Strix Group Plc (LON:KETL), the AIM quoted global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, has announced, further to its announcement on 23 September 2020, that it has today completed the acquisition of LAICA S.p.A.
As previously announced, under the terms of the transaction, in addition to the payment to the vendors of LAICA of an initial cash consideration of €11.6 million*, the Company has issued to the Vendors 3,192,236 new ordinary shares of £0.01 each in the capital of the Company, credited as fully paid. The Consideration Shares are subject to a lock-in period of 6 months, during which the Vendors are restricted (subject to limited and customary exceptions) from disposing of their Consideration Shares.
Application has been made to the London Stock Exchange for admission of securities to trading on AIM in respect of 3,192,236 new Ordinary Shares and it is expected that admission will become effective at 8.00 a.m. on 27 October 2020.
Following admission of the Consideration Shares, the Company’s issued share capital will comprise 202,071,088 Ordinary Shares and this figure may be used by the Company’s shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules. The Company does not hold any shares in treasury.
Mark Bartlett, CEO of Strix Group Plc, commented: “We are very pleased to complete the acquisition of LAICA which has a considerable global presence, an established product range and an advanced new product roadmap. The acquisition expands Strix’s water category and enhances its presence in the health and wellness market, both of which are core to Strix’s ESG strategy. LAICA also strengthens Strix’s ability to capitalise on the double-digit global sales growth of both the small domestic appliance and water markets.”
*Subject to a customary post-completion adjustment with respect to the net debt and working capital of LAICA