HOR Horizon Tech.

    RNS Number : 4597U
  Horizon Technology Group PLC
  15 May 2008
   


    Horizon Technology Group plc

    Dublin: HOR.I        London: HOR.L        ADR: HZNTY


    Interim Management Statement

    Dublin, 15 May 2008

    Horizon Technology Group plc ("Horizon" or the "Company"), a leading technical integrator and distributor of information technology
products in the UK and Ireland, today issues its first Interim Management Statement (IMS). This IMS is produced in compliance with the EU's
Transparency Directive, which requires certain listed companies to provide periodic updates to the capital markets in addition to existing
reporting arrangements.

    Horizon issued its annual report in respect of the year ended 31 December 2007 on 15 April 2008. The underlying trends as reflected in
the annual report have continued without significant change into 2008. While international market conditions remain uncertain and
notwithstanding the weakness of sterling, the directors remain confident of the group's prospects for the remainder of the year.

    On 13 March 2008, Horizon announced that it had received an approach in relation to a possible offer to acquire the entire issued and to
be issued share capital of Horizon, at a price of EUR1.18 per ordinary share. The Horizon directors considered the approach, determined that
it was in the best interests of Horizon shareholders, and permitted Avnet, Inc. to undertake financial and legal due diligence in order to
facilitate the formulation of an offer for Horizon.

    Avnet subsequently confirmed to Horizon that it was prepared to proceed with an offer for the entire issued and to be issued share
capital of Horizon for a cash consideration of EUR1.18 per Horizon share on a recommended basis. On 18 April 2008, a recommended cash offer
was announced. The directors expect that Avnet will issue formal offer documentation shortly.

    For further information please contact:

    Horizon Technology Group plc

    Cathal O'Caoimh, Chief Financial Officer    353 1 620 4900

    K Capital Source

                    Mark Kenny/Jonathan Neilan            353 1 631 5500


    ABOUT HORIZON
    Horizon Technology Group plc is a leading technical integrator and distributor of information technology products in the UK and Ireland.
For more information about Horizon Technology Group plc, visit www.horizon.ie.

This information is provided by RNS
The company news service from the London Stock Exchange
 
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