Softcat Regulatory News (SCT)

1 Aug 2005 08:00

Screen Technology Group plc01 August 2005 For Immediate Release 1 August 2005 Screen Technology Group plc ("Screen Technology" or the "Company") Placing Raising £7.9 million and First Day Dealings on Alternative Investment Market Screen Technology Group plc, (AIM : SCT), a UK-based developer of a noveltechnology, ITrans(R), for large visual display screens, is pleased to announceits flotation on the Alternative Investment Market of the London Stock Exchange("AIM") today. A summary of key points follows: Screen Technology • The Group has developed a technology called ITrans(R), that enables the production of high definition, large screens by seamlessly tiling together standard LCD modules to create a continuous image • £8.6 million has been invested in the Company prior to flotation by MTI Partners and other early stage investors. MTI Partners has invested a further £2 million as part of the Placing • ITrans(R) is the first technology to meet market requirements. Industry experts consider that the maximum size for LCD or Plasma that will be commercially available within the next five years is 102" with a large area brightness level of less than one quarter of what can be achieved by ITrans(R) • Target market is currently £1bn rising to an estimated £1.5bn by 2010 (source: iSuppli Large Screen Display Annual Report 2004). The Placing • Screen Technology has raised £7.1 million (net of expenses) at a Placing Price of 63p per Ordinary Share organised by Charles Stanley & Co. Limited on behalf of the Company • Market Capitalisation of the Company following the Placing is £20.5 million • Use of funds - Increase production capacity - Staffing resources to support expansion - Marketing and advertising - Working capital Peter Smyth, Chairman of Screen Technology, commented : "We are extremely pleased with Screen Technology's successful fundraising andflotation on AIM. These funds will enable the Group to ensure that ITrans(R)maximises the benefit of the great potential of its technology. Our next stepwill be to increase our production capacity and sales and marketing reach withinthis rapidly growing market place. We look forward to reporting on our progress." Ernie Richardson, Chief Executive of MTI Partners, said : "MTI is delighted to be able to continue to support Screen Technology. TheCompany is one of a number of investments in our portfolio with the potentialto offer exceptional returns. The markets for high performance displays areimmense, with endless opportunities such as the 2012 Olympics on the horizon.ITrans(R) has the potential to make a very substantial impact. This fundingprovides the resources to scale up production to meet that demand and produce avery exciting growth company. We congratulate the Screen Technology team ontheir achievement in bringing this compelling technology to market." For further information contact: Tony Kellett Tel : 01223 875500 Screen Technology Group plc Dugald Carlean Tel : 020 7739 8200 Charles Stanley & Co. Limited (Nominated Adviser & Broker) Isabel Podda, Rebecca Skye Dietrich Tel : 020 7466 5000 Buchanan Communications PLACING STATISTICS Placing Price 63pNumber of Ordinary Shares in issue prior to the Placing 19,875,166Number of Placing Shares to be issued 12,613,804Number of Ordinary Shares in issue immediately following Admission 32,488,970Percentage of enlarged issued share capital subject to the Placing 38.8 per centMarket capitalisation at the Placing Price on Admission £20.5 millionEstimated gross proceeds of the Placing £7.9 millionEstimated net proceeds of the Placing £7.1 million EXPECTED TIMETABLE OF PRINCIPAL EVENTS Admission and dealings commence in the Ordinary Shares on AIM 8.00 am on 1 August 2005CREST accounts credited by 1 August 2005Definitive share certificates despatched 22 August 2005 PART I INFORMATION ON SCREEN TECHNOLOGY GROUP PLC 1. Introduction Screen Technology has developed a technology called ITrans(R), that enables theproduction of high definition, large screens by seamlessly tiling togetherstandard LCD modules to create a continuous image. ITrans(R) offers uniquedisplay performance to satisfy the demands of key parts of the large displaysmarket providing the resolution, image quality and brightness for use inhigh-ambient lighting sheltered areas. The initial target market for highbrightness, indoor large displays is currently worth £1 billion (2005) and ispredicted to reach £1.5 billion by 2010 (source: iSuppli Large Screen DisplayAnnual Report 2004). The high-ambient light sector demands high resolution andbrightness and flexibility in shape. The Directors believe that ITrans(R) hasunique performance characteristics that are particularly suited to this excitingmarket segment. The Group has been able to develop its technology with the support of MTIPartners and other early stage investors with a total investment to date of £8.6million. The Group has received government grants recognising the exceptionalnature of this development. As at the date of this document £8.6 million hadbeen invested in the Company by, inter alia, MTI Partners and Thomas Swan &Company Ltd. Since May 2005, MTI Partners has invested a further £500,000 in theCompany and MTI Partners intends to invest up to £2 million as part of thePlacing. 