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RNS Number:3828P Densitron Technologies PLC 14 August 2000

Densitron Technologies plc Trading Update Densitron Technologies plc, the specialist information systems and LCD manufacturer, announces that its order input in July was £8.8M. This was an all-time record month and compares to our previous best ever month of £5.5M in January 2000 on a like-for-like basis and £2.7M for the same month last year. For the year to date we are 84% ahead of last year on a like-for-like basis and underlying growth is exceeding our internal forecasts. Our order input exceeds that which would have been achieved even with the inclusion of the now sold Densitron Microwave Ltd. The majority of these orders are long-term contracts running into the next financial year and therefore it is not anticipated that they will immediately alter the outcome for this year. Our first half performance for the current financial year which will be announced in September, is in line with expectations and we are confident about our prospects for the second half of the year. The orders received are a mixture of LCD module products for the telecommunications market and computer products for use in electronic games. Both of these individual markets are growing at a rapid rate and Densitron expects to be able to win a continuing share of the available business. Cliff Hardcastle, Chairman and Chief Executive of Densitron, commented: 'I am delighted with the growth that we are seeing and especially in the new business which we are winning. We are entering a very exciting growth phase over the next few years, which I believe will greatly enhance the Group.' For Information please contact: Cliff Hardcastle Chairman & Chief Executive Densitron Technologies plc 01959 542 000

As Densitron make the screen for Amstrads Emailer u may be interested in this mornings statement from Amstrad Amstrad PLC 21 August 2000 Amstrad PLC Statement re. Press Comment Amstrad e-m@iler A report in yesterday's Mail on Sunday alleging that the Amstrad e-m@iler is affected by technical problems or supply difficulties is false. There are no technical difficulties whatsoever. Deliveries and sales are going very well, and increased supply volumes are scheduled for delivery for national retail distribution from 1st September. Revenues from e-mail usage are pleasingly in line with our budget expectations, and experimental advertising responses, which also generate revenue, are very encouraging. Amstrad's preliminary results for the year ended 30 June 2000 will be announced on 28 September, when further details will be announced. Background : The Amstrad e-m@iler was launched on 29 March this year and went into national distribution in May. Dixons Group, which stocks the e-m@iler in 1000 stores across Britain, now holds a 20% shareholding in Amserve Limited, the company formed to operate Amstrad's e-m@iler business.

Dividend Issue 11: [Let's overlook for the moment that the 'Portfolio Doctor' is sufferring from dislexia. What he has to say about DENISTRON ( should be DENSITRON) is this:]

"A new company to me and I had to look it up in the 'medical dictionary'. I like what I see. This is a hi-tech business supplying electronic display equipment and dispite selling off its microwave interest, it has a record order book in July. Top man Cliff Hardcastle says he is looking forward to a very exciting growth phase"

[So - you see, stacks of inside information there eh?]

Date: 27 Sep 2000 07:02:56

Service: Regulatory News Service

RNS Number: 5863R

Densitron Technologies PLC

27 Sep 2000

Embargoed: 0700hrs 27th September 2000

DENSITRON ANNOUNCES MAJOR NEW DISTRIBUTION AGREEMENT Densitron Technologies plc, the UK's premier LCD manufacturer and world leader in advanced technology displays, announces the signing of an exclusive distribution agreement with VBest Ltd. of Taiwan for the American and European markets and a collaborative arrangement for Asia.

VBest is a fast-growing, ambitious Taiwanese LCD manufacturer with volume production capacity in China. VBest was founded two years ago by a consortium of highly successful Taiwanese companies and has the intention of growing to be a premier supplier of display products to the mobile device market.

During discussions between Densitron and VBest, it became very clear that the combination of VBest's production capacity and Densitron's global sales ability, would rapidly become a major player in the displays market. Densitron's major position as the dominant 'mass niche' supplier in the global displays business will enable them to rapidly address the needs of the major manufacturers of mobile devices.

It is further intended that the two companies will work together into the future for the creation of semi-conductors and touch systems to suit the largest markets.

Densitron has great expertise in these advanced areas and that expertise, combined with VBest's outstanding production capability, will prove to be a major competitive edge. Densitron has already started the sales programme and is looking for very early results from this new and positive joint venture.

Cliff Hardcastle, Chairman commented,

'This new venture demonstrates our determination to engage in collaborative partnerships to both expand our market and increase our production capability to match global demand. VBest are perfectly positioned to be our partners in the future." Rod Chang of VBest commented, "In our opinion Densitron is an outstanding world player in these specialised areas. Its worldwide sales force and high level of technical expertise together with our design and production capabilities will be a unique combination."

