ProPhotonix Limited ProPhotonix Share Dealing (2359O)
August 05 2014 - 2:01AM
UK Regulatory
TIDMPPIR TIDMPPIX
RNS Number : 2359O
ProPhotonix Limited
05 August 2014
5 August 2014
ProPhotonix Limited
("ProPhotonix" or "the Company")
ProPhotonix Share Dealing
600 Group PLC acquires 26.3% stake in ProPhotonix from existing
shareholders at an implied price of 5.0 pence ($0.08) per share
ProPhotonix Limited (London Stock Exchange - AIM: PPIX and PPIR,
OTC: STKR), a designer and manufacturer of LED illumination systems
and laser diode modules with operations in Ireland and the United
Kingdom, notes that 600 Group PLC (the "600 Group") has announced
that it has acquired 22,042,143 shares of common stock of
ProPhotonix from existing shareholders, representing 26.3% of the
outstanding shares of ProPhotonix, for consideration to be
satisfied by the issue of 4,925,621 ordinary shares of the 600
Group. Based on the closing price per 600 Group share of 22.375
pence on 1 August 2014, being the last business day prior to the
date of the announcement by 600 Group, this acquisition represents
a price of 5.0 pence ($0.08) per PPIX share, which would indicate a
premium of approximately 120% to the closing price of PPIX shares
(2.275 pence) on 1 August 2014. ProPhotonix, incorporated in the
State of Delaware, United States of America, is not subject to the
UK City Code on Takeovers and Mergers ("City Code"), as disclosed
in the Company's Admission Document dated 20 December 2010.
Tim Losik, President and CEO, stated "The Board is pleased to
see this level of interest in the Company's equity at what
represents a substantial premium to market price. The Company has
taken significant steps to reduce costs over the past 16 months,
while increasing revenue, with considerable progress achieved
towards positive EBITDA and cash flow. The Directors of ProPhotonix
look forward to a positive and constructive collaboration with the
600 Group, which is expected to become the Company's largest
shareholder on 8 August 2014."
Enquiries:
ProPhotonix Limited ir@prophotonix.com
Tim Losik, President and CEO
Tel: +1 603 870 8220
N+1 Singer Tel: +44 (0) 207 496
Andrew Craig/ Ben Wright 3000
Nominated Adviser and Broker
About ProPhotonix
ProPhotonix Limited, headquartered in Salem, New Hampshire, is
an independent designer and manufacturer of diode-based laser
modules and LED systems for industry leading OEMs and medical
equipment companies. In addition, the Company distributes premium
diodes for Oclaro, Osram, QSI, Panasonic, and Sony. The Company
serves a wide range of markets including the machine vision,
industrial inspection, security, and medical markets. ProPhotonix
has offices and subsidiaries in the U.S., Ireland, U.K., and
Europe. For more information about ProPhotonix and its innovative
products, visit the Company's web site at www.prophotonix.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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