GL Tech Co.,Ltd completed the acquisition of remaining 30% stake in Loadpoint Limited and Loadpoint Bearings Limited from Clive Bond, Andrew Gilbert Saunders, Jonathan Parkes, Richard Broom and Jason Brailey.
November 19, 2020
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GL Tech Co.,Ltd (SZSE:300480) agreed to acquire the remaining 30% stake in Loadpoint Limited and Loadpoint Bearings Limited from Clive Bond, Andrew Gilbert Saunders, Jonathan Parkes, Richard Broom and Jason Brailey for £2.1 million on June 18, 2020. GL Tech Co.,Ltd will be acquiring the remaining 30% stake in Loadpoint Limited from Clive Bond and Andrew Gilbert Saunders for £0.4 million, and the remaining 30% stake in Loadpoint Bearings Limited from Jonathan Parkes, Richard Broom and Jason Brailey for £1.7 million, with its own funds. Clive Bond and Andrew Gilbert Saunders will transfer 15% of the stake and receive a consideration of £0.2 million each, while Jonathan Parkes, Richard Broom and Jason Brailey will transfer 10% of the stake and receive a consideration of £0.6 million each. In 2019, Loadpoint Limited and Loadpoint Bearings Limited reported total assets of CNY 41.8 million (£4.7 million), total common equity of CNY 26.3 million (£3 million), revenues of CNY 44.4 million (£5 million), EBIT of negative CNY 5.3 million (£0.6 million), and net loss of CNY 4.9 million (£0.6 million). The acquisition is subject to the approval of regulatory authorities. The board of directors of GL Tech have approved the acquisition.
GL Tech Co.,Ltd (SZSE:300480) completed the acquisition of remaining 30% stake in Loadpoint Limited and Loadpoint Bearings Limited from Clive Bond, Andrew Gilbert Saunders, Jonathan Parkes, Richard Broom and Jason Brailey on November 20, 2020. Loadpoint Limited and Loadpoint Bearings Limited have become wholly-owned subsidiaries of GL Tech Co.,Ltd.
GL Tech Co Ltd is a China-based company mainly engaged in safety production monitoring equipment business. The Company is mainly engaged in two businesses: safety production monitoring equipment business and emerging semiconductor packaging and testing equipment business. The safety production monitoring products include mine safety production monitoring products, power safety, energy conservation and environmental protection products and special supporting equipment. The emerging semiconductor packaging and testing equipment business is mainly engaged in research and development (R&D), production and sales of precision processing equipment for packaging and testing of microelectronic devices such as semiconductors, as well as the development and production of high-performance and high-precision air spindles.
GL Tech Co.,Ltd completed the acquisition of remaining 30% stake in Loadpoint Limited and Loadpoint Bearings Limited from Clive Bond, Andrew Gilbert Saunders, Jonathan Parkes, Richard Broom and Jason Brailey.
GL TECH CO.,LTD 
