The 600 Group has purchased the remaining 20 per cent of Tykma, the US-based laser marking business it acquired 80 per cent of in February 2015. The consideration will be satisfied by the issue of 12,000,000 1p ordinary shares in the 600 Group and $1.8 million in cash.
The fully integrated Tykma Electrox laser division is led by David Grimes who was the principal shareholder in Tykma and who remains as the laser division managing director. As part of the transaction, Grimes will receive 6,000,000 ordinary shares and $990,000 for his remaining shares in Tykma.
Following the completion of the transaction Grimes will have an interest in 7,500,000 ordinary shares representing 7.19 per cent of the enlarged issued share capital of the Group.
In the year to 31 December 2014 Tykma reported net operating income of $0.73m on revenues of $8.4 million and had net assets of $1 million at that time.
The combined laser division reported an operating profit of £0.63 million on revenues of £6.57 million for the six months to 26 September 2015.
'With the laser division now representing approximately 40 per cent of the  Group's profitability, we are pleased to be able to acquire 100 per cent ownership and at the same time align the interests of its divisional managing director, David Grimes, more closely with those of existing shareholders. Tykma has consistently traded strongly since we acquired it over a year ago and the management team has done well to integrate operations in the UK and US, as well as improving manufacturing efficiencies and driving sales growth to gain market share and accelerate profit growth and we are confident this will continue.'