VBest had sales of #7.7M in 1999 and #19.5M in the first half of 2000 with a profit of just over #1.5M.

For further information please contact:- Cliff Hardcastle Chairman and Chief Executive Densitron Technologies plc

Tel: 01959 542100 Adam Reynolds/Takki Sulaiman Hansard Communications Tel: 020 7 735 9415

iii BB:Details of the Rights Issue Subject to the passing of the resolutions to be proposed at the EGM, the Company proposes to raise up to approximately #20.0 million (#18.7 million net of expenses) by way of the Rights Issue. Funds will be used to meet the cost of the Acquisition of #11.98 million and to provide the enlarged Group with further funds with which to reduce borrowings (including debt taken on to finance the initial US$2.0 million investment in VBest) and to finance additional working capital, in particular the increased levels of stock being carried as a result of the Company's increased order intake. The Rights Issue has been fully underwritten by Peel Hunt. Qualifying shareholders will be given the opportunity to subscribe under the Rights Issue for the Rights Shares at a price of 145p per share, payable in full on acceptance, on the basis of: 3 Rights Shares for every 4 ordinary shares held on the record date and so, in proportion, for any greater number of ordinary shares then held. The Rights Shares will be issued free of all liens, charges and encumbrances and will, when issued and fully paid rank pari passu in all respects with the existing ordinary shares except that they will not rank for any final dividend declared in respect of the year ending 31 December 2000. Rights Shares representing fractional entitlements will not be allotted to qualifying shareholders but will be aggregated and sold in the market as soon as practicable after dealings in the Rights Shares commence, nil paid, for the benefit of the Company. It is expected that provisional allotment letters in respect of the Rights Shares will be despatched on 5 January 2001 by first class post and that, subject to admission of the Rights Shares to the Official List of the UK Listing Authority and to trading on the London Stock Exchange, dealings in the Rights Shares (nil paid) will commence on 8 January 2001. Certain Directors and associated interests together with another major shareholder, who hold in aggregate 7,206,341 ordinary have given irrevocable undertakings in respect of 7,194,951 of such shares (representing 39.1 per cent. of the issued ordinary share capital of the Company) not to take up an aggregate of 5,396,212 Rights Shares to which they are entitled under the Rights Issue, in addition to which they have irrevocably undertaken to vote in favour of the resolutions to be proposed at the EGM in respect of their entire holdings. Peel Hunt, as agent for the Company, has firm placed the Rights Shares the subject of these irrevocable undertakings. Carl Thompson and Thomas Gray have irrevocably undertaken to take up their entitlements to 9,083 Rights Shares in aggregate. Recommendation The Directors consider that the Acquisition and the Rights Issue are in the best interests of the Company and shareholders as a whole and are accordingly recommending that shareholders vote in favour of the resolutions to be proposed at the EGM, as they intend to do in respect of their holdings of 3,846,959 ordinary shares in aggregate, representing 20.9 per cent. of the issued ordinary share capital of the Company. Timetable of key events:- Record Date 29 December 2000 EGM 5 January 2001, 10.00 am Provisional Allotment Letters posted 5 January 2001 Commencement of nil paid dealings 8 January 2001 Latest time and date for splitting 24 January 2001, 3.00 pm Latest time and date for acceptance and payment in full and for registration of renunciation 26 January 2001, 3.00 pm CREST accounts credited 5 February 2001 Issue of definitive certificates 5 February 2001 The interim results demonstrated that the Company has been successful in replacing lost turnover, with net turnover (excluding intra group turnover and the share of associate's turnover) for the six months to 30 June 2000 standing at #13.9 million as compared with #10.2 million for continuing operations (excluding DML) in the prior year, whilst recent improvements in order levels will continue to filter through into the current year's turnover. The Company continues to develop a range of new products and businesses which the Directors believe will continue to generate growth for the Group. New products include the Cassius computer which incorporates a complete personal computer integrated into a flat LCD screen which was launched in November 2000. In addition the Company's components continue to be specified by original equipment manufacturers for incorporation into their products, such as the new Amstrad E-mailer system, launched in May 2000, which uses a Densitron screen display. New businesses currently being developed within the Group include initiatives exploiting Bluetooth technology (a specification for radio systems which allows electronic devices to communicate with each other over short distances without connecting cables), Wireless Access Protocol (^ WAP^) and internet services. As was demonstrated in the case of DML, an integral part of the Group's strategy is the development of fledgling businesses within the Group, exploring new technologies with which there is a synergy with the rest of the Group's activities, with a view to the sale of such businesses once they have reached a suitable point in their development, thus realising value for the Group. Board Since the resignation of David Philip as Finance Director, as announced on 11 September 2000 the Company has been actively seeking a suitable replacement and the directors were therefore very pleased to announce the appointment of Carl Thompson as Finance Director on 6 December 2000. Carl qualified as a chartered accountant in 1986 with Ernst & Whinney, now part of Ernst & Young. Since 1991 he has been a finance director with ICL Plc (^ICL^) part of the Fujitsu group, most recently as finance director of the e-applications division, the European professional services and software division. Whilst at ICL he was instrumental in developing the finance function, establishing financial and commercial disciplines and systems, as well as concluding and integrating several acquisitions. Before joining ICL he spent two years with HTV Group Plc as financial controller and two years with National SemiConductor, Inc. Ever mindful of good corporate governance, it has for some time been Densitron's intention to appoint a separate Chief Executive in order to enable Cliff Hardcastle to concentrate on his role as Chairman. A number of candidates have been interviewed and the search for a suitable candidate for the position continues, though as yet no final decision has been made. In the meantime Cliff Hardcastle will continue in the role of joint Chairman and Chief Executive, as he has been since the Company floated in 1986.

