PUR.L Regulatory News (PUR)

PURE WAFER PLC

(AIM: PUR)

FINAL RESULTS FOR THE YEAR ENDED 30 JUNE 2013

"A Transformational Year"

Strong trading momentum maintained throughout the year combined with increasing and sustained demand produces pre-tax profits of $3.0million;

1 October 2013

Pure Wafer plc ('Pure Wafer' or the 'Company'), one of the leading providers of high quality silicon wafer reclaim services to many of the world's largest semiconductor manufacturers and foundries, is pleased to announce final results for the financial year ended 30 June 2013.

Trading during the second half of the financial year has remained strong, building on the run rate achieved in the first half as reported in the interim results statement.

Commenting on the Group's performance, Chairman Stephen Boyd said:

"The last financial year has been a transformational one for Pure Wafer and I am delighted to report very encouraging results which move the Company firmly back into pre-tax profit. The forecast global growth in the semiconductor industry was in evidence during the period, enabling Pure Wafer to continue to enjoy increasing and sustained demand for its wafer reclaim services across all geographical areas in which we trade and across all sectors of the industry."

Financial Highlights:

· Group Revenues of $37.0m (2012: $35.8m);

· Wafer Reclaim Revenues of $36.1m (2012: $33.4m);

· Gross margin of 32.8% (2012: 32.1%);

· EBITDA of $6.3m (2012: $6.0m);

· Operating profit of £3.1m (2012: $0.5m);

· Pre-tax profit of $3.0m (2012: Loss of $0.7m)

· Basic EPS of 1.4cents (2012: Loss per share of 0.2cents) ;

· Cash inflow from operating activities of $5.9m (2012: 5.7m);

· Oversubscribed Placing and Open Offer in November raising $7.5m before expenses; Successful Refinancing of Debt; New

Banking Arrangements;

· Net debt at year end reduced by over 87% to $1.6m (2012: $12.5m);

· Greatly strengthened Balance Sheet;

Operational Highlights:

· Record manufacturing volumes achieved at both Swansea and Prescott, Arizona facilities;

· Sales volumes of 300mm wafers increased by 21% over 2012 with second half showing strong rise over first half;

· Manufacturing costs per wafer further reduced by 4% compared with 2012 due to economies of scale and successful engineering innovations;

· Capital Investment Programme to increase 300mm wafer capacity by 40% to meet forecast demand to be installed and partly utilised in current financial year; financed entirely from cash flow;

On current trading and prospects, Mr. Boyd added:

"The outlook for the global semiconductor manufacturing industry remains very positive, with demand continuing to increase. Against this market backdrop, the Board is confident that the Group will make further substantial progress in the current year as demand for our wafer reclaim services increases commensurately."

"A much strengthened Balance Sheet, continued strong cash generation, stringent cost controls and investment to substantially increase our low-cost manufacturing capacity, together provide an excellent platform for further profitable growth."

Notes to Editors:

Global market demand for semi-conductors is rising and with it the demand for "test wafers". Semi-conductor/silicon chips are manufactured on silicon wafers in highly advanced, specialist fabrication facilities. Such facilities, which require huge capital investment, use large quantities of "test" wafers for the purpose of testing, maintenance and calibration of semi-conductor manufacturing equipment. Wafer reclaim is an essential and highly specialised industrial process enabling the multiple re-use of these silicon test wafers.

Pure Wafer plc. is one of the world's leading providers of these wafer reclaim services. They enable semi-conductor manufacturers to gain further efficiencies through the increased re-use of silicon test wafers which are an integral part of the extremely demanding and technically advanced production process.

Pure Wafer operates from two "State-of-the-Art" manufacturing facilities, in Swansea, South Wales and Prescott, Arizona, USA and following a period of consolidation within the industry, is now the leading European and US provider of 300mm wafer reclaim services.

Pure Wafer has an established track record, technological expertise and one of the world's most advanced wafer reclaim facilities. It has a "blue-chip" customer base that includes most of the world's largest semi-conductor manufacturers and independent foundries. It has longstanding relationships with its customers and works closely with them to design and develop a service that delivers reclaimed wafers to exact specification.

Chairman's statement

Introduction

The year to 30 June 2013 was a transformational one for Pure Wafer, and I am delighted to announce very encouraging financial results which move the Company firmly back into pre-tax profitability.

