Filtronic PLC
06 September 2006
For immediate release 6 September 2006
Filtronic plc
Posting of shareholder circular and proposed return of cash
Filtronic plc confirms that it has today posted a circular to shareholders (the
'Circular') in relation to the proposed disposal of its Wireless Infrastructure
Business to Powerwave Technologies, Inc. ('Powerwave') and the creation of
B-shares to enable an effective return of cash. In accordance with the UKLA
listing Rules, the Circular has today been delivered to the UKLA for publication
through its Document Viewing Facility at:
UK Listing Authority
25 The North Colonnade
Canary Wharf
London E145 5HS
As set out in the Circular, the Board intends to return to shareholders, via a
B-share scheme, substantially all of the proceeds from the sale of consideration
stock in Powerwave plus £18.5 million. The net cash proceeds of approximately
£92.4 million, less £18.5 million, will be used to repay debt, to finance up to
£15 million of investment in Filtronic Compound Semiconductors, and to retain
approximately £22.5 million for working capital purposes. The balance of
approximately £24 million will be retained by Filtronic plc as a provision
towards any warranty commitments to Powerwave for the 12 months after completion
of the sale to Powerwave and other contingent liabilities that may arise with
changes in the continuing Group's structure.
If approved by shareholders at the EGM convened for 29 September 2006, the
return of cash will involve the creation of up to 2,600,000,000 non-cumulative
redeemable preference shares of 5p each, having the rights and restrictions set
out in the articles of association of the Company, as proposed to be amended
pursuant to the resolutions being proposed at this EGM.
Enquiries
Filtronic plc:
Professor J David Rhodes, Group Chief Executive Tel: 01274 530622 /
Mob: 07850 827 280
Charles Hindson, Group Finance Director Tel: 01274 530622 /
Mob: 07800 706 319
Parkgreen Communications Ltd:
Paul McManus Tel: 020 7493 3713 /
Mob: 07980 541 893
This information is provided by RNS
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