TIDMPEB
RNS Number : 0691Y
Pebble Beach Systems Group PLC
01 December 2017
Pebble Beach Systems Group plc (the "Company" or the
"Group")
Strategic Review and Trading Update
Pebble Beach Systems Group plc, a leading global software
business specialising in solutions for playout automation, and
content serving customers in the broadcast markets, announces an
update on the progress of the Company's Strategic Review and
current trading.
Trading Update
Following on from the sale of the Group's hardware business,
Vislink Communications Systems, in February 2017 the refocused
Group has received orders in the year to date of GBP8.3m versus
GBP6.9m in the comparable period in 2016. The Group expects order
intake for the full year to be below last year due to an
exceptionally large order being received late in 2016, which hasn't
been repeated in 2017.
The Group is expected to report FY17 continuing operations
revenues slightly below FY16. The profile of orders received has
changed from fewer large projects in FY16 to a higher number of
smaller projects this year.
However, orders of a material size have been received from
Russia which represents a new territory for the business and is a
promising development for the Group.
In June 2017 global playout and media services company DMC, a
TVT company, launched the first fully-IP virtualised playout
platform in Europe. This platform is based on the Company's Orca
product and the successful deployment strengthens its position at
the forefront of IP based broadcast automation. This is important
for future growth as the broadcast market looks to exploit the
potential flexibility of IP based infrastructures.
Update on Strategic Review and Formal Sale Process ("FSP")
On 23 February 2017, the Company announced that following the
disposal of VCS, a strategic review and FSP had been initiated to
consider options available to reduce the Company's outstanding debt
and maximise value for shareholders, including the possibility of a
sale of the Group.
During the course of the FSP the Company engaged with a number
of interested parties. These discussions did not result in an offer
which was considered by the board to reflect the value of the
Group's operations and as the Company is not currently in dialogue
with any third party regarding an offer for the Company's shares,
the Board has decided to terminate the FSP.
The Company has commenced discussions with its bankers in order
to secure the support the Company needs to remain independent.The
Board is confident that it will reach an agreement with its bank
which will allow the business to continue as an independent
entity.
As a consequence of exiting the formal sale process, the Company
is no longer in an offer period for the purposes of the City Code
on Takeovers and Mergers (the "Code") and potential offerors for
the Company will no longer be granted any dispensation from the
requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code and
would be subject to the 28 day deadline referred to in Rule 2.6(a)
of the Code.
The Company will make a further announcement in due course.
xG Technology
As part of the revised business purchase agreement for the sale
of VCS, it was agreed that the Group would retain the right to any
sums received in the future in respect of an outstanding specific
debtor, subject to a maximum sum of $2.0 million. The Group was
reliant on xG Technology fulfilling this contract to enable the
Group to recover this debt.
In April 2017 the company received $0.25 million in cash from xG
Technology against this debt.
xG Technology has advised on completion of the contract and
delivery of the goods. The Board are currently in discussion with
xG Technology, who are looking to offset significant additional
costs of completion and other VCS costs that xG Technology consider
should not be borne by it under the original agreement. There is no
likelihood of agreement between xG Technology and the Group.
Board / senior management changes
As it is the board's intention to operate as an independent
entity, subject to the bank's support, it will look to appoint a
new executive team to the PLC board. It is expected that the
executive director roles will be sourced from internal
candidates.
The Board had previously announced that it was the intention of
Oliver Ellingham to step down. However, he agreed to stay on until
such time as the processes associated with the sale of VCS to xG
Technology Inc. ("xG Technology") were completed and he will now
step down at the end of the year
The Company will make a further announcement in due course in
respect of changes to the board once appointments are
finalised.
At senior management level, the Board has received notice of Ian
Cockett's resignation. Ian is the Group's Chief Technology Officer
and a founder of Pebble Beach Systems Ltd, the Group's continuing
business acquired in 2014. Ian will remain with the business during
his notice period of 6 months and will be retained as an adviser to
the Company following his departure. The Board would like to thank
Ian for his contribution to the Company since its acquisition of
Pebble Beach Systems Ltd in 2014.
For further information please contact:
John Varney
Non-Executive Chairman
Pebble Beach Systems Group +44 (0) 75 55
plc 59 36 02
Shaun Dobson / James White +44 (0) 20 74
N+1 Singer 96 30 00
The Company is listed on the LSE AIM market (PEB.L). More
information can be found at www.pebbleplc.com.
About Pebble Beach Systems Limited
Pebble Beach Systems Limited (Pebble) is a leading developer and
supplier of automation, channel in a box, integrated and
virtualised playout technology for TV broadcasters, service
providers, and cable and satellite operators. Founded in 2000 and
headquartered in Weybridge, Surrey, Pebble has developed a
portfolio of successful products which have the flexibility to
support a wide range of broadcast applications with scalable
products designed for highly efficient multichannel transmission as
well as complex news and sports television. Installed in more than
70 countries and with proven systems ranging from single up to over
150 channels in operation, Pebble's international client base
includes TV Globo Brazil, Fox News and Business channels USA, ZDF
Germany, Orbit Showtime Network UAE, TV4 Sweden, TV2 Denmark, MTG
UK, DMC in the Netherlands and AMC Networks Inc. USA.
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDWGGPPGUPMPPU
(END) Dow Jones Newswires
December 01, 2017 02:01 ET (07:01 GMT)
Pebble Beach Systems (LSE:PEB)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
Pebble Beach Systems (LSE:PEB)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025