2. Information on the target market The Company is focused on the professional large area displays market withdisplays having greater than 60'' diagonal size. This market includesinformation, advertising and entertainment displays for a wide range ofapplications including retail and advertising, transportation, indoor venues andfinancial exchanges. Retail/Advertising Screen displays are increasingly becoming a feature in retail spaces asretailers and advertisers seek to entertain and inform customers and promotetheir products closer to the point of sale. The launch of Tesco TV in 2004 wasone of a number of screen-based developments in the retail arena in the recentpast. Transportation/Advertising Rail and airport operators have been early stage adopters of LED and LCD/Plasmascreens and many modern rail terminals and international airports feature one ormore of these displays showing passenger information, news, sport andadvertising. Maiden Transvision have installed large LED displays at the majorUK rail terminals showing a mix of news, weather and advertising. Indoor Venues It is becoming more common to see large screen displays in use at trade showsand in the lobbies of corporate headquarters and major hotels. One of the firstITrans(R) screens to be sold, to an UK screen rental company, will be used at arange of venues including at trade shows. Financial Exchanges Display screens are used on the floors of financial exchanges particularly astheir operations become more automated and computerised. Whether it be in large stores or shopping malls with high ambient lighting, intrain stations or airport concourses with short viewing distances, ITrans(R) issuitable for these environments, delivering high resolution and good colourdefinition even at distances of less than 10m. The worldwide market for professional large area displays is estimated currentlyto be £1 billion, rising to an estimated £1.5 billion by 2010 (source: iSuppliLarge Screen Display Annual Report 2004). The Directors believe that ITrans(R)can capture a significant and growing share of that market over the comingyears. 3. Product The Directors believe that the ITrans(R) product is the only high resolution,high brightness display of its quality which provides a scalable solution in themarket for displays of 68'' to 300'' diagonal dimension. The Company hasinvestigated alternative design and manufacturing structures and believes thatITrans(R) offers cost advantages because it is made from mass-produced, lowcost LCD screens and backlight components which are tiled together seamlesslyusing a proprietary optical magnifier, the ITrans(R) tile. This tile isprecision assembled from proprietary injection moulded parts. ITrans(R) is an innovative solution to the problem of providing seamlessly tiledlarge screen displays. ITrans(R) tiles are complex optical components, enablingtheoretically unlimited tiling of standard production LCD display panels tocreate very large displays. An ITrans(R) tile comprises a passive array oftapered light channels. On an LCD, plasma or LED screen, individual red, greenand blue pixels are used to create the image. In contrast, each channel in anITrans(R) tile takes light from a defined pixel area, mixing light from red,green and blue sub-pixels to generate a solid colour on the front of the ITrans(R) screen, thereby enhancing the image quality especially at close range. TheITrans(R) channels are designed to be suited to injection moulding with theintention that they will be made reliably in high volume at low cost. TheDirectors believe that this is the key to achieving the price levels required tobecome the technology of choice for the target market. Each channel in the ITrans(R) tile magnifies and translates the pixel image sothat a coherent magnified image of the display panel is formed on the outputface of the ITrans(R). This is larger than the physical size of thecorresponding LCD display panel which enables ITrans(R) tiles to fit directlytogether. Each individual LCD panel generates part of the complete image so thatthe tiled display presents the complete image. The ITrans(R) tile is aself-supporting structure so the image fills the entire output face. The outputface and sides are built to high accuracy to enable them to be fitted togetherwith no significant gap, thereby creating a continuous image. ITrans(R) displays use industry standard collimating films to ensure lightenters the correct channel. The backlight has to provide high luminance and gooduniformity, but a variety of industry standard light sources can be used. Arange of front screens can be used at the output face of the ITrans(R) to tailorthe viewing angle to the application. Another key factor in the design is themechanical structure that supports each element in the tile and the tiles in thedisplay. This provides structural rigidity and ensures that all elements in thestructure remain aligned. The combination of an ITrans(R) tile, display panel,drive electronics, backlight and local mechanical structure forms a completeITrans(R) module. These modules can then be assembled to form complete displayswith the addition of the display frame, case and power supplies. The displaystructure requires careful design to ensure that elements remain properlyaligned over the operating temperature range. The structure also allows all theactive elements, including