Cavendish

Cavendish advises on the sale of Polaron plc

Cavendish Corporate Finance is pleased to announce the sale of Polaron plc to Cooper Industries Ltd for the total purchase price of £14.86 million. The price achieved represented a 32 percent premium to the average share price of Polaron in the 6 month period prior to the announcement of the offer.

Polaron is a leading manufacturer of intelligent lighting control solutions predominantly for the non-residential market and was floated on AIM in March 2004. The company offers a broad range of certified lighting solution products for use in office, hospitality, educational and urban outdoors settings. Their architectural controls products allow customers to customize lighting environments that result in energy savings, creative ambiance and enhanced productivity, safety and security. Polaron has designed and installed numerous high profile projects around the world including the new Terminal 5 at London's Heathrow Airport and the Hong Kong Convention and Exhibition Center.

Cooper Industries, Ltd. is a global manufacturer of electrical products and tools with 2006 revenues of $5.2 billion, approximately 85 percent of which are from electrical products and over 30 percent outside the US. Based in Houston, Cooper employs approximately 31,000 people and operates across eight divisions.

The acquisition of Polaron provides Cooper with a strong platform in lighting controls and will facilitate the delivery of high technology content products in the global marketplace. Joe Stelzer, Chief Executive of Polaron, commented: "The acquisition by Cooper allows us access to greater investment and growth opportunities and extends our global reach."

With only a limited number of buyers approachable, as per Takeover Panel rules, identifying and contacting the potential purchasers with the best strategic fit was imperative. Cavendish made full use of its market expertise and international contact base to find the right buyer and offer the best possible deal for Polaron.

Cavendish contacts for further information:
[Peter Gray], Director
[Michael Jewell], Associate Director

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