The forecast global growth in the semiconductor industry was in evidence during the period, enabling Pure Wafer to continue to enjoy increasing and sustained demand for its wafer reclaim services, particularly in Asia and the United States. These market conditions have enabled Pure Wafer to consolidate its position within the semiconductor industry as one of the leading wafer reclaim companies in the world.

I am also pleased to report that, once again both manufacturing sites in Swansea and Prescott have continued to run at record levels of productivity, which together with the ongoing close management of overall cost levels, has resulted in Pure Wafer's cost per wafer running at an all-time low for the fourth successive year, providing further confidence in the strength of the business going forward.

During the period we substantially reduced Group debt and changed our banking arrangements, negotiating favourable terms and facilities in the process, the combined effect of which has been to dramatically reduce our cost of finance and increase free cash flow. This in turn has enabled us to announce our strategy of investing in new equipment to significantly increase our manufacturing capacity at both the Swansea and Prescott, Arizona sites, allowing Pure Wafer to take full advantage of the well documented continued and sustained growth in our industry.

The Group's much improved financial performance and cash generation, combined with a very successful share placing and open offer last November, have helped to strengthen the balance sheet to such a degree that we were able to complete its restructure by the cancellation of the share premium account. This will enable the payment of dividends in the future, provided that the Board is satisfied that such payments are in the best interests of the Company, taking into account all circumstances including the Company's investment plans, cash flow projections and continuing compliance with its funding agreements.

During the financial year Pure Wafer's solar business saw a significant reduction in revenues as the combined effect of UK Government indecision over the feed-in-tariff and the influx of below cost Chinese imports resulted in an insecure market especially in the domestic sector. We therefore re-focused Pure Wafer's solar division marketing strategy, targeting commercial and local authority clients and others with multiple buildings, which has shown a level of success.

The key financial performance indicators monitored by the Board are as follows:

• Turnover (Group) $37.0m (2012: $35.8m)

• Turnover (Wafer reclaim) $36.1m (2012: $33.4m)

• EBITDA $6.3m (2012: $6.0m)

• Operating profit $3.1m (2012: $0.5m)

• Pre-tax profit $3.0m (2012: loss of $0.7m)

• Net debt $1.6m (2012: $12.5m)

• Basic earnings per share 1.4c (2012: loss per share 0.2c)

• Net cash inflow from operating activities $5.9m (2012: $5.7m)

Each of these key indicators show a significant improvement over the prior year, and the Board is encouraged by the actions of the management team during the period to take advantage of market conditions to maximise revenue whilst continuing to reduce costs across all sectors of the business.

Group Funding

During the period, on the back of a continually improving trading performance and a positive long-term outlook for the semiconductor industry, we were able to complete a successful share placing and open offer last November which raised $7.5m before expenses. These funds were utilised to repay our asset funders Lloyds, GE and CIT in full and partially repay RBS and Citizens Bank, fully restructuring and strengthening our balance sheet.

Furthermore, with a significantly reduced debt position we were able to refinance and consolidate our remaining debts with HSBC by way of a $5.6m term loan over 4 years. The facilities offered by HSBC also included a $1.6m revolving facility which is available to be drawn upon for any capital expenditure requirements.

In repaying the asset funders and banks from the proceeds of the placing and open offer and the refinancing, we negotiated certain discounts and fee waivers which resulted in savings of $1.0m and an annual cash flow benefit of $3.9m, a significant achievement which will contribute towards the long term stability of the Company.

This funding will allow additional investment in plant and equipment and has enabled the Company to revisit the estimated useful lives of our fixed assets, resulting in a reduced annual depreciation charge of $2.3m.

I would like to thank shareholders for their continued support which enabled this financial restructuring to be successfully completed, putting Pure Wafer in a much stronger financial position and, importantly, with the ability to invest for future success.

Management

I would also like to thank the entire staff for their support and efforts during a year in which volumes have shown continued growth, productivity has reached record levels and further cost reductions have been achieved. These efforts are reflected in the strong financial results for the period.

Outlook

With industry analysts forecasting many years of sequential growth for the industry fuelled by the world's ever increasing demand for technology advances, especially from the emerging economies, the outlook for further profitable growth is encouraging.

With our installed capacity, our planned capacity increases, our market-leading offering and our low cost of manufacturing, Pure Wafer is very well placed to take advantage of a stable and growing global market.

