1 Aug 2008 12:20
MicroEmissive Displays Group plc
("MED" or "the Company")
Trading Update and Strategic Review
Further to the trading update on 13th May 2008 MED wishes to make the following announcement.
The Board continues to believe that the outlook for MEDs revolutionary eyescreen™ display remains extremely positive, due to its strongly differentiated technology. MED continues to make progress with regard to its largest addressable market, high resolution electronic viewfinders for digital still cameras and camcorders. This market is currently estimated to be in excess of 20 million units annually and continues to grow. MED is in discussion with leading camera manufacturers in conjunction with its Japanese partner, KAGA, and believes that its technology has the potential to place MED in a strong competitive position.
The Company also continues to make good progress with regard to design-ins for eyescreen™ in the head mounted display market. However, conversion of these designs into sales, and sales generally, has taken longer than anticipated and as a result of this, the Company is seeking to raise additional capital to strengthen its financial position.
In this regard the Board is reviewing its strategic options for the future financing of the Company, which may include considering proposals for an offer for the Company.
The Board will update the shareholders in due course.
Enquiries
| Arbuthnot Securities | Tel: 020 7012 2000 |
| Neil Kirton / John Prior | |
| Tavistock Communications | Tel: 020 7920 3150 |
| Matt Ridsdale / Andrew Dunn |
In accordance with Rule 2.10 of the Code, MED confirms that it has in issue admitted to trading on the London Stock Exchange plc 59,352,206 ordinary shares of 1 pence each under the International Securities Identification Number GB00B0346S80.
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of MED, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 p.m. (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which any offer (if made) becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of MED, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of MED by MED, or by any of its "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.
"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.