backlight lamps, electronics and LCD panels, to bechanged in situ during their working life. Based on discussions with potentialcustomers, the Directors believe that this is critically important inprofessional markets. The modular design of ITrans(R) enables displays of theoretically any size orformat to be built. This flexibility offers significant scope for innovativedesign which will enable architects and advertisers to fit the shape of thedisplay to their requirements. This should provide an additional competitiveedge. The simplicity of the ITrans(R) concept is a major benefit. It enables thetechnology to be used with a wide range of display technologies, including OLED.ITrans(R) technology will initially be used with standard LCD panels to leverageof the huge investment that continues to be made into LCD technology. However,the ability to use many different display technologies should make the ITrans(R)even more attractive to potential partners. 4. Sales and Marketing The professional large display market is complex and requires bespoke solutionsto various display applications. The Group does not intend to provide the totaldisplay solution, but has reached agreement with various partners who it isenvisaged will accomplish this. The Directors believe that this approach willenable OEMs to become the natural route to market while STL focuses as onpenetrating an existing market with a more cost-efficient and higher qualityproduct. The Board has refined its international marketing approach to twochannels, sectored by application and territory: • Value Added Resellers (VARs) A VAR would buy complete displays from STL. STL has developed relationships withcompanies that sell, install and maintain large professional displays and incertain circumstances supply content. Three agreements have been reached withVARs entitling them to sell, install and maintain ITrans(R) displays, andmemorandums of understanding have been signed with three further VARs. Furtheragreements are anticipated over the coming months. • Original equipment manufacturers (OEMs) An OEM would buy ITrans(R) tiles from STL and build displays using the tiles.STL has developed relationships with companies which provide complete displaysolutions for specific applications. Those include Vossloh InformationTechnologies to whom STL made its first sale and a number of other companieswhose interest was confirmed by letters of intent. The Directors acknowledge that the OEM market will need to be developed by salesof complete displays and that many OEMs will initially act as VARs. Production capacity constraints are anticipated to be a major limiting factor tosales until Q2 2006. STL has established contact with a large number ofcompanies and has responded to requests for quotations from 21 companies forsales to the end of 2006, including companies in several European countries, theMiddle East, the Far East and the USA. The Group plans to support its sales activities with a formal product launchedin London in July 2005. A European road show is planned for September 2005followed by exhibitions in Dubai and Singapore. STL will not provide front-line installation or maintenance services, but willprovide spares, training and other support to its VARs and OEMs. The Directors believe that the above strategy will achieve the Group's desiredshare of the global market whilst being assisted by a sales process enhanced bysales representatives, direct sales, marketing and PR. 5. Intellectual property STL is seeking patent protection on key aspects of the ITrans(R) system whichthe Directors believe will help to ensure that it can achieve good performanceand can be manufactured in volume and at low cost. In addition, STL hasgenerated a number of concepts that improve image quality, including intra-pixelhomogenisation and the elimination of systematic luminance variations across thedisplay and a novel backlight. The first four ITrans(R) patent applications werefiled with the UK Patent Office by May 2002. A further patent application wasfiled in December 2003. These patent applications include claims to at leastfifteen inventions. All of these patents have now been published. STL also makesuse of three granted patent families from STL's earlier IP portfolio within theITrans(R) product family. ''ITrans(R)'' has been registered as a trademark inthe UK and trademark registrations have been applied for in the EU and the USA. The ability to manufacture is a key part of the ITrans(R) intellectual property.However, a number of these concepts are difficult to protect as patents becauseof the burden of demonstrating discoverability. These will form part of theknow-how that is embedded within the production process. The production processis an important element in the Group's business plan. 6. Competition The primary target market for ITrans(R) is for sunlit indoor applications.Currently, the main technology used in this market is full colour LED but thesedisplays only offer relatively low resolution within the price range that themarket will withstand because the cost of LED displays is strongly dependent onpixel size. 6mm LED products are the highest resolution that is commonly used.The initial ITrans(R) product has 1.7mm pixels, offering at least twelve timesthe number of pixels per unit area compared to 6mm LED and offers a brightnesslevel