16 February 2015 – acquisition and issue of loan notes
The group has announced that it has acquired 80% of the common stock of TYKMA Inc, a US based laser marking business for initial consideration of $4.68m (£3.04m). TYKMA is based in Ohio and specialises in the production of laser marking systems for a range of industry applications. The management team will retain a 20% stake for the time being. TYKMA will be integrated with Electrox, the group’s existing laser business and the directors believe that the enlarged group will realise significant benefits from additional scale and market penetration. The acquisition is being funded by the issue of loan notes with warrants attached. This acquisition will strengthen the group’s US operations and we continue to rate the shares as a BUY.