£27m takeover completes for tech manufacturer

The £27m takeover deal for FireAngel has been completed, with the tech manufacturer set to cease trading on AIM. 

Coventry-based FireAngel has been acquired by Intelligent Safety Electronics (ISE) – a Singapore incorporation owned by Siterwell Electronics, bolstering its stake from 17.46%. 

The manufacturer of security protection has purchased the remaining shares for 7.40p per share, which values the firm at £27.68m. 

Shares were suspended on AIM yesterday (July 1) after auditors at RSM struggled to complete its audit on time, due to resource availability within the team.

Once audited results are published in early July suspension is expected to be lifted until July 17, when FireAngel will cease to trade on AIM.

The deal was approved by the Secretary of State under the National Security and Investment Act 2021 in May, which added conditions to the takeover.

Revenue declined by 29% to £40.9m this year for FireAngel, after it faced a “material uncertainty” after exiting a contract and considered revisiting its banking covenants, which were waived and then reset earlier this year.