higher than that typical of 6mm LED at a comparable price per unit area. It is often important for displays to be readable from both short and longviewing distances. LED displays have a bright element surrounded by a largeblack area. The active area is typically between only 15 per cent. and 25 percent. of the total area resulting in image degradation from close viewingdistances. In contrast, the bright area of ITrans(R) displays is 92 per cent. ofthe total area resulting in higher quality images over all viewing distances. Plasma panels have been used for information displays, often in areas such asairports and railway stations. They currently have a maximum commercial size of80'' diagonal and suffer from major problems with inadequate luminance andburn-in. ITrans(R) uses LCD panels which, with an ITrans(R) proprietarybacklight, offers a large area brightness at least five times that of a typicalplasma screen. LCD panels currently have a maximum commercial size of 65'' diagonal and atypical brightness one quarter of what ITrans(R) provides. Rear projection cubesare used in lower ambient lighting applications for tiled displays with atypical brightness much lower than ITrans(R) provides. However, the prices for these technologies for this market are typically in therange of £10,000-£35,000 per square metre, excluding installation. Industry experts consider that the maximum size for LCD or plasma that willbecome commercially available within the next five years is 102'' with a largearea brightness of less than one quarter of what can be achieved by ITrans(R). 7. Current trading and future prospects In the last three months the Group has responded to requests for quotations from21 different companies in the USA, Europe and the Far East to a value of over £3million. Of these, two have already been converted into firm orders for 80''screens, one from a UK rental company and one from a distributor in Dubai. Thislevel of market interest was achieved prior to the formal product launch in July2005. The Group has been in discussion with a number of large display companies.Toshiba have recently requested a loan display for evaluation in theirheadquarters in Japan. The Group has also been asked to provide a rental displayfor evaluation by Hong Kong Airport. In the short term, the Directors believe that demand will considerably exceedthe Group's production capacity and therefore sales effort will be focused onhigh profile applications to maximise visibility. One of the key reasons for thefund-raising is to build the production capacity required to satisfy theexpected level of demand. Based on the level of interest shown by potential customers and partners priorto the product launch, the Directors believe that ITrans(R) has the potential toattract a significant share of the worldwide professional large displays market. 8. Reasons for the Placing The net proceeds of the Placing available to the Group after the expenses of thePlacing and Admission are approximately £7.1 million. Approximately £3 millionwill be used for investment in production equipment. Approximately £2.2 millionwill be used for sales and marketing and to fund future expansion in staff andfacilities. The remainder will be used to fund the Group's working capitalrequirements. The Group also relies on an experienced management team and skilled workforce,many of whom have worked with their respective companies for a number of years,and the Directors believe that Admission will help the Group attract and retainkey employees whom the Group will be able to incentivise through the grant ofshare options. 9. Directors and proposed Finance Director The Board currently consists of four directors. On Admission, Simon Barton willbe appointed as an additional director. Brief biographies of the Directors areset out below. Peter Smyth, Non Executive Chairman (aged 53) Peter is non-executive chairman of Cardpoint Plc, an AIM listed independentdeployer of remote ATMs (cash machines) and mobile phone top-up terminals. He ispart time executive chairman of Cityspace Ltd, a UK company that develops andoperates urban digital networks based on technology and broadband infrastructurefor use in cities, providing customers and consumers with access to digitalservices. Peter is also a director and strategic adviser to Intellisign Ltd and its sistercompany Roundstone TV Ltd, companies that create and distribute interactivepromotional and advertising content for retail based closed broadcastingsystems. Previously, Peter spent twenty five years in the Out of Home (OOH) advertisingbusiness including roles as finance director and then managing director of abillboard advertising business in Ireland, followed by ten years as managingdirector of More Group Ireland Ltd, the largest street furniture advertisingcompany in Ireland. He then moved to London where he was managing director ofMore Group UK Ltd (now Clear Channel UK Ltd), market leading OOH advertisingbusiness and then divisional director, Northern Europe of the international armof Clear Channel Communications, the US based global radio, live entertainmentand outdoor advertising business. Tony Kellett, Chief Executive Officer (aged 52) Tony Kellett took over leadership of STL in October 2001. He took a first classdegree in Engineering from Cambridge University in 1973 and has worked in a