Avingtrans plc completed the acquisition of the remaining 82% stake in Adaptix Limited.
Avingtrans plc (AIM:AVG) completed the acquisition of the remaining 82% stake in Adaptix Limited on September 18, 2023. The total consideration of up to £2.7 million was to be satisfied by the issue of 642,355 ordinary shares at £4.26 per Ordinary Share. In addition to repaying a renegotiated sum to various debt and creditors of £2.2 million on behalf of Adaptix and, has agreed to adopt debt facilities of £2.1 million. The admission to trading on AIM for the 642,355 new Ordinary Shares is expected to be effective on 21 September 2023. The transaction has received approval under the UK National Security & Investment Act. Shaun Dobson, Alex Bond and Oliver Platts of Singer Capital Markets Securities Limited acted as financial advisor & broker to Avingtrans plc.