Business
Circ re. Disposal
Circ re. Disposal.
About this update from Filtronic Plc
[{"type":"text","content":"\n Filtronic PLC\n06 September 2006\n\n\n\nFor immediate release 6 September 2006\n\n\nFiltronic plc\n\n Posting of shareholder circular and proposed return of cash\n\n\nFiltronic plc confirms that it has today posted a circular to shareholders (the\n'Circular') in relation to the proposed disposal of its Wireless Infrastructure\nBusiness to Powerwave Technologies, Inc. ('Powerwave') and the creation of\nB-shares to enable an effective return of cash. In accordance with the UKLA\nlisting Rules, the Circular has today been delivered to the UKLA for publication\nthrough its Document Viewing Facility at:\n\nUK Listing Authority\n25 The North Colonnade\nCanary Wharf\nLondon E145 5HS\n\n\nAs set out in the Circular, the Board intends to return to shareholders, via a\nB-share scheme, substantially all of the proceeds from the sale of consideration\nstock in Powerwave plus £18.5 million. The net cash proceeds of approximately\n£92.4 million, less £18.5 million, will be used to repay debt, to finance up to\n£15 million of investment in Filtronic Compound Semiconductors, and to retain\napproximately £22.5 million for working capital purposes. The balance of\napproximately £24 million will be retained by Filtronic plc as a provision\ntowards any warranty commitments to Powerwave for the 12 months after completion\nof the sale to Powerwave and other contingent liabilities that may arise with\nchanges in the continuing Group's structure.\n\n\nIf approved by shareholders at the EGM convened for 29 September 2006, the\nreturn of cash will involve the creation of up to 2,600,000,000 non-cumulative\nredeemable preference shares of 5p each, having the rights and restrictions set\nout in the articles of association of the Company, as proposed to be amended\npursuant to the resolutions being proposed at this EGM.\n\n\nEnquiries\n\nFiltronic plc:\nProfessor J David Rhodes, Group Chief Executive Tel: 01274 530622 / \n Mob: 07850 827 280\n\nCharles Hindson, Group Finance Director Tel: 01274 530622 / \n Mob: 07800 706 319\n\n\n\nParkgreen Communications Ltd:\nPaul McManus Tel: 020 7493 3713 / \n Mob: 07980 541 893\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2568,"tagName":"div"}]