HIW Hiwave Tech

TIDMHIW

RNS Number : 7657T

Hiwave Technologies PLC

18 December 2012

18 December 2012

HiWave Technologies plc

Update following strategic review

1. As previously announced on 9th October 2012, the Board of HiWave Technologies plc (the "Company") has been engaged in a strategic review of the Company and its trading businesses. The Board has investigated a number of options as to how best to exploit the inherent value of its operating companies in the best interests of shareholders. As a result of the strategic review, these options have been focused down to two preferred approaches that are now being progressed in parallel:

   a)     the sale of all the current trading businesses; and/or 
   b)     the sale of a part or parts of the current trading businesses and/or their assets; 

with a view to either the establishment of a plc "cash shell" and the building of a new trading entity based on a strategic acquisition or acquisitions, or a return of cash to shareholders.

2. To this end, the Company has published an information memorandum and is progressing an active sales process, with the help of advisers BaronsFinancial Services (UK) Limited.

3. As previously announced, in support of the strategic review and to safeguard the sales action plan referred to above, the Company has taken measures to streamline its activities and to reduce costs. Now also, the Company is pleased to announce that it has secured a short term debt facility in a total of up to GBP800,000 of which GBP350,000 will be drawn down immediately. The funds will be used to provide appropriate working capital for the Company to support the expeditious conduct of the sales action plan. The facility carries an annual interest rate of 13% and is repayable in 12 months, or earlier on completion of a successful sales transaction.

4. The Company, in consultation with its auditors, believes that the sales process referred to above, including on-going discussion with potential purchasers, is likely to have a material bearing on the Company's accounts and has therefore decided to delay the finalisation of its annual results for the period to 30(th) September 2012 and the announcement of its results will be similarly delayed.

5. The Company does not believe that this delay will have a material effect on the reporting of financial performance for the second half of the relevant financial year (1(st) April to 30(th) September 2012) which is expected to be in line with expectations as regards revenue and loss.

6. The Company is also pleased to announce a further advance for its haptics solutions programme aimed at the automotive industry. A second phase Joint Development Agreement has now been signed with a global Tier 1 automotive electronics company with the aim of developing a haptics solution that meets the stringent standards set for automotive components. In addition to laying down the foundations for future expansion in this significant global market, this development collaboration is also expected to generate revenue throughout the present financial year.

7. Upon announcement of the results for the period to 30th September 2012 the Company will finalise and publish its annual report. At the same time as publishing the 2012 annual report and accounts, the Company intends to convene its 2013 AGM and issue a circular to shareholders relating to the proposed transfer of the Company's listing category on the Official List from Premium to Standard, which the Board continues to believe to be in the best interests of the Company and of its shareholders.

FOR FURTHER INFORMATION PLEASE CONTACT:

 
 HiWave 
  David Calderwood, Executive Chairman 
  James Lewis, Chief Executive Officer    +44 (0)1223 597800 
---------------------------------------  -------------------- 
 
 First Columbus 
  Chris Crawford                          +44 (0)203 002 2073 
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 FTI Consulting 
  Sophie McMillan 
  Clare Thomas 
  Jessica Liebmann                        +44 (0)207 831 3113 
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About HiWave

HiWave Technologies PLC develops and sells electronic components and devices with innovative audio and haptic touch technologies to add outstanding user appeal to consumer electronics.

HiWave's audio amplifier chips and modules are as much as 20 times more efficient than other sound technologies and its loudspeaker drivers create extremely high quality sound using bending wave technology. HiWave's patented haptic 'touch' technologies can transform a flat screen on a smartphone or tablet computer so that the user can feel the switch or click of a keypad but without any moving parts.

Founded in late 2010, in the rebirth of NXT, the company is headquartered in the UK and has offices in Hong Kong, California and Japan. It is listed on the London Stock Exchange (LSE:HIW).

This information is provided by RNS

The company news service from the London Stock Exchange

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