TIDMAERO
RNS Number : 5307Z
Strat Aero PLC
03 September 2018
Strat Aero plc / Index: AIM / TIDM: AERO / Sector: Support
Services
3 September 2018
Strat Aero plc ("Strat Aero," the "Company" or the "Group")
Completion of Acquisition of controlling interest in GyroMetric
Systems
Strat Aero is pleased to announce that it has received the
approval of all shareholders of GyroMetric Systems Limited
("GyroMetric") for the acquisition of a further 228,000 ordinary
shares in GyroMetric from Braveheart Investment Group plc
("Braveheart") as announced on 21 August 2018.
The consideration of GBP273,600 has been satisfied by the issue
of 23,791,304 new ordinary shares ("Shares") in Strat Aero at a
price of 1.15p per share ("Consideration Shares").
The Transaction increases the Company's shareholding in
GyroMetric from 36.9% to 57.8% (and from 33.8% to 53.0% fully
diluted based on the options currently exercisable).
The increased investment in GyroMetric reflects the Board's
increased confidence in the prospects for GyroMetric. There are
also potential synergies between GyroMetric and Geocurve as both
have similar development needs for AI based data monitoring,
processing, management, and storage.
The Strat Aero board welcomes Braveheart, which will retain a
19.9% interest in GyroMetric, as a significant new 7.2% shareholder
in Strat Aero.
The 23,791,304 Consideration Shares have been issued, and
application has been made for them to be admitted to trading on AIM
("Admission"). It is expected that Admission will become effective
and dealings will commence at 8:00a.m. on or around 7X September
2018.
Following this transaction, the Company has 332,467,690 ordinary
shares of 0.2p each in issue, none of which are held in treasury.
Therefore, the total number of voting rights in the Company is
332,467,690.
The above figure of 332,467,690 may be used by shareholders in
the Company 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 and Transparency Rules.
About GyroMetric
GyroMetric Systems Ltd develops and manufactures digital
monitoring and safeguarding equipment for rotating shafts, with
proprietary intellectual property including algorithms, software
and relevant patent protection. The company's technology is proven,
operating reliably in harsh environments over many years. These
systems set a new standard of measurement and protection that can
be used on any rotating shaft from a bench tool spindle to a cruise
liner propeller shaft.
In addition to the company's established Incremental Motion
Encoder (IME) system, GyroMetric has recently filed a patent
application for a new method of measuring the axial movement of
rotating shafts which matches the reliability achieved by its
digital radial measurement method.
The GyroMetric active protection system has been certified for
the marine market by IACS (International Association of
Classification Societies) and ABS (American Bureau of Shipping).
Working with global marine coupling supplier Vulkan Gmbh,
GyroMetric has over 60 systems in service which protect large
marine drives and couplings, producing considerable cost savings
for their ship owners.
More recently GyroMetric has moved into monitoring and
protecting wind turbines, having recently completed highly
successful trials using the world's newest and most powerful
offshore wind turbine drive train test facility at the Offshore
Renewable Energy (ORE) Catapult at Blyth. Working with ORE
Catapult's drivetrain experts, GyroMetric's technology has been
tested to improve the understanding of the behaviour of the
components in use, with a view to increasing the efficiency and
output of wind turbines, whilst reducing the requirement for
unplanned maintenance.
Further applications in other industrial sectors are being
considered as the company works to strengthen its sales and
marketing resources.
Much of industry depends on rotating shafts and the health, or
otherwise, of these systems is critical. Important sectors for the
GyroMetric business to date have been in marine engines, machine
tools and wind turbines and it has great potential in sectors such
as nuclear and other power stations and within petrochemical
plants. Monitoring the condition of rotating shaft mechanisms has
traditionally been carried out using vibration sensors. Such
sensors measure the frequencies and amplitudes of vibration. The
GyroMetric approach is to measure accurately the actual
displacements and the frequencies which, coupled with real time
monitoring, enables automatic intervention to safeguard equipment
and gives much richer data for assessing performance including wear
and load calculations, and to facilitate optimal maintenance and
replacement planning.
The GyroMetric system is able to measure the runout (positioning
error) of bearings to one tenth of a micron (0.0001 mm) at speeds
of up to 20,000 revolutions per minute. The unique ability of the
GyroMetric system to do this reliably over a wide range of speeds
and shaft sizes makes the system applicable to most industrial
applications.
The system uses standard sensor and electronics technology so
installation and operating costs are comparable with current
technologies, but with significantly enhanced accuracy and
diagnostic capabilities which are vital for condition monitoring of
capital equipment. GyroMetric data can be used to optimise
performance by continually maximising output and planning
maintenance to minimise down time. Material operating cost
reductions have been achieved using GyroMetric data, providing a
substantial competitive advantage for owners.
Further details can be found on the GyroMetric website
https://GyroMetric.systems
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For further information please visit www.strat-aero.com or
contact:
Strat Aero plc
Trevor Brown (Executive Director) +41 7941 55384
Nigel Burton (Non-Executive Chairman) +44 7785 234447
SP Angel Corporate Finance LLP +44 20 3470 0470
Stuart Gledhill
Jeff Keating
Caroline Rowe
Peterhouse Corporate Finance +44 20 7469 0930
Lucy Williams
Fungai Ndoro
Notes
Strat Aero plc is focused on the continued development of the
Company's Geocurve 'Survey & Inspection' business. The Company
also has a 58% stake in GyroMetric Systems, which specialises in
next generation digital monitoring and safeguarding technology and
services for rotating shafts, acquired in 2018 in line with the
enhanced growth strategy of appraising complementary acquisition or
investment opportunities.
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END
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