HIW Hiwave Tech

TIDMHIW

RNS Number : 5386Y

Hiwave Technologies PLC

25 February 2013

25 February 2013

HiWave Technologies plc

Suspension of trading in the ordinary shares and proposed appointment of administrators

HiWave Technologies plc ("HiWave" or the "Group"), whose subsidiaries develop and produce electronic components and devices that utilise innovative sound and touch technologies, makes the following announcement.

As previously announced, the Board of HiWave has been progressing a strategy based on the sale of all or parts of its trading subsidiaries.

As explained in the Company's interim management statement released on 18 February 2013, the risk that the sale process, previously announced and currently underway, would not conclude satisfactorily, either as to timing or level of proceeds, continued to represent a material uncertainty around the ability of HiWave to continue as a going concern and around the question as to whether HiWave will be able to generate any value for shareholders. Such announcement also stated that based on discussions and indicative offers received, the Board believed that there was a significant risk that, even if HiWave achieved a disposal of all or parts of its business, little or no value may be attributable to the ordinary shares.

Since the 18 February, the Company and its advisers have continued to hold discussions with a number of selected parties who the Board had hoped would be able to act swiftly to acquire substantially all of the trade, assets and brands of the Group. Unfortunately, based on the level of offers received and their lack of certain deliverability, the Board has now determined that any sale of the trade, assets and brands will need to be effected through an administration process.

It is expected therefore that the process to commence the appointment of administrators to the Company will begin shortly. The operating subsidiaries of the Group will continue to trade at this time. It is proposed that James Sleight and Peter Hart, partners of Geoffrey Martin & Co, will be appointed as the administrators.

The Company has requested that its ordinary shares be suspended from trading on the London Stock Exchange with immediate effect. The UKLA have approved this request and the Company understands that the suspension will take effect prior to the commencement of trading today, Monday 25 February 2013.

A further announcement will be made in due course.

For further information, please contact:

 
 HiWave Technologies plc          +44 (0)1223 597 840 
 David Calderwood, Chairman 
  James Lewis, Chief Executive 
  Officer 
 
 FTI Consulting 
  Sophie McMillan 
  Clare Thomas                    +44(0)20 7831 3113 
 

About HiWave:

HiWave Technologies develops and sells electronic components and devices with innovative sound and 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 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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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