Birmingham advisers assist on robotics re-registering
ROBOTICS group Hephaestus Holdings is re-registering as a private limited company in a deal advised in Birmingham.
Hephaestus Holdings, formerly Robotic Technology Systems, is also undertaking a share consolidation to reduce its shareholder base from over 1,500 shareholders down to around 100.
The London-based group is being advised locally by Ian Stanway and Charles Cattaneo, of Cattaneo, as financial and Rule 3 adviser, and Keith Spedding, of Shakespeares is providing legal advice.
Hephaestus cancelled its AIM trading facility in April 2011 and established a trading facility for shareholders on Sharemark. Having divested its trading operations in November 2010, the board is pursuing a dual strategy of managing out its legacy assets and liabilities whilst seeking to acquire engineering and industrial technology businesses.
Christopher Brown, chairman of Hephaestus, said: “The board has for some time wanted to give shareholders with smaller shareholdings an opportunity to realise their investments in the company and the board believes the share consolidation provides this whilst at the same time reducing the administration costs associated with a large number of smaller shareholders on the share register.
“Shareholders wishing to remain members of the company have the opportunity to top up their shareholdings at the same price as exiting shareholders will receive for their shares. The other proposals should put the company into a better position to carry out its investment policies.”
Charles Cattaneo said: “By undertaking the restructuring Hephaestus has put itself in a better position to pursue its investing strategy of acquiring industrial businesses with defensible technologies and sustainable competitive advantage.”
