 
 
Total Voting Rights 
 
Following Admission, the Company's issued share capital will comprise 
526,334,602 ordinary shares of £0.0004 each, with each share carrying the right 
to one vote. 
 
The Company does not hold any ordinary shares in treasury. The above figure of 
526,334,602 may therefore be used by shareholders as the denominator for the 
calculations by which they will determine if they are required to notify their 
interest in, or of a change to their interest in the Company under the FCA's 
Disclosure and Transparency Rules. 
 
Ian Tordoff, Executive Chairman, "We are delighted to be working with Unity 
Group who have introduced Aftech. Aftech are already showing the benefits we 
expect them to bring to the Vulcan Group and will head the development of our 
fabrication activities " 
 
For further information, visit: https://vulcanplc.com 
 
The directors of Vulcan accept responsibility for this announcement. 
 
Contacts 
 
Vulcan Industries plc                             Via Vox Markets 
 
Ian Tordoff, Chairman 
 
First Sentinel Corporate Finance Ltd (AQSE        +44 7876 888 011 
Corporate Adviser) 
 
Brian Stockbridge 
 
Gabrielle Cordeiro 
 
Vox Markets (Media and Investor Relations)        vulcan@voxmarkets.co.uk 
 
Kat Perez                                         +44 7881 622 830 
 
Paul Cornelius                                    + 44 7866 384 707 
 
About Vulcan 
 
Vulcan seeks to acquire and consolidate traditional but historically profitable 
engineering, manufacturing, and industrial SMEs for value and to enhance this 
value in part through group synergies, but primarily by unlocking growth which 
is not being achieved as a standalone private company. For more information 
visit https://www.voxmarkets.co.uk/listings/PLU/VULC 
 
About Unity Global - FZCO 
 
The Vendor is a subsidiary of the Unity Group, a mergers and acquisitions firm 
that specialise in attracting investment and creating opportunities for small 
to medium-sized enterprises ("SMEs") to scale. https://www.unity-group.com/ 
 
Forward Looking Statements 
 
This news release may contain "forward-looking" statements and information 
relating to the Company. These statements are based on the beliefs of Company 
management, as well as assumptions made by and information currently available 
to Company management. The Company does not undertake to update forward-looking 
statements or forward-looking information, except as required by law. 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulations 
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory 
Information Service, this inside information is now considered to be in the 
public domain. 
 
 
 
END
(END) Dow Jones Newswires
March 24, 2022 03:00 ET (07:00 GMT)
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