Since the year-end, demand for our product offering has remained strong with additional opportunities for profitable growth especially from Asia and the large foundry sector. We are confident that these levels of demand will continue throughout this financial year and beyond.

We fully expect that Pure Wafer's solar division will continue to produce results in line with management expectations during the current year despite the uncertainty over the UK Government's long term position on feed-in-tariffs. The reputation that Pure Wafer has quickly gained in this sector has resulted in many orders being placed with a number of exciting opportunities in both commercial and public sector projects for the upcoming period.

The Board is confident that the Group will make further substantial progress in the current year. A much strengthened balance sheet, continued strong cash generation combined with stringent cost controls, investment to increase manufacturing capacity and a growing market together give Pure Wafer an excellent platform for further growth and improved profitability.

Stephen Boyd

Chairman

1 October 2013

Chief Executive's review

Operational Review

The much improved financial performance for the year to 30 June 2013 demonstrates significant progress has been achieved by Pure Wafer with further increases in revenue, EBITDA and a substantial return to pre-tax profitability. The period also presented Pure Wafer with the challenge of reclaiming record volumes of wafers both in Swansea and Prescott as the global semiconductor industry continued to grow.

Volume sales for the Group grew during the period, with 300mm wafer reclaim up by 21% compared to the prior year. Encouragingly, the second half of the year showed even stronger growth with 300mm volumes increasing a further 7% over the first half, demonstrating a continuing growth pattern. Such increases in volumes in themselves present a real challenge to the operational teams in Swansea and Prescott. However, when coupled with industry analysts forecasting continued growth through 2015 and beyond, this would undoubtedly put a strain on our existing manufacturing capacities.

Pure Wafer's operations are currently running at high levels of utilisation, and whilst current demand can be accommodated within the existing facilities in Swansea and Prescott, forecast demand will exceed current capacity. Pure Wafer's Board has therefore agreed a capital investment programme to increase 300mm capacity by up to 40% across both manufacturing sites both to supplement the existing 300mm production lines and to enable us meet continued and foreseeable demand. This additional capacity will be installed and partly utilised during the year ended 30 June 2014.

Following the successful Share Placing and Open Offer in November 2012 enabling Group debt to be substantially reduced and allowing the successful re-banking of our facilities at commercially competitive rates, Pure Wafer will be funding the capital expenditure for the increased capacity programme from our own cash generation.

Once again our operational teams met the significant challenge of achieving increasing volumes whilst maintaining the cost reductions and benefits gained during prior periods, not least against a market backdrop where our major suppliers were seeking price increases for the majority of our consumable items. I am therefore very pleased to report that we were able to build on our past successes and reduce costs per wafer even further which fell by 4% compared with the prior financial year. These cost savings were in part a result of economies of scale as well as successful engineering innovations introduced to reduce consumables usage and costs within our processes, all without affecting the quality of the Group's product offering.

As volumes increased our operational teams processed them with only a modest increase in headcount. Pure Wafer benefited from these cost efficiencies as record levels of productivity were once again achieved in both the Swansea and Prescott facilities. I would like to thank all of our employees throughout the Group for their hard work and support during the year, enabling Pure Wafer to continue to trade competitively and profitably throughout this period.

Highlights

• Sales Volumes have seen continued growth

- 300mm up by 21% when compared to prior year

- Strong increases in volumes in the 2nd half over 1st half

• Cost reductions continued leading to 4% reduction in cost per unit compared to prior year

• Record levels of productivity at both Swansea and Prescott sites

• Business now with low cost of manufacture, in a growing market, with significant installed capacity and planned capacity increases

Market

With the world's insatiable appetite for faster, multifunctional hand held devices, especially from the heavily populated new and emerging economies, industry analysts are forecasting continued growth through to 2015 and beyond. Our major customers have committed and completed substantial new investment in 300mm silicon chip manufacturing facilities amounting to tens of billions of US Dollars, demonstrating their own confidence in sustainable market growth. These new manufacturing facilities give rise to further, very substantial wafer reclaim opportunities both currently and in the future and support our confidence in the exciting long term growth prospects for Pure Wafer and upon which our strategy of increasing capacity is based.

Solar pv

Trading in our solar division proved to be challenging during the period. The UK Government once again changed the levels of the Government backed feed-in tariff, which had an adverse effect on orders from domestic customers as returns were perceived to become less attractive.

