Completion of sale of Total Carbide Limited

RNS Number : 8286G

Elektron Technology PLC

12 June 2013

 



12 June 2013

Elektron Technology plc

Total Carbide Limited - Completion of Sale

Elektron Technology plc (AIM: EKT, "Elektron" or the "Group"), the global technology group, has completed the sale of its subsidiary, Total Carbide Limited ("Total Carbide"), to Versarien plc ("Versarien"), for a total consideration of approximately £2.3 million.  Of this, approximately £1.23 million (net) is in cash and £1.05 million is in shares in Versarien ("the Consideration Shares"). The consideration represents the approximate net asset value of Total Carbide.

Elektron now holds approximately 10.3% of Versarien's share capital following its Admission to AIM.

Approximately £0.7 million of Consideration Shares are required to be held by Elektron for a minimum period of six months and will be held as an investment. There are no restrictions on the balance of £0.35 million Consideration Shares. The cash proceeds of the disposal will be used by Elektron to reduce borrowings.

The proposed disposal is part of the Group's rationalisation of its portfolio, focusing its investment in its core brands and key segments of Connectivity and IMC (Instrumentation, Monitoring and Control). Elektron is continuing to transform its business, building an innovation-led technology company through its strategy of innovation, streamlining operations, investing in infrastructure, people and capabilities, as well as focusing resources on key brands and product offerings.

Keith Daley, Chairman of Elektron commented:

"As part of our non-core Materials segment, we have been looking for a suitable owner for Total Carbide and are excited to have sold it to an innovative technology company.

"We are pleased to be investing in this dynamic young business, and to be working again with Neill Ricketts, CEO of Versarien, who was formerly with Elektron. We wish Versarien the very best on its first day of dealings on AIM."

Enquiries:

Elektron Technology  www.elektron-technology.com	[phone]
Keith Daley - Chairman
Noah Franklin - Chief Financial Officer
finnCap	[phone]
Ed Frisby/ Rose Herbert - Corporate Finance
Simon Starr/Victoria Bates - Corporate Broking
College Hill	[phone]
Adrian Duffield/Rozi Morris

 

Notes to Editors

Elektron Technology is a global designer and manufacturer of precision engineered products which enable two of the most important technology areas of the always-on, networked economy: Connectivity and Instrumentation, Monitoring and Control ('IMC'). 

The Group has a broad portfolio of brands which are recognised leaders in their markets, playing a critical role in many industries from underwater construction to food preparation, semiconductor manufacture to emergency vehicle systems. The Group's products are sold worldwide to over 7,000 customers, around 100,000 end-users, and used in all seven continents and in space.

Elektron Technology is headquartered in Cambridge and traded on the AIM market of the London Stock Exchange.

 

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