Highlights * Conditional agreement to acquire a further 22.9 per cent. interest in VBest, a Taiwanese high volume manufacturer of liquid crystal displays, for NT$576 million (approximately #11.98 million) * The proposed acquisition will take Densitron's investment in VBest to 25.4 per cent. - the Company acquired a $2 million stake in October 2000 * The Company intends to raise up to #20 million by way of the Rights Issue on the basis of 3 new shares for every 4 shares held at 145 pence per share, representing a discount of approximately 12.1 per cent. * The Company intends to use the funds to acquire the further interest in VBest, to reduce borrowings and to provide further working capital * The Acquisition should expand and protect production capacity whilst providing access to new markets, including high volume consumer electronics Chairman and Chief Executive Cliff Hardcastle commented: ^The proposed acquisition will have the impact of extending Densitron's reach into the liquid crystal displays (LCD) market. VBest has access to significant production capacity in the Far East whilst Densitron has access to markets in the US and Europe. The combination of Densitron's technical sales and marketing expertise with VBest's production capability will ensure that Densitron continues to exploit new opportunities in this exciting market. This will lead the combined companies to more technically advanced and competitive products.^ A summary of VBest's financial performance is as follows: Period ended 31 December Year ended 31 December 1998 1999 #'000 #'000 Sales 443.4 7,838.7 Operating loss 3,824.2 1,654.5 Pre tax loss 3,863.0 2,444.1 Net assets 5,975.4 7,243.7 Background to and reasons for the Acquisition A majority of the display technology sold by Densitron is based on glass LCD components, which the Company currently sources from external suppliers, some of whom the Directors believe to be direct competitors of Densitron. This has produced a situation in which the Company is potentially vulnerable to both price rises and inconsistencies in supply of such components. The Directors anticipate that the Acquisition will not only rectify this position but also enhance the Company's product capability when tendering for large-scale contracts for high volume supply of display components to major manufacturers of consumer electronics. This is an area of sales previously unavailable to Densitron. On 27 September 2000 the Company announced that it had entered into a distribution agreement with VBest, under which the Company will act as exclusive distributor for VBest's products in Europe and America, and as a co-distributor in Asia, combining Densitron's technical sales expertise with the manufacturing capacity of VBest. At the same time it is planned that the two companies will collaborate on the design and development of new products such as customised semiconductors for sophisticated screen control. Furthermore on 6 October 2000 the Company announced that it had paid $2.0 million (funded by debt) for the Initial Investment in VBest in order to facilitate future commercial discussions between the two companies, and also with a view to securing the possibility of Densitron taking a larger interest in the future. The Acquisition represents the outcome of that process. In addition to participating in a share of VBest's profits and dividends paid, as Densitron's relationship with VBest develops the Directors expect to earn revenue from two further principal sources, namely normal trading revenue produced from the buying and selling of VBest products, as well as commissions generated on sales of VBest products facilitated by Densitron.