DODS.L Regulatory News (DODS)

13 Dec 2007 07:01

Huveaux PLC13 December 2007 For immediate release Huveaux PLC ("Huveaux" or the "Company") Offer talks terminated Huveaux announced on 22 October 2007 that it had received preliminary approachesfrom a number of private equity houses and subsequently confirmed on 12 November2007 that the Company was in detailed discussions with August Equity LLP("August Equity") as regards a possible offer for the Company. However, following detailed discussions, it has not been possible to reachagreement on a proposal which fully values the Company. Therefore, offer relateddiscussions have now been terminated with all parties. Trading across the Group has been satisfactory in the key final quarter of theyear. The Board confirms that it expects trading EBITDA for the currentfinancial year to be approximately £6.0 million. In its Interim Results announced on 26 July 2007, the Board noted that it hadinitiated an operational and profit improvement programme and highlighted costreduction initiatives across the Company. As a result of these measures, theBoard has successfully completed £1.3 million of annualised cost savings whichwill be realised in 2008 through headcount reduction across the operations andat HQ. The Board estimate that restructuring costs relating to the realisationof these savings will be £0.6 million and the aborted transaction costs will be£0.5 million. Both these costs will be treated as non-trading items in 2007. The Board will review the optimal structure of the Group and continue to pursueopportunities to enhance shareholder value. Contacts: Huveaux PLC 020 7245 0270John van Kuffeler, ChairmanKevin Hand, Deputy ChairmanGerry Murray, Chief Executive Officer Dresdner Kleinwort 020 7623 8000Charlie Batten Dresdner Kleinwort Limited: Dresdner Kleinwort Limited, which is authorised and regulated by the FinancialServices Authority, is acting for Huveaux PLC and for no-one else in connectionwith the contents of this announcement and will not be responsible to anyoneother than Huveaux PLC for providing the protections afforded to customers ofDresdner Kleinwort Limited, or for affording advice in relation to the contentsof this document or any matters referred to herein. END This information is provided by RNS The company news service from the London Stock Exchange