Judges Scientific PLC Acquisition of minority shareholding in Bordeaux (2041Q)
27 Junio 2022 - 1:00AM
UK Regulatory
TIDMJDG
RNS Number : 2041Q
Judges Scientific PLC
27 June 2022
Press Release 27 June 2022
Judges Scientific plc
("Judges Scientific", "Judges", the "Company" or the
"Group")
Acquisition of the minority shareholding in Bordeaux Acquisition
Limited
Judges Scientific, a group focused on acquiring and developing
companies in the scientific instrument sector, announces that it
has acquired the remaining minority interest in its majority owned
subsidiary Bordeaux Acquisition Limited ("Bordeaux") bringing the
Group's shareholding from 88% to 100%.
In 2011, Judges purchased Deben UK Limited through Bordeaux, a
newly created buy-out vehicle; Bordeaux was owned by Judges (51%)
and the Deben UK vendors (49%). In 2017, Bordeaux acquired Oxford
Cryosystems Limited and Judges increased its stake to 75.5%; this
was increased to 88% in February 2021.
Judges has now purchased the final 12% of Bordeaux's issued
share capital for a consideration of GBP2.1m, based on an
enterprise value of GBP12.6m for 100% of Bordeaux plus excess cash.
In 2021, Bordeaux generated GBP2.7m adjusted EBIT. GBP2m of the
consideration will be settled through the issue of 29,197 new
Judges ordinary shares (the "New Ordinary Shares") issued at a
price of GBP68.50 per share, equal to the mid-market price at close
of business on Friday 24 June 2022, with the balance paid in cash.
Application for admission of the new Ordinary Shares to trading on
AIM has been made and dealing in the new Ordinary Shares is
expected to commence at 8.00 a.m. on 30 June 2022. The new Ordinary
Shares will rank pari-passu with the Company's existing issued
ordinary shares.
The Board of Judges expects the transaction to be immediately
earnings enhancing for the Group.
For further information please contact:
Judges Scientific
David Cicurel, CEO Tel: +44 (0) 20 3829
Brad Ormsby, Group FD 6970
Shore Capital (Nominated Adviser
& Broker)
Stephane Auton Tel: +44 (0) 20 7408 4090
Iain Sexton
Liberum (Joint Broker) Tel : +44 (0) 20 3100 2222
Edward Mansfield
William Hall
Media enquiries:
Alma PR (Financial Public Relations)
Sam Modlin Tel: +44 (0) 20 3405 0205
Justine James judges@almapr.co.uk
Joe Pederzolli
Notes to editors:
Judges Scientific plc (AIM: JDG), is a group focused on
acquiring and developing companies in the scientific instrument
sector. The Group now consists of 20 businesses acquired since
2005.
The acquired companies are primarily UK-based with products sold
worldwide to a diverse range of markets including: higher education
institutions, scientific research facilities, manufacturers and
regulatory authorities. The UK is a recognised centre of excellence
for scientific instruments. The Group has received five Queen's
Awards for innovation and export.
The Group's companies predominantly operate in global niche
markets, with long term growth fundamentals and resilient
margins.
Judges Scientific maintains a policy of selectively acquiring
businesses that generate sustainable profits and cash. Shareholder
returns are created through the reduction of debt, organic growth
and dividends.
For further information, please visit www.judges.uk.com
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END
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