22nd Dec 2006 10:25
Advanced Power Components PLC22 December 2006 22 December 2006 Advanced Power Components Plc ("APC" or "the Company")Share Buy-back Completed The Board of Advanced Power Components plc, a specialist distributor andmanufacturers' representative of electronics components, announces that,following shareholder approval at an extraordinary general meeting heldyesterday, it has completed the buy-back of 6,577,756 ordinary shares of 2p eachin the Company ("Ordinary Shares"), representing 24.62% of the issued sharecapital of the Company from Third Advance Value Realisation Company Limited("ARVCo"), a fund managed by Progressive Value Management Limited at a price of16.5p per share ("the Share Buy-back"). The Ordinary Shares purchased by the Company have been cancelled. As a result of the Share Buy-back, ARVCo no longer has an interest in theCompany's issued share capital ("Issued Share Capital"). Mark Robinson, Chief Executive, and his other related family interests (''theRobinson Family'') are considered to be acting in concert by the Panel onTakeovers and Mergers ("the Panel"). The Robinson Family holds 6,740,508Ordinary Shares in aggregate and Mr Robinson has options over a further 732,050Ordinary Shares. Following completion of the Share Buy-back and the resultantreduction in the Issued Share Capital, the Robinson Family interest willrepresent 33.47 per cent. of the Issued Share Capital, or 35.81 per cent. on adiluted basis, albeit that the number of Ordinary Shares in which the RobinsonFamily is interested will not change. The Panel has agreed to waive theobligation for the Robinson Family to make an offer for the Company pursuant toRule 9 of the Takeover Code on completion of the Share Buy-back and anysubsequent exercise of the options currently held by Mark Robinson, followingthe approval of the Shareholders. - Ends - Enquiries: Advanced Power Components plc 01634 290588Mark Robinson, Chief Executive Redleaf Communications 020 7822 0200Samantha Robbins / Duncan McCormick Notes to Editors APC plc is a leading specialist distributor of electronic components, comprisingfour areas of activity: - Hi-Rel distributes a variety of specialist electronic components intoapplications where component reliability is of paramount importance. Hi-Rel'sfranchised product lines include power semiconductors, power supplies, memory,optoelectronics, wound and high voltage components. In addition, Hi-Rel providesa product support and obsolescence management service for customers involved inlong term defence and aerospace programmes. - SBM represents manufacturers of relatively specialist electroniccomponents addressing a commercial and industrial customer base.Products represented include displays, power semiconductors, communicationsmagnetic and connector products. - Hero distributes and provides demand creation for manufacturers ofrelatively specialist electronic components addressing a commercial andindustrial customer base. Products sold include displays, power semiconductors,communications semiconductors, touch memory devices, sensors, crystals,opto-electronics, communications magnetic and connector products. - Go! provides a kitting and materials management service to companieswanting to outsource non core activities, offering services ranging frommaterial procurement to full production management. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
APC Technology