Avingtrans completes Adaptix acquisition
As reported in July this year, Avingtrans already owned 667, 333 Adaptix shares, which has a total share capital of 3,708, 044 shares, and revealed it had submitted a proposal to buy the remaining shares for a consideration of up to £3 million.
In a statement on Monday this week, Avingtrans said that following that announcement and approval under the UK National Security & Investment Act, it had now completed the acquisition of the remaining issued and to be issued share capital of Adaptix.
"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," it added.
"In addition to repaying a renegotiated sum to various debt and creditors of £2.2m on behalf of Adaptix."
The purchase of Adaptix will be satisfied by issuing 642,355 ordinary shares of 5p each in Avingtrans at 426 pence each and application has been made for these shares to be admitted to trading on AIM, expected to become effective on September 21 this year.
In July, Avingtrans said that since October 2021, Adaptix had made successful progress with its 3D X-ray technology and was recently awarded 510k clearance for its novel orthopaedic product by the US regulator (FDA) in March this year.
"The board believes that the potential acquisition will give the group a market leading position in novel imaging products, as applied to (eg) veterinary and orthopaedic imaging at the point of care, notably when considered in parallel with the group's existing interest in novel MRI products, via Magnetica," it added.
Avingtrans designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets worldwide.