Business
Posting of Defence Document
Posting of Defence Document.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n RNS Number : 4212V Flomerics Group PLC 28 May 2008 \n \n \n\nFLOMERICS GROUP PLC\n\nPosting of Defence Document\n\nYesterday Flomerics Group PLC posted its defence document to its shareholders in relation to the unsolicited approach by Mentor Graphics. The following is extracted from the Chairman's statement, contained in the Defence document: \n\n\"As you know, on 9th May 2008, the Mentor Board announced an unsolicited Offer for the entire issued share capital of Flomerics. Flomerics Shareholders should now have received an Offer Document from Mentor, dated 17th May 2008, which sets out the formal terms and conditions of the Offer. \n\nThe Flomerics Board stated on 9th May 2008, and continues to believe, that this unsolicited Offer does not reflect the true value of your Flomerics Shares and recommends that shareholders take no action.\n\nThis decision was based on sound knowledge and information about Flomerics: - \n\n\n\nWe have an experienced management team which has returned shareholder value year on year by growing the business: \n\n\n\n\nSince 2004 we have achieved revenue growth year on year from £10.2million to £16.3million in 2007;\n\n\n\n\nTotal revenue for the Flomerics Group in 2007 increased by over 14% from 2006\n\n\n\n\nWe have implemented an acquisition strategy to complement our organic growth, most recently with NIKA, which has expanded our product portfolio and customer base\n\n\n\n\n\nOur focused strategy of investing in people and technology in 2006/7 has started to pay back:\n\n\n\n\nWe have just published our trading update for the first quarter of 2008 showing Adjusted Revenue up approximately 42% from Q1 2007 and Adjusted Profits up approximately £1.1million from the corresponding quarter of 2007*\n\n\n\n\n\nWhilst investing in our focused strategy we have exercised appropriate financial controls to ensure balance sheet strength:\n\n\n\n\nWe have grown the business' cash balance by approximately £3million since the end of December 2007 to approximately £5.9million \n\n\n\n\n\nFlomerics is a market leader and international brand in target growth markets:\n\n\n\n\nFlomerics commands a worldwide blue chip customer base in over 2,500 sites and approximate...