The change in market dynamics together with the influx of Chinese solar panels and solar cells into the UK and European market at selling prices below manufacturing costs has resulted in many corporate casualties in the industry throughout Europe. During the period we therefore significantly scaled back the solar headcount and operations.

We have also re-focused our marketing towards commercial, industrial and local authority customers who have high power usage during the daytime and other installations with double digit returns on investment and this strategy has resulted in a large enquiry list with a successful conversion rate into orders. 

Outlook

With the Group's current and proposed capacity for 300mm and smaller diameter wafers, our leading-edge facilities in Swansea and Prescott, Arizona, some of the lowest production costs per wafer in the industry, a much strengthened financial position and a positive market outlook, the Board firmly believes that the Company is well placed for future growth.

Peter Harrington

Group Chief Executive

1 October 2013

Financial review

Reporting currency

We continue to report in US dollars, the currency of the industry we operate in. This alignment of functional currency and reporting currency allows us to produce accounts that are clearer and more transparent without the need for the large and numerous adjustments required at the year end.

Revenue and Volumes

Overall revenues grew by 3.4% year on year from $35.8m to $37.0m driven by increased volumes in the wafer reclaim business.

Wafer reclaim

Volumes shipped based on 300mm equivalent wafers increased by 12.0% in the year. As a result revenue for the year was $36.1m, an increase of 8.4% on last year (2012: $33.4m). An analysis of turnover by origin and destination can be found in note 5.

Solar pv

Revenue for the year was $0.8m, (2012: $2.4m); reflecting the impact that changes in the UK Government backed feed-in tariff has had on the market.

EBITDA and cash generation

Increased sales volumes and steady selling prices, whilst reducing costs per wafer of production, have resulted in increased EBITDA and cash generation. EBITDA for the year was $6.3m, an increase of 4.6% on last year (2012: $6.0m). This increased profit along with successful management of working capital has resulted in cash inflow from operating activities of $5.9m, an increase of 3.3% on last year (2012: $5.7m).

Gross profit

Gross profit increased from $11.5m to $12.1m, an increase of 5.4%, as a result of increased volumes processed and the cost saving initiatives implemented in the period. Gross profit margin also increased from 32.1% to 32.8% year on year.

Administrative expenses

Administrative expenses decreased from $11.0m to $9.0m reflecting a reduction in depreciation and amortisation costs.

During the year the Directors reviewed the remaining useful lives of all fixed assets, which resulted in a $2.3m reduction in depreciation and amortisation when compared to the annual charge using the previous useful lives. Following the successful placing and open offer, which was completed during the year along with the new HSBC banking facilities, the Company now has increased funds available to invest in and maintain its property, plant and equipment. The Company's maintenance and repair policy is one of the key factors that determine the estimated life of plant and equipment and as a result of this change the remaining life of many assets has been extended.

Operating profit

Operating profit has increased from $0.5m to $3.1m as a result of increased revenue and a reduction in administrative expenses.

Interest

Net interest cost has decreased by $1.0m year on year. Funds from the successful placing and open offer, which was completed in November 2012, were utilised to repay asset funders Lloyds, GE and CIT in full and partially repay RBS and Citizens Bank. The remaining debt was refinanced with HSBC on 25 January 2013 at more competitive rates. In repaying the asset funders and banks early the Company negotiated certain discounts and fee waivers, which resulted in cash savings of $1.0m, of which $0.6m resulted in a credit to the income statement in the year to 30 June 2013. The $0.6m credit has been presented as an exceptional item in the consolidated income statement.

Profit before tax

Profit before tax increased from a loss of $0.7m to a profit of $3.0m.

Foreign exchange

We continue to maintain as much of the cost base as possible in US Dollars in order to provide a natural hedge against the US Dollar revenue streams.

Taxation

During the year the Group submitted a claim in respect of qualifying Research and Development and received an amount of $75k (2012: $384k).

The Directors have taken the decision to recognise a deferred tax asset representing available losses carried forward based on current budget and forecasts as they are expected to be utilised within the foreseeable future. The value of the remaining unrecognised deferred tax asset relating to tax losses of the UK business at 30 June 2013 is $7.0m (2012: $10.8m).

