LONDON, UK: Tekmar Group plc (AIM: TGP), a leading provider of technology and services for the global offshore energy markets, announced that AgileTek Engineering Limited has entered into an agreement to acquire the remaining shares of Ryder Geotechnical Limited not already owned by it.
AgileTek Engineering is a wholly owned subsidiary of the Tekmar Group.
On 28 March 2019, Tekmar announced that AgileTek Engineering had completed the acquisition of 80 per cent. of the total share capital of Ryder Geotechnical from Nigel Jeremy Martin and Fraser Gibson for a nominal consideration of £2 and that an option had been granted for AgileTek Engineering to acquire the remaining 20 per cent for a capped consideration1, with the actual consideration payable on exercise to be subject to the performance of Ryder Geotechnical.
Agreement has now been reached to acquire the remaining 20 per cent. of Ryder Geotechnical for £200,000 from the sellers, with £150,000 payable in cash on completion, and the remaining amount of £50,000 to be paid in the form of shares in the Group maturing equally on the first and second anniversary of the Transaction, provided the Sellers continue to be employed by the Company.
For the year ended 30 September 2022, Ryder Geotechnical reported a profit before tax of £101,000 and net assets of £276,000.
As the Sellers are both directors of Ryder Geotechnical, the Transaction is classified as a related party transaction under the AIM Rules for Companies. The directors of Tekmar consider, having consulted with Singer Capital Markets its Nominated Adviser, that the terms of the Transaction are fair and reasonable insofar as its shareholders are concerned.
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