| RGT to Increase Stake in Adeptron |
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| Written by Mike Buetow | |||
| Monday, 25 February 2008 04:55 | |||
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TORONTO – Adeptron Technologies has entered a letter of intent with R.H. Global Technologies for the private placement of $6 million worth of common shares. The deal prices the Adeptron shares at $0.10 each, a 27.8% premium to the 30-day average closing price. Closing is expected by May 9. The deal also calls for Adeptron to raise its number of directors to nine, of which RGT may nominate four. If the deal goes through, RGT would hold approximately 62% of the issued and outstanding shares of Adeptron. Adeptron would use the proceeds to repay an outstanding $5 million subordinated debenture, saving the EMS company about $900,000 a year in interest expense. Adeptron CEO F. Michael Marti said, “The proposed transaction represents a momentous turning point. For the first time, Adeptron would benefit from a committed and EMS industry based shareholder. RGT is committed to supporting Adeptron's vision of vertical integration and growth through M&A activity along with strong organic business development efforts.” He suggested the deal would also permit Adeptron to gain a footprint in low-cost geographies. An Israeli EMS company, RGT employs over 1,000 workers and had sales of about $148 million in the first nine months of 2007.
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