Funding arrangements

During the period the Company undertook a full restructure of its balance sheet following the successful placing and open offer. The residual debt was refinanced with HSBC on 25 January 2013. The new facilities consist of a $5.6m term loan repayable in equal installments over 4 years, and a $1.6m revolving credit facility which is available to be drawn down at any time during the 4 years for any capital expenditure requirements. These loans attract interest rates of 3% over Libor for all utilised funds.

Richard Howells

Chief Financial Officer

1 October 2013

Consolidated income statement

year ended 30 June 2013

Consolidated statement of changes in equity

year ended 30 June 2013

Consolidated balance sheet

As at 30 June 2013

Consolidated statement of cash flows

Year ended 30 June 2013

Notes to the consolidated financial statements

Year ended 30 June 2013

1. Publication of Non-Statutory Accounts

The financial information set out in this announcement does not comprise the Group`s statutory accounts for the years ended 30 June 2013 or 30 June 2012.

The financial information has been extracted from the statutory accounts of the Company for the year ended 30 June 2012 which have been delivered to the Registrar of Companies. The auditors` opinion on those accounts was unqualified and did not contain a statement under section 498 (2) or section 498 (3) Companies Act 2006 and did not include references to any matters to which the auditor drew attention by the way of emphasis.

The statutory accounts for the year ended 30 June 2013 will be finalised on the basis of the financial information presented by the directors in this announcement and will be delivered to the Registrar of Companies following the Company`s Annual General Meeting.

2. General information

Pure Wafer plc is a company incorporated in the United Kingdom under the Companies Act 2006. The address of the registered office is Pure Wafer plc, Central Business Park, Swansea Vale, Swansea SA7 0AB.

Adoption of new and revised standards

The financial statements have been prepared in accordance with International Financial Reporting Standards "IFRSs" as adopted by the European Union as they apply to the financial statements of the Group for the year ended 30 June 2013 and applied in accordance with the Companies Act 2006. The financial statements have been prepared in accordance with the historical cost convention.

There are no IFRSs or IFRIC interpretations that are effective for the first time for the financial year beginning 1 July 2012 that would be expected to have a material impact on the Group.

A number of new standards, amendments to standards and new interpretations are effective for annual periods beginning after 1 July 2012, and have not been early adopted in preparing these financial statements. None of these are expected to have a significant effect on the consolidated financial statements.

· IFRS 9 - 'Financial instruments - classification of financial assets and financial liabilities' effective for periods beginning on or after 1 January 2015. The Group is yet to assess IFRS 9's full impact however initial indications are that there will not be a material impact on adoption of the standard.

· IFRS 10 - 'Consolidated financial statements' effective for periods beginning on or after 1 January 2013. This standard changes the basis of including companies in the consolidated financial statements but is not expected to impact the Group financial statements significantly.

· IFRS 11 - 'Joint arrangements' effective for periods beginning on or after 1 January 2013. This standard significantly amends the accounting treatment of joint arrangements but is not expected to impact the Group.

· IFRS 12 - 'Disclosure of interests in other entities' effective for periods beginning on or after 1 January 2013. This alters the disclosure requirements for companies holding investments in subsidiaries, joint arrangements and other entities. It will amend the disclosures of the Company but is not expected to have a significant impact.

· IFRS 13 - 'Fair value measurements' effective for periods beginning on or after 1 January 2013. This standard applies to all fair value amounts and disclosures in the financial statements and may, therefore, have an impact on the Group. The Company has not yet assessed this potential impact.

· IAS 28 - 'Investments in associates and joint ventures' - This standard includes the requirements for joint ventures, as well as associates, to be equity accounted following the issue of IFRS 11. This standard is not expected to impact the Group.

3. Business and geographical segments

Business and geographical segments are reported in a manner consistent with internal reporting provided to the Chief Operating Decision-Maker, which has been identified as the Executive Directors of the Pure Wafer plc Board.

The Group's activities and turnover primarily consist of the reclamation and reprocessing of silicon test wafers, in the UK and the US, for external customers. The Group is also involved in the design, manufacture and installation of photovoltaic systems in the UK.

For management purposes, the Group is organised into three operating divisions based on the geographical territory of origin. These divisions are the basis on which the Group reports its primary segment information.

Segment information is presented below:

Management information does not separately analyse the UK assets and liabilities between the UK wafer reclaim and UK solar businesses. Assets and liabilities of the solar business are not considered to be material in the overall context of the UK business.

