IFX Power Announces Listing by UK Listing Authority
IFX Power (UK) announced the successful completion of its placing and admission to the official list of the UK Listing Authority. Currently, IFX Power consists of two trading subsidiaries, XP Plc (Pangbourne, England), a supplier of standard, modified-standard and custom power supplies with particular focus on standard and modified-standard products, and ForeSight (Sunnyvale, CA), a specialist provider of power solutions to the electronics industry. A third trading subsidiary, International Power Sources Inc. (Holliston, MA) will be added later this year. IFX plans to utilize its subsidiaries into group synergies consisting of purchasing leverage, product development and knowledge management.
The placing comprises 7,207,209 ordinary shares, of which 5,517,118 are new ordinary shares being issued by the company to raise UK30.6 million before expenses, and 1,690,091 are sale shares being sold by existing shareholders. The sponsor and stockbroker to the placing, which raised approximately UK40 million, was Investec's (London, UK) Henderson Crosthwaite. IFX Power was capitalized at approximately UK117.3 million when trading commenced on July 5, 2000.