4 August 2014 – acquisition
600 Group has acquired 26.3% of the issued share capital of ProPhotonix Limited, which is listed on AIM. The consideration will be satisfied by the issue of 4,925,621 ordinary shares in 600 Group, representing 5.5% of the issued share capital. ProPhotonix is based in Salem, New Hampshire in the USA and consists of businesses which manufacture LED systems in Cork, Ireland and produce and distribute laser modules and diodes from Hatfield Broad Oak in the UK. In the year ended December 2013 Prophotonix reported operating losses of US$1.18m on annual revenues of US$15.6m but prospects are said to be good. This is a somewhat unusual deal and the shares have edged lower on the news but we maintain our BUY rating.