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Avingtrans completes acquisition of Adaptix Ltd

Avingtrans plc (LON:AVG) has announced that, further to its announcement on 13 July 2023 and following approval under the UK National Security & Investment Act,

it has completed the acquisition of the remaining issued and to be issued share capital of Adaptix Ltd, the emerging MedTech business based in Oxford, for a total consideration of up to £2.7m to be satisfied by the issue of 642,355 ordinary shares of 5p each in the Company at 426 pence per Ordinary Share.

Avingtrans has been supporting Adaptix over the past few months through a loan facility from the Company of £1.1m and has agreed to adopt debt facilities of £2.1m. In addition to repaying a renegotiated sum to various debt and creditors of £2.2m on behalf of Adaptix.

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