16 August 2011
Listed Company Relations
New Zealand Exchange Limited
PO Box 2959
Scott Capital Raising and Resultant Shareholder Additions
Further to our announcement of our successful rights issue and subsequent share transfers, we are pleased to welcome the addition of new shareholders, both institutional and individuals. These new shareholders join our long term shareholders to provide support to the companyâ€™s strategy and
associated growth objectives.
As a result of these movements, the company has been advised that Inchinnam Limited has ceased to be a substantial shareholder in Scott Technology, reducing its shareholding to 500,000 shares during the last trading week.
Inchinnam Limited is 100% owned by Dr Ian Devereux, the former owner of Scott Technologyâ€™s Rocklabs subsidiary. The Rocklabs business was acquired by Scott Technology in April 2008.
Since Scott Technologyâ€™s acquisition of Rocklabs, Dr Devereux has gradually narrowed his focus and involvement in the business, allowing him more time to enjoy a well-earned semi-retirement.
Dr Devereux remains a consultant to Rocklabs and will continue to represent Rocklabs at selected industry conferences and trade shows. Dr Devereux has advised that Inchinnam Limited intends to hold its 500,000 shares in Scott Technology for an indefinite period.
The Board of Scott Technology welcomes the new shareholders and thanks Dr Devereux for his continued support of the Rocklabs business and of the wider Scott Group.