Hiwave Technologies PLC Strategic Review and Notice of General Meeting (2156O)
October 09 2012 - 2:00AM
UK Regulatory
TIDMHIW
RNS Number : 2156O
Hiwave Technologies PLC
09 October 2012
9 October 2012
HiWave Technologies plc
Strategic Review and Notice of General Meeting
HiWave Technologies plc (the "Company"), the provider of
electronic and transducer solutions for audio and haptic touch,
today issues the following statement.
As previously stated, the Board of Directors of the Company has
been closely monitoring financial performance and reviewing options
that will enable execution of its growth plans for both the audio
and touch / haptics business segments. The Board continues closely
to monitor the financial performance of the business, our
short-term cash flow and to take steps accordingly.
In order to best safeguard the Company's position under current
trading circumstances, that are broadly unchanged since HiWave's
last update, the Board has concluded that the Company will need
additional funding in the near future in order to prosecute its
business in the best interests of shareholders. The Board has been
undertaking a strategic review to examine all options for
maximising shareholder value and proposes a number of immediate
steps to help progress the strategic review and to best safeguard
the Company's future. To assist in the review and the analysis of
options, including disposals, the Company has appointed Barons
Financial Services as advisors.
In this context, the Board has also taken advice as to the
appropriate listing regime for the Company. Accordingly, after
careful consideration and analysis of the various listing regimes
available to the Company, the Board has concluded that it is
appropriate to transfer the listing of the ordinary shares of the
Company from the category of "premium listing" to the category of
"standard listing" under the Listing Rules. The Board believes this
transfer will facilitate a more cost efficient and timely execution
of any conclusions of the strategic review and reduce
administrative costs generally. Furthermore, the Board wishes to
align its regulatory responsibilities and the costs associated with
such responsibilities with the Company's size.
The Company will therefore shortly post a circular and a Notice
of General Meeting to Shareholders which will contain details of a
proposed transfer of listing category on the Official List from
premium to standard, which the Board believes will be in the best
interests of the Company and of its shareholders.
The shareholders will be asked to vote on the proposed transfer
and further announcements 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
Barons Financial Services Limited
Adam Coxen, Managing Partner +44 (0)20 7823 2662
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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