Torotrak plc (LSE:TRK) signed an agreement to acquire the remaining 80% stake in Flybrid Automotive Limited from Jonathan Hilton, Director of Flybrid Automotive Limited and Douglas Cross for £23 million on December 13, 2013. Under the terms of purchase consideration, Torotrak plc will pay £4.2 million in cash, £1.8 million by a note and £2 million in new ordinary shares, remaining £15 million (of which a maximum of £5 million can be satisfied through the issue of new ordinary shares) is to be paid to the vendors subject to Flybrid achieving certain performance targets during the period up to and including March 31, 2021. The acquisition agreement is conditional, amongst other things, upon the placing agreement becoming unconditional and the acquisition resolution being passed by the shareholders at the general meeting. Torotrak plc will make an open offer for placing of its new shares and net proceeds worth £6 million will be used to fund the cash element of the initial consideration to acquire Flybrid. As on January 8, 2014, Torotrak obtained the necessary shareholder approvals in relation to the transaction.

Marc Milmo, Karri Vuori and Carl Holmes of Charles Stanley Securities acted as financial advisor to Torotrak plc. Andrew Craig and Ben Wright of N+1 Singer acted as joint broker in the deal. Simon Hudson, Lulu Bridges and James Collins of Tavistock Communications acted as financial public relation advisor for Torotrak plc. Nicola McConville of Blake Lapthorn Tarlo Lyons acted as legal advisor for Jon Hilton and Doug Cross.