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Company Hiwave Technologies PLC
TIDM HIW
Headline

Suspension of trading in the ordinary shares

Released 07:00 25-Feb-2013
Number 5386Y07

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
 
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Suspension of trading in the ordinary shares - RNS