19th May 2005 14:54
Densitron Technologies PLC19 May 2005 Densitron Technologies plc announces that it has today issued a letter toshareholders concerning the Annual General Meeting of the Company to be held on25th May 2005. The following text is a reproduction of that letter in full. Letter to shareholders 19th May 2005 Annual General Meeting Dear Shareholders, I am writing to inform you that it is my intention to call for an adjournment atthe Annual General Meeting on the 25th May 2005 and to reconvene the meeting onMonday 8th August 2005. As you are aware I was appointed to your board as Non-Executive Chairman on 26thApril. Densitron conducts business in many countries, supplies a wide range ofproducts and has a significant investment in an overseas company called VBest.Subsequent to my arrival, I have instigated an in-depth review of the business,its strategy, prospects, finances and structure. Given the complexity of theGroup I have not yet had time to complete this exercise and have decided that itwould be beneficial, to all shareholders, to hold the AGM after I have had timeto conclude my review. I am aware that some shareholders have received a couple of letters from Mr.Cliff Hardcastle OBE and that he has nominated Mr. Richard Lane OBE FCA, who isan ex-partner of BDO Stoy Hayward, for appointment as a Non-Executive Director.I intend to meet Mr. Hardcastle and Mr. Lane before the reconvened AGM. From un-audited management information my preliminary findings indicate that thecore business is not currently profitable. It is too early for me to comment onthe value of VBest or the Company's land in Blackheath. Prior to me joining the Board, the Group disposed of its interests in Hitech.Last year this investment generated a pre-tax profit of £1.364 million and paidtotal dividends of £1.143 million of which Densitron received £514,000. Sincemaking this disposal the Group has been in discussions with its bankersregarding its facilities. I trust that you will appreciate the need for an adjournment and look forward tomeeting you on 8th August by which time I will be able to comment on first halftrading performance subsequent to the sale of Hitech. Yours faithfully Ben MerrettNon-Executive Chairman This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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