widerange of technology based industries. Following early work with Rolls-Royce andGEC, he spent ten years at Racal Defence, running 140 engineers and developing aprocessor that won the Queen's Award for Technology. Tony joined Peek plc in1993 as the Group Technical Director. In 1997 he moved across to run Peek'soperations in traffic electronics in the UK and Asia with a total of nearly 500staff. He radically restructured these operations and led the turn-round of theUK operation from a loss making company to one of the highest earners in thegroup with an operating profit of £2.5 million. He refocused STL on ITrans(R)and has defined and implemented the strategy to take it from initial concept through to first commercial success. Tom Jarman, Non Executive Director (aged 42) Tom Jarman is a Partner with MTI Partners the largest shareholder of theCompany. MTI Partners is an early stage technology venture capital companyestablished in 1984, with a commitment to backing technology and marketopportunities together with a supportive approach to business building and exit.Tom was an executive at CEO level prior to joining MTI Partners, most recentlyhaving been Managing Director at Tellermate Cashroom Systems Ltd. (internationalretail technology business), leading the business through a high growth phaseproducing returns for a venture capital backer. Tom joined MTI Partners in 2001 and has led three investments, including ChevinLtd, for which he managed the sale of the business in 2005 to a US tradeacquirer. He specialises in electronics and related businesses. Tom Swan OBE, Non Executive Director (aged 63) Tom is the Chairman and majority shareholder of Thomas Swan & Co Limited (ashareholder of the Company) which has funded various research projects fromUnited Kingdom universities. He has been very active in assisting with theconversion of technologies from development stage to commercial realisation. Heis currently Honorary Treasurer and Chairman of GP&FC, is on the OxfordUniversity Chemical Advisory Council and is Special Professor for Business andIndustrial Chemistry at Nottingham University. Simon Barton, Proposed Finance Director (aged 42) Simon Barton joined Screen Technology in July 2005 to take over financeresponsibilities, which have historically been fulfilled by David Cavet ofThomas Swan & Co. Limited. It is intended that he will be appointed FinanceDirector on Admission. Simon graduated in Natural Sciences from CambridgeUniversity before joining the offices of Price Waterhouse in London where hequalified in 1990 with a 7th place in the Order of Merit in his finalexaminations. Simon has extensive City experience working on a variety of UK andinternational corporate finance transactions having joined investment bank S. G.Warburg in 1990 and then moving to KPMG Corporate Finance in 1995 where he was aDirector working principally on technology, telecoms and media clients. In 2000,he joined Conciera Limited an innovative new-media business and with the sameteam was a founder director in 2003 of New LogicMarketing Limited an integratedmarketing services business that has seen rapid growth since its formation. 10. The Placing The Company intends to raise approximately £7.1 million (net of expenses) byissuing 12,613,804 Placing Shares at the Placing Price. The Placing Shares will,following Admission, represent approximately 38.8 per cent. of the EnlargedShare Capital. MTI Partners have invested £2 million as part of the Placing. Pursuant to its obligations under the Placing Agreement, Charles Stanley hasconditionally placed the Placing Shares at the Placing Price with institutionaland other investors. The Placing has not been underwritten by Charles Stanley orany other person. The Placing Agreement is conditional, inter alia, upon Admission having takenplace by not later than 8.30 a.m. on 1 August 2005 or such later time and date,being not later than 8.30 a.m. on 15 August 2005, as the Company and CharlesStanley may agree. The Placing Agreement contains provisions entitling CharlesStanley to terminate the Placing Agreement at any time prior to Admission incertain circumstances. If this right is exercised the Placing will lapse. The Placing Shares will rank pari passu with the Existing Ordinary Shares in allrespects including the right to receive all dividends declared or paid (afterthe date of allotment of the Placing Shares) on the ordinary share capital ofthe Company. Application has been made to the London Stock Exchange for the Enlarged IssuedShare Capital to be admitted to trading on AIM. It is expected that Admissionwill become effective and that dealings will commence on 1 August 2005. 