30 March 2016 – acquisition/directors’ dealings
The group has confirmed that it has agreed to acquire the remaining 20% of TYKMA Inc – the consideration will be satisfied by the issue of 12m new shares in the company and the payment of $1.8m in cash. Readers may recall that the company acquired the initial 80% stake in the company in February 2015 but had an option to buy the remaining 20%. TYKMA has traded well since the stake was first acquired and the company has also stated that its Machine Tools division has seen an improvement in trading over the last few weeks. Two of the directors have added to their shareholdings in the company following this announcement, buying 200,000 shares at 8.5p and 100,000 shares at 8.625p. We continue to rate the shares as a BUY.