Hiwave Technologies PLC Strategic Review and Notice of General Meeting (2156O)

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RNS Number : 2156O

Hiwave Technologies PLC

09 October 2012

9 October 2012

HiWave Technologies plc

Strategic Review and Notice of General Meeting

HiWave Technologies plc (the "Company"), the provider of electronic and transducer solutions for audio and haptic touch, today issues the following statement.

As previously stated, the Board of Directors of the Company has been closely monitoring financial performance and reviewing options that will enable execution of its growth plans for both the audio and touch / haptics business segments. The Board continues closely to monitor the financial performance of the business, our short-term cash flow and to take steps accordingly.

In order to best safeguard the Company's position under current trading circumstances, that are broadly unchanged since HiWave's last update, the Board has concluded that the Company will need additional funding in the near future in order to prosecute its business in the best interests of shareholders. The Board has been undertaking a strategic review to examine all options for maximising shareholder value and proposes a number of immediate steps to help progress the strategic review and to best safeguard the Company's future. To assist in the review and the analysis of options, including disposals, the Company has appointed Barons Financial Services as advisors.

In this context, the Board has also taken advice as to the appropriate listing regime for the Company. Accordingly, after careful consideration and analysis of the various listing regimes available to the Company, the Board has concluded that it is appropriate to transfer the listing of the ordinary shares of the Company from the category of "premium listing" to the category of "standard listing" under the Listing Rules. The Board believes this transfer will facilitate a more cost efficient and timely execution of any conclusions of the strategic review and reduce administrative costs generally. Furthermore, the Board wishes to align its regulatory responsibilities and the costs associated with such responsibilities with the Company's size.

The Company will therefore shortly post a circular and a Notice of General Meeting to Shareholders which will contain details of a proposed transfer of listing category on the Official List from premium to standard, which the Board believes will be in the best interests of the Company and of its shareholders.

The shareholders will be asked to vote on the proposed transfer and further announcements will be made in due course.

For further information, please contact:

 
 HiWave Technologies plc              +44 (0)1223 597 840 
 David Calderwood, Chairman 
  James Lewis, Chief Executive 
  Officer 
 
 Barons Financial Services Limited 
  Adam Coxen, Managing Partner        +44 (0)20 7823 2662 
 
 FTI Consulting 
  Sophie McMillan 
  Clare Thomas                        +44(0)20 7831 3113

About HiWave:

HiWave Technologies develops and sells electronic components and devices with innovative sound and touch technologies to add outstanding user appeal to consumer electronics.

HiWave's audio amplifier chips and modules are as much as 20 times more efficient than other sound technologies and its loudspeaker drivers create extremely high quality sound using bending wave technology.

HiWave's patented haptic 'touch' technologies transform a flat screen on a smartphone or tablet computer so that the user can feel the switch or click of a keypad but without any moving parts.

This information is provided by RNS

The company news service from the London Stock Exchange

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