11. Lock-in arrangements Immediately following Admission, the Directors will be interested, in aggregate,in 87,809 Ordinary Shares, representing approximately 0.2 per cent. of theEnlarged Share Capital; MTIP Nominees Ltd will be interested, in aggregate, in16,956,511 Ordinary Shares, representing approximately 52 per cent. of theEnlarged Share Capital; and Thomas Swan & Co. Ltd. will be interested, inaggregate, in 5,751,285 Ordinary Shares, representing approximately 17 per cent.of the Enlarged Share Capital. Under the terms of the Placing Agreement, the Directors, MTIP Nominees andThomas Swan & Co. Ltd. have undertaken to the Company and Charles Stanley that,subject to certain exceptions: • in accordance with the AIM Rules (and subject to the exceptions permitted by the AIM Rules), for one year from Admission, they will not sell or otherwise dispose of, or agree to sell or dispose of, any of their respective interests in the Ordinary Shares held immediately following Admission; and • subject to certain exceptions for one year from the first anniversary of Admission, they will not sell or otherwise dispose of, or agree to sell or dispose of, any of their respective interests in such Ordinary Shares unless they shall have first consulted with the Company's nominated adviser and such disposal is effected through the Company's broker (provided the charges of such broker are competitive with other brokers). DEFINITIONS The following definitions apply throughout this document unless the contextotherwise requires: ''Act'' the Companies Act 1985, as amended ''Admission'' admission of the existing Ordinary Shares and the Placing Shares to trading on AIM becoming effective in accordance with the AIM Rules ''AIM'' the AIM market of the London Stock Exchange ''AIM Rules'' the rules for AIM companies and their nominated advisers as issued by the London Stock Exchange, as amended from time to time ''Articles'' the articles of association of the Company ''Board'' or ''Directors'' the directors of the Company including Simon Barton the proposed Finance Director ''Charles Stanley'' Charles Stanley & Co. Limited, the Company's Nominated Adviser and Broker, which is regulated for the conduct of investment business in the UK by the Financial Services Authority and is a member of the London Stock Exchange ''Code'' the City Code on Takeovers and Mergers ''Combined Code'' the Combined Code on Corporate Governance published by the Financial Reporting Council ''Company'' or ''Screen Screen Technology Group plc, or its Technology Group'' businesses, as the context requires ''CREST'' the relevant system (as defined in the CREST Regulations) in respect of which CRESTCo is the operator (as defined in the CREST Regulations) ''CRESTCo'' CRESTCo Limited ''CREST Regulations'' the Uncertificated Securities Regulations 2001 (SI 2001/3755), as amended ''EIS'' the Enterprise Investment Scheme and related reliefs as detailed in Chapter III, Part VII of the Income and Corporation Taxes Act 1988 and sections 150A to 150C and Schedule 5B and 5BA of the Taxation of Chargeable Gains Act 1992 (as amended) ''Enlarged Share Capital'' the issued share capital of the Company following Admission, comprising the Existing Ordinary Shares and the Placing Shares ''Existing Ordinary Shares'' the 19,875,166 Ordinary Shares in issue at the date of this announcement ''Group'' the Company and its subsidiaries "Group" the Company and its subsidiaries ''London Stock Exchange'' London Stock Exchange plc ''MTI Partners'' any one or more of MTI Limited Partnership, MTI4 Limited Partnership, MTI4 ''B'' Limited Partnership, MTI Partners Limited and MTIP Nominees Limited ''Net Asset Value'' the net asset value of the Group ''Official List'' the Official List of the UK Listing Authority ''Ordinary Shares'' ordinary shares of 5p each in the capital of the Company ''Panel'' the Panel on Takeovers and Mergers ''Placing'' the conditional placing by Charles Stanley, as agent for the Company, of the Placing Shares at the Placing Price pursuant to the Placing Agreement ''Placing Agreement'' the conditional agreement relating to the Placing between (1) the Company, (2) the Directors, (3) Charles Stanley, (4) MTIP Nominees Limited and (5) Thomas Swan & Co. Limited ''Placing Price'' 63 pence per Placing Share ''Placing Shares'' 12,613,804 new Ordinary Shares to be issued pursuant to the Placing ''SARs'' the Rules Governing Substantial Issues of shares issued on behalf of the Panel ''Share Exchange Agreement'' the share exchange agreement dated 28 July 2005 between the Company and the then shareholders of STL ''Share Scheme'' the Share Scheme of the Company ''Shareholders'' holders of Ordinary Shares from time to time ''STL'' Screen Technology Limited, a wholly owned trading subsidiary of the Company ''United Kingdom'' or ''UK'' the United Kingdom of Great Britain and Northern Ireland ''UK Listing Authority'' the Financial Services Authority acting in its capacity as the competent authority for the purposes of Part VI of the Financial Services and Markets Act 2000 ''VCT'' a venture capital trust for the purposes of section 842AA and Schedule 28B of the Income and Corporation Taxes Act 1988 GLOSSARY OF TECHNICAL TERMS collimating shaping light into a beam ITrans(R) a technology for unlimited seamless tiling of displays using nonimaging optics ITrans(R) tile the optical faceplate built using moulded ITrans(R) parts LCD liquid crystal display LED light emitting diode OEM original equipment manufacturer OLED organic light emitting diode pixel picture element - a pixel is the smallest resolvable special information element on a display screen. It consists of a single triad of dots (red, green and blue) for most displays PLL CD photo-luminescent LCD resolution the number of pixels available for information display seamless tiling building a display from modules with no frames or mullions between the modules VAR value added reseller This information is provided by RNS The company news service from the London Stock Exchange