This
announcement contains inside information for the purposes of the
retained UK version of the EU Market Abuse Regulation (EU) 596/2014
("UK MAR").
14
November 2024
Zytronic
plc
("Zytronic" or the "Company" and its subsidiaries)
Conclusion of Strategic
Review
The Board of Zytronic plc, a leading
specialist manufacturer of touch sensors, provides the following
update pursuant to its announcement of 16 October 2024 titled
'Pre-Close Trading Update & Strategic Review' ("Strategic Review
Announcement").
Having thoroughly evaluated the
options set out in the Strategic Review Announcement in
consultation with its shareholders, the Board of Zytronic will now
seek a sale and / or wind down of the group assets (the
"Process") to make a return
to shareholders through a solvent liquidation of the Company. The
appropriateness of this decision has been reinforced by continuing
weakness in trading conditions with no material uplift in order
intake.
The Board has agreed to appoint FRP
Advisory Trading Limited ("FRP
Advisory") part of FRP Advisory Group Plc to run the Process
with a view to maximising returns to shareholders which may or may
not include a sale of the Company's trading entity, Zytronic
Displays Ltd ("ZDL") as a
continuing business or a sale of the underlying trade, intellectual
property and assets of ZDL.
As at 13 November 2024 the Company
had a net cash balance of approximately £3.3m.
In coming weeks, FRP Advisory will,
as part of the Process, prepare an outcome report providing an
estimate of realisable value available to shareholders. As
highlighted in the Strategic Review Announcement, there can be no
guarantee as to returns that may be available at this stage. A
further announcement will be made in due course.
Accordingly, the Company is no
longer in an "offer period" as defined in the Takeover
Code.
Christopher Potts, Chair of Zytronic said:
"This decision has not been taken lightly. Whilst the Board
had confidence in the opportunity presented by the Transformation
Plan, we collectively felt duty bound to present it alongside the
different options available to shareholders at this important
juncture for the Company. Our focus will now be on ensuring a
suitable buyer is found for ZDL to protect jobs in this important
business based in the North of England and interested parties
should contact FRP Advisory."
Unless otherwise stated, definitions
within this announcement have the meaning given to them in the
Strategic Review Announcement.
Enquiries:
|
Zytronic plc
Mark Cambridge, Chief
Executive
Claire Smith, Chief Financial
Officer
|
0191
414 5511
|
|
Singer Capital Markets (Nominated Adviser and
Broker)
Alex Bond, Sandy Fraser, Sam Butcher
(Investment Banking)
FRP
Advisory Trading Limited
Phil Williams, Lucy Elliott
(Corporate Finance)
Allan Kelly, Andrew Dyson
(Advisory)
|
020
7496 3000
0191
249 1736
|
Notes to Editors
The Company's trading entity ZDL is
an established developer and manufacturer of a unique range of
internationally award-winning optically transparent interactive
touch sensor overlay products for use with electronic displays in
industrial, self-service and public access equipment.
ZDL has continually developed
process and technological know-how and intellectual property since
the late 1990's around two PCAP sensing methodologies; trademarked
by it as PCT™ ("Projected Capacitive Technology") and MPCT™
("Mutual Projected Capacitive Technology"), in respect of which 15
internationally granted patents are held. As part of this the
Company has invested in and developed an advanced controller, the
ZXY500, which incorporates a specialist Application Specific
Integrated Circuit ("ASIC") specified and owned by Zytronic, and
bespoke firmware on the controller processor.
ZDL's products employ a copper
wire-based sensing solution that is readily configurable and is
embedded in a laminate core which offers significant durability,
environmental stability, and optical enhancement benefits to meet
system-specific design requirements.
The Company is headquartered at
Blaydon-upon-Tyne in the United Kingdom. ZDL operates from this
site, providing its manufactured products globally through a number
of sales channel partners. ZDL differentiates itself from others in
the touch eco-system as it offers a complete one-stop solution
including processing internally of the form and factor of glass and
film substrates, the assembly of the associated touch overlay
products, in environmentally controlled cleanrooms to customer's
specific requirements and the development of the bespoke firmware,
software and electronic hardware which comprise the controller that
links the manufactured touch interactive overlays to a customer's
integrated systems and product.
For more information about ZDL's
technologies and products, and the Company please
see www.zytronic.co.uk
