Robotic Technology Systems plc (RTS)

Citation

(2001), "Robotic Technology Systems plc (RTS)", Industrial Robot, Vol. 28 No. 2. https://doi.org/10.1108/ir.2001.04928bab.001

Robotic Technology Systems plc (RTS)

Robotic Technology Systems plc (RTS)

Keywords: Robotics, Software, Automation

Acquisition of UK robotics

RTS is a high technology business specialising in providing software, automation systems and equipment for a range of sophisticated manufacturing and scientific processes, including nuclear engineering.

The directors of RTS are pleased to announce today the completion of the acquisition of the entire share capital of UK Robotics Limited. UK Robotics is based in Manchester and has 24 employees. It was a component of the research and development facility which supports BNFL's operations and decommissioning activities. UK Robotics was originally established to research a range of robot and software techniques such as free-roving navigation, sensory perception and virtual reality in applications.

The consideration payable for UK Robotics will be £200,000, satisfied as to £140,000 in cash and £60,000 through the issue of 10,345 new ordinary shares in RTS at a price of 580p per share. Under the terms of the acquisition agreement, the vendor of UK Robotics, British Nuclear Fuels plc (BNFL) subscribed for new shares in UK Robotics prior to completion to a value of £570,259. All of these shares have been acquired by RTS. In return, BNFL has been allotted 42,886 new ordinary shares in RTS at a price of 580p. For the year ended 31 March 2000, UK Robotics' turnover amounted to £1.2 million and the net assets, excluding the bank overdraft, which was discharged prior to completion, amounted to £300,000.

More recently, UK Robotics has become a partner to industrial businesses by specialising in the development and commercial application of advanced robotics. It has also developed a unique software product which, combined with high speed rotating laser vision technology, facilitates the reverse engineering of 3-D design drawings from a wide range of industrial installations. This technology, known as "light form modeller", is being delivered as a service to process and manufacturing industries for use in computer aided design applications. Light form modeller enables accurate 3-D information for use in this area to be created in a fraction of the time taken by conventional techniques.

RTS is committed to the development of advanced technology which can be immediately applied to developing markets, delivering tangible business advantage. The acquisition of UK Robotics is entirely consistent with this strategy. Moreover, RTS' established marketing and sales skills will ensure that UK Robotics' technology will achieve greater penetration in its target markets, thereby further strengthening the entire business.

Application has been made for the admission of the new shares to AIM. It is expected that admission will occur on 24 November 2000.

Phil Johnson, CEO of RTS, commented:

As a result of the transaction, we have added technology with considerable market potential and resources with skills which complement our own. It will give us further advantage in the growth markets that are increasingly receptive to our products and services.

For further information contact Robotic Technology Systems plc, Phil Johnson, Chief Executive Officer, or David Timmins, Finance Director. Tel: +44 (0) 161 777 2000.