RNS Number : 6203R
01 May 2009
Hardide plc ('Hardide' or 'the Company')
Update and Strategic Review
The Board of Hardide (AIM: HDD), the provider of unique metal surface engineering technology, announces that constructive discussions continue with the Company's major customers regarding the effects of the global economic outlook on their production levels and resultant demand for Hardide's product. As previously noted, there has been no reduction in sales as a result of customer dissatisfaction with Hardide or its coating technology, and the Board believes that the reduced level of ordering caused by the downturn in production by its customers is affecting a number of similar suppliers operating in the same market.
In light of the above, and as referred to the announcement of 3 March 2009, the Group has now implemented
some cost reductions, which have included hibernating the US plant and temporarily moving production back
to the UK.
Further, the Board is now undertaking a strategic review of the options which may be available to the Group, which may include an equity fundraising or a trade sale, and will provide a further update as soon as it is in a position to do so.
For further information:
The Directors of the Company accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Directors of the Company (who have taken all reasonable care to ensure that such is the case) the information contained in this announcement is in accordance with the facts and does not omit anything likely to impact the import of this announcement.
Seymour Pierce Limited ('Seymour Pierce'), which is regulated in the United Kingdom by the Financial Services Authority, is acting for Hardide in relation to the matters described in this announcement and is not advising any other person, and accordingly will not be responsible to anyone other than Hardide for providing the protections afforded to customers of Seymour Pierce or for providing advice in relation to the matters described in this announcement.
Relevant Securities in Issue
In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, Hardide confirms that it currently has in issue 189,642,236 ordinary shares of 1p each.
The International Securities Identification Number for Hardide's ordinary shares is GB00B069T034.
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of the Company, all 'dealings' in any 'relevant securities' of the Company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of the Company, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant securities' of the Company by the offeror or the Company, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk. 'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Panel.
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