14th Apr 2008 07:00
Filtronic PLC14 April 2008 7am, Monday 14 April 2008 FILTRONIC PLC INTERIM MANAGEMENT STATEMENT Filtronic issues its Interim Management Statement for the period from 1 December2007. Trading in the two continuing businesses has remained satisfactory. Point toPoint continues to perform well, although at a slightly more modest level thanthe first half year. Despite a more subdued performance than expected inDefence Electronics, trading is anticipated to be at a similar level to thefirst half. The sale of the Compound Semiconductor business to RFMD was completed on 29February 2008. Between 30 November 2007 and 29 February 2008, the CompoundSemiconductor business generated £17.1m cash inclusive of net disposal proceeds. Agreement was reached with the trustees of the defined benefit pension schemethat the Company would cease contribution from the end of February 2008. Schemeassets were liquidated and the Company made an additional cash contribution tothe scheme to enable the purchase of annuities with an insurance company to meetthe obligation for benefits accrued to the end of February 2008. The trusteesare now proceeding with the scheme wind up. Going forward the Company isproviding employees with a defined contribution pension scheme. At the end of March 2008, the Company held £114m of cash after receipt of thenet proceeds from the sale of Compound Semiconductors and after thecontribution to the defined benefit pension scheme. The Company's shareholders in an Extraordinary General Meeting held on 28 March2008 gave approval to the cancellation of the share premium account and capitalredemption reserve. Subject to receiving Court approval, the Board will reviewthe quantum of cash to be distributed to shareholders as a special dividend asoutlined in the General Meeting circular. It is intended that this distributionwill take place by 31 May 2008. There have been no other significant changes in the position of the company overthe period since the publication of its half yearly financial report for the sixmonths ended 30 November 2007. Preliminary results for the financial year ending 31 May 2008 will be announcedin July 2008. Enquiries Filtronic plcJohn Poulter, Chairman Tel: 01274 535 610Charles Hindson, Chief Executive Mob: 07800 706 319 Parkgreen Communications Ltd Tel: 020 7479 7933Ben Knowles Mob: 07900 346 978 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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