Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Armour Group PLC (AMR)

  Print      Mail a friend       Annual reports

Friday 31 October, 2003

Armour Group PLC

Acquisition & Placing

Armour Group PLC
31 October 2003


                                  ARMOUR GROUP PLC

                                ACQUISITION OF:
                         VEDA PRODUCTS LIMITED ('VEDA')
                       QED AUDIO PRODUCTS LIMTED ('QED')
                     GOLDRING PRODUCTS LIMITED ('GOLDRING')
                 INTEGRATED MEDI INSTALLATIONS LIMITED ('IMI')
                                      and
        PLACING OF 11,111,111 ORDINARY SHARES AT 45P TO RAISE £5,000,000

Acquisitions

Armour Group plc ('Group'), through its subsidiary Armour Automotive Group
Limited, announces that it expects today to complete the acquisitions of the
entire issued share capital of each of Veda, QED, Goldring and IMI, which are
involved in the design, manufacture and supply of high end products and services
for the specialist hi-fi, home theatre and entertainment market.

The consideration for Veda, QED, Goldring and IMI totals £12.5 million of which
£11.0 million is payable on completion. Completion is expected to take place on
31 October 2003. At completion, £10.45 million is payable in cash and £0.55
million is to be satisfied by the issue of 1,057,692 new ordinary shares in the
Group at 52.0 pence per share, being the average of the closing middle market
share price of the Company for the 5 days ended 30 October 2003 ('Consideration
Shares'). The balance will be payable in cash twelve months from completion and
is subject to certain profit performance criteria being met by the companies. In
addition, the consideration will be adjusted up or down on a pound for pound
basis by reference to a guaranteed net asset figure of £2.3 million at
completion.

Application has been made for the Consideration Shares to be admitted to trading
on the Alternative Investment Market ('AIM') on 3 November 2003. The
Consideration Shares rank pari passu with the Group's existing ordinary shares
in issue and, for the avoidance of doubt, do not rank for the proposed dividend
of 0.35p per ordinary share announced on 16 October 2003, which is payable on 15
December 2003 to shareholders on the register on 24 October 2003.

The four companies, which will form the basis of a new Home Electronics Division
and will account for approximately 45% of the enlarged Group's sales, are market
leaders within their niches in the hi-fi, home theatre and entertainment market.
This market has similar characteristics, in terms of products, customers and
market structure, to the in-car entertainment and communications market in which
the Group operates. There is also product similarity between the two markets in
terms of interconnectivity and cabling as well as potential synergies in
manufacturing and sourcing in the Far East. Both markets typically have high
quality earnings streams, consumer facing product ranges and strong brands.

The four companies have common shareholders, but trade independently and are not
grouped for financial reporting purposes. In describing the companies trading
results below, certain adjustments have been made by the Group, which attempt to
provide information as if the companies have been trading on a grouped basis. An
outline of the four companies is detailed below:

Veda is one of the leading wholesalers / distributors to high end specialist
retailers and custom installers in the hi-fi, home theatre and entertainment
market in the United Kingdom. It has been trading for over 20 years and
represents some of the premier brands in its niche including, amongst others,
QED, Goldring, Grado, Linn, Systemline, Sonance, Imerge and Lutron. In the
United Kingdom, Veda acts as the exclusive distributor for the QED and Goldring
product ranges. Based on the last audited financial statements to 30 September
2002, adjusted for inter-company management charges and known operational
changes in respect of property costs, Veda had sales of £10.1 million and
generated an operating profit of £0.75 million. The company is based in Bishops
Stortford and employs 27 people.

QED is one of the leading European designers and manufacturers of cable
interconnects and multi-room systems for the hi-fi, home theatre and
entertainment market. It was set up in 1973 to focus on the development of its
high quality hi-fi interconnects and is recognised as one of the premier brands
in this market. Over the last 10 years, QED has also developed, under the
Systemline and MusiQ brand names, a strong position in the market for multi-room
systems, whereby hi-fi stereo sound and video can be distributed to anywhere in
the home. Based on the last audited financial statements to 31 May 2003,
adjusted for inter-company management charges and known operational changes in
respect of property and research and development costs, QED had sales of £4.8
million and generated an operating profit of £0.39 million. The company is based
in Woking and employs 40 people.

Goldring designs and manufactures high specification styli for vinyl record
players. Its product range is targeted at the high end market and is sold
throughout the world. Goldring has long been associated with styli and record
turntables and is currently recognised as one of the leading brands of styli.
Based on the last audited financial statements to 31 July 2003, adjusted for
inter-company management charges, Goldring had sales of £1.3 million and
generated an operating profit of £0.33 million. The company is based in Bury St.
Edmunds and employs 8 people.

IMI is a custom installation business, which was set up in 1996 to service the
increasing demand in the high end property market for automated systems to
manage the home environment. It integrates home entertainment, computer
networking, lighting and telephone systems. IMI targets the £0.75 million and
above new build property market and has customers that are both house builders
and purchasers. Based on the last audited financial statements to 31 December
2001, adjusted for inter-company management charges, IMI had sales of £1.3
million and generated an operating profit of £0.13 million. The company is based
in Aldershot and employs 15 people.

On an aggregated basis and based on the last audited financial statements for
Veda, QED, Goldring and IMI, adjusted for inter-company sales and the
operational matters mentioned above, the four companies had aggregated third
party sales of £13 million, which generated an aggregated attributable operating
profit of £1.6 million.

The acquisitions are expected to be earnings enhancing in the current financial
year.

George Dexter, Chief Executive of the Group, commented:

'Veda, QED, Goldring and IMI are the market leaders in their niches. They either
own or represent some of the premier brands in the hi-fi, home theatre and
entertainment market. They are also profitable and cash generative. Taken
together, they offer critical size in their market-place. Through these
acquisitions, the Group will be well positioned to take advantage of the
considerable growth that is anticipated in the hi-fi, home theatre and
entertainment and home automation markets

Placing

KBC Peel Hunt Limited has conditionally placed 11,111,111 new ordinary shares
('Placing Shares') with institutions and other investors at a price of 45 pence
per ordinary share, on the Group's behalf, raising £5,000,000 before associated
expenses. Application has been made for 2,222,222 of the Placing Shares to be
admitted to trading on AIM on 31 October 2003 and for 8,888,889 of the Placing
Shares to be admitted to trading on AIM on 3 November 2003.

The Placing Shares rank pari passu with the Group's existing ordinary shares in
issue and, for the avoidance of doubt, also do not rank for the proposed
dividend of 0.35p per ordinary share announced on 16 October 2003.

Bob Morton, Chairman of the Group, commented:

'These acquisitions strengthen the Group and provide us with a strong platform
from which to grow. The associated fundraising has also given the Group the
opportunity to widen our institutional shareholder base.'

Enquiries:

George Dexter Armour Group plc       Tel: 01892 502700

Adam Hart KBC Peel Hunt Limited      Tel: 0207 418 8900

Trevor Bass Fleet Financial          Tel: 020 7950 2854




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