3. Business and geographical segments (continued)

Management information does not separately analyse the UK assets and liabilities between the UK wafer reclaim and UK solar businesses. Assets and liabilities of the solar business are not considered to be material in the overall context of the UK business.

Analysis by-product

The revenue by-product variant was as follows:

3. Business and geographical segments (continued)

Analysis by destination

The revenue by destination was as follows:

Within the wafer reclaim business are revenues from two of the Group's largest customers of $4,682k (2012: $2,369k) and $4,342k (2012: $5,431k). There are no other customers who represent more than 10% of the Group's total revenue.

4. Operating profit

5. Exceptional items

Items that are material either because of their size or their nature, or that are non-recurring are considered as exceptional items and are presented within the line items to which they best relate. During the year the following exceptional items have been credited within the income statement:

Funds from the successful placing and open offer, which was completed in November 2012, were utilised to repay asset funders Lloyds, GE and CIT in full and partially repay RBS and Citizens Bank. The remaining debt was refinanced with HSBC in January 2013. In repaying the asset funders and banks early the Company negotiated certain discounts and fee waivers, which resulted in a $592k credit to the income statement.

6. Profit/(loss) per share

The calculation of the basic and diluted profit/(loss) per share is based on the following data:

7. Interest-bearing loans and borrowings

Bank loans, hire purchase and finance lease obligations are repayable as follows:

The bank loans are secured on the assets and undertakings of the Group.

The fair value of the Group's loan, finance leases and hire purchase obligations approximates to their carrying amount.

On 25 January 2013 the Group refinanced its debt with HSBC. The refinancing is in the form of a $5,635k term loan repayable in equal installments over 4 years, and a $1,620k revolving credit facility which is available to be drawn down at any time during the 4 years for any capital expenditure requirements. These loans attract interest rates of 3% over Libor for all utilised funds, with a one-off arrangement fee of $126k. Total costs associated with the debt refinance amounted to $220k.

8. Obligations under finance leases

Following the successful placing and open offer completed in November 2012 and the refinancing of the Group's debt with HSBC in January 2013, all finance leases were repaid during the current year.

For the year ended 30 June 2012, the average effective borrowing rate was 6.1%. Interest rates were fixed at the contract date. All leases were on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

9. Notes to the consolidated cash flow statement

10. Changes to estimates

During the year the Directors reviewed the remaining useful lives of all fixed assets, which resulted in a $2,344k reduction in depreciation and amortisation.

Following the successful placing and open offer, which was completed during the year along with the new HSBC banking facilities, the Company now has increased funds available to invest in and maintain its property, plant and equipment. The Company's maintenance and repair policy is one of the key factors that determine the estimated life of plant and equipment and as a result of this change the remaining life of many assets has been extended. The amortisation of the grants relating to some of these assets also had to be amended in line with the revision of useful lives.

11. Share premium account

The High Court in London passed a Court Order on 27th June 2013 granting the cancellation of the Company's share premium account and the Court Order was duly registered by the Registrar of Companies on 28th June 2013. As a result the balance on the share premium account of $27,475k was cancelled and transferred to distributable reserves.

12. Merger reserve

The Group's merger reserve arose on the acquisition of Pure Wafer International Limited in 2005, which involved a share for share exchange. During the year Pure Wafer International Limited also restructured its reserves, which resulted in its share premium account being cancelled and its share capital being reduced. The balance on the merger reserve of $58,826k has been cancelled and transferred to retained earnings.

13. Deferred taxation

The analysis of deferred tax assets and deferred tax liabilities is as follows:

The Board has taken the decision to recognise a deferred tax asset representing available losses carried forward based on current budget and forecasts as they are expected to be utilised within the foreseeable future.

The value of the remaining unrecognised deferred tax asset relating to tax losses of the UK business at 30 June 2013 is $7.0m (2012: $10.8m).

14. Annual Report and Annual General Meeting

The Annual Report will be will be posted to shareholders on or around 28 October 2013 and will be available from the Company`s website, www.purewafer.com, shortly thereafter. The notice of the Annual General Meeting of the Company will be posted at the same time, and will be held at 10.00am on 27 November 2013 at Pure Wafer plc, Central Business Park , Swansea Vale, Swansea SA7 0AB.