Aim Rule 17 Update
CT Automotive Group plc
("CT Automotive" or the "Group")
AIM Rule 17 Update
CT Automotive, a leading designer, developer and supplier of interior components to the global automotive industry, today announces the following additional director disclosure provided pursuant to AIM Rule 17 and Schedule Two (g) of the AIM Rules.
As previously announced, the Group took the decision to close its manufacturing operations in the UK. This process concluded on 28 June 2024 by means of a creditors' voluntary liquidation. The UK manufacturing operations were trading as Chinatool Automotive Systems Limited. Simon Phillips, Chief Executive Officer of CT Automotive, was an executive director of Chinatool Automotive Systems Limited when it entered into the creditors' voluntary liquidation on 25 July 2023.
Change of Name of Nominated Adviser and Broker
The Company's Nominated Adviser and Broker has changed its name to Panmure Liberum Capital Limited.
Enquiries:
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CT Automotive Simon Phillips, Chief Executive Officer Anna Brown, Chief Financial Officer
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Via Novella |
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Panmure Liberum (Nominated Adviser and Broker) Richard Lindley
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Tel: +44 (0)20 3100 2000 |
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Novella Communications (Financial Public Relations) Tim Robertson, Claire de Groot, Safia Colebrook |
Tel : +44 (0)20 3151 7008 ctautomotive@novella-comms.com |
Notes to editors
CT Automotive is engaged in the design, development and manufacture of bespoke automotive interior finishes (for example, dashboard panels and fascia finishes) and kinematic assemblies (for example, air registers, arm rests, deployable cup holders and storage systems), as well as their associated tooling, for the world's leading automotive original equipment suppliers ("OEMs") and global Tier One manufacturers.
The Group is headquartered in the UK with a low cost manufacturing footprint. Key production facilities are located in Shenzhen and Ganzhou, China complemented by additional manufacturing facilities in Mexico, Türkiye and Czechia.
CT Automotive's operating model enables it to pursue a price leadership strategy, supplying high quality parts to customers at a lower overall landed cost than competitors. This has helped the Group build a high-quality portfolio of OEM customers, both directly and via Tier One suppliers including Forvia and Marelli. End customers include volume manufacturers, such as Nissan, Ford, GM and Volkswagen Audi Group, and premium luxury car brands such as Bentley and Lamborghini. In addition, the Group supplies all our customer base with a range of products for PHEV and BEV platforms and supplies electric car manufacturers, including Rivian and a US based major EV OEM.
The Group currently supplies component part types to over 57 different models for 22 OEMs. Since its formation, the Group has been one of the very few new entrants to the market, which is characterised by high barriers to entry.
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