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
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www.petards.com
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Raschid Abdullah,
Chairman
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Mb: 07768 905004
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WH
Ireland Limited, Nomad and Joint Broker
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https://www.whirelandplc.com/capital-markets
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Mike Coe, Sarah Mather
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Tel: 020 7220 1666
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Hybridan LLP, Joint Broker
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www.hybridan.com
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Claire Louise Noyce
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Tel: 020 3764 2341
claire.noyce@hybridan.com
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