Acquisition of Minority Interest of Haydale US Subsidiary Completed
15 May 2017
Haydale (AIM:HAYD), the global nanomaterials group, is pleased to announce that the Group has completed the acquisition of the minority equity interest not previously owned by it, in the Group's US subsidiary, Haydale Technologies Inc. ('HTI'), from InVentures Group, Inc. for a cash sum of US$513,500 ('Consideration'). The Consideration has been settled from the Group's existing cash resources.
The Consideration for the remaining 13.5% interest in HTI was determined by an independent valuation conducted on HTI, which included the nanomaterials business, Advanced Composite Materials, acquired by Haydale in October 2016. Following this purchase of HTI ordinary shares, Haydale now owns the entire issued share capital of HTI.
Ray Gibbs, CEO of Haydale, said:
"We are pleased to have obtained 100% ownership of our US operations. HTI is already making a meaningful contribution to the Group's performance and we believe there is significant further sales potential for our high quality silicon carbide fibres and whiskers. As a result of leveraging Haydale's global reach, opportunities are being opened up in new markets for existing applications of HTI's advanced materials. In addition, we are developing new applications in areas including 3D printing of metal matrix composite parts as well combining our silicon carbide fibres with functionalised graphene for high performance coatings. "
For further information:
|Haydale Graphene Industries plc
Ray Gibbs, Chief Executive Officer
Matt Wood, Finance Director
Trevor Phillips, Head of Communications
|Tel: +44 (0) 1269 842 946
|Cairn Financial Advisers LLP (Nominated Adviser)
Tony Rawlinson / Emma Earl
|Tel: +44 (0) 20 7213 0880|
|Cantor Fitzgerald Europe (Broker)
David Foreman / Will Goode (Corporate Finance)
David Banks / Mark Westcott / Alex Pollen (Sales)
|Tel: +44 (0) 20 7894 7000|
Henry Harrison-Topham /Gemma Mostyn-Owen
|Tel: +44 (0) 20 7466 5000
Notes to Editors
Haydale is a global technologies and materials group that facilitates the integration of nanomaterials into the next generation of commercial technologies and industrial materials. With expertise in graphene, silicon carbide and other nanomaterials, Haydale is able to deliver improvements in electrical, thermal and mechanical properties, as well as toughness. Haydale has granted patents for its technologies in Europe, USA and China and operates from four facilities in the UK, USA and the Far East.
For more information, please visit: www.haydale.com
About Nanospan India Pvt Ltd
Nanospan India Pvt Ltd is a graphene application development pioneer based in India and the Silicon Valley, USA, focused on graphene composites and intermediates, nanomaterial characterisation and testing services and graphene application products in Defence, Aerospace, Energy and Electronics sectors.