HDD Hardide Plc

 

TIDMHDD 
 
RNS Number : 6203R 
Hardide PLC 
01 May 2009 
 

Hardide plc ('Hardide' or 'the Company') 
Update and Strategic Review 
The Board of Hardide (AIM: HDD), the provider of unique metal surface 
engineering technology, announces that constructive discussions continue with 
the Company's major customers regarding the effects of the global economic 
outlook on their production levels and resultant demand for Hardide's product. 
As previously noted, there has been no reduction in sales as a result of 
customer dissatisfaction with Hardide or its coating technology, and the Board 
believes that the reduced level of ordering caused by the downturn in production 
by its customers is affecting a number of similar suppliers operating in the 
same market. 
In light of the above, and as referred to the announcement of 3 March 2009, the 
Group has now implemented 
some cost reductions, which have 
included hibernating the US plant and temporarily moving production back 
 to 
the UK. 
Further, the Board is now undertaking a strategic review of the options which 
may be available to the Group, which may include an equity fundraising or a 
trade sale, and will provide a further update as soon as it is in a position to 
do so. 
For further information: 
+-------------------------------------------+----------------------------+ 
| Hardide plc                               |                            | 
+-------------------------------------------+----------------------------+ 
| Graham Hine, Chief Executive Officer      |  Tel: +44 (0) 1869 353 830 | 
| Jackie Robinson, Head of Communications   |                            | 
+-------------------------------------------+----------------------------+ 
| jrobinson@hardide.com                     |            www.hardide.com | 
+-------------------------------------------+----------------------------+ 
 
 
+-------------------------------------------+----------------------------+ 
| Seymour Pierce Limited                    |                            | 
+-------------------------------------------+----------------------------+ 
| Nicola Marrin, Corporate Finance          |  Tel: +44 (0) 20 7107 8000 | 
+-------------------------------------------+----------------------------+ 
| nicolamarrin@seymourpierce.com            |                            | 
+-------------------------------------------+----------------------------+ 
 
 
 
 
 
 
The Directors of the Company accept responsibility for the information contained 
in this announcement. To the best of the knowledge and belief of the Directors 
of the Company (who have taken all reasonable care to ensure that such is the 
case) the information contained in this announcement is in accordance with the 
facts and does not omit anything likely to impact the import of this 
announcement. 
 
 
Seymour Pierce Limited ('Seymour Pierce'), which is regulated in the United 
Kingdom by the Financial Services Authority, is acting for Hardide in relation 
to the matters described in this announcement and is not advising any other 
person, and accordingly will not be responsible to anyone other than Hardide for 
providing the protections afforded to customers of Seymour Pierce or for 
providing advice in relation to the matters described in this announcement. 
 
 
Relevant Securities in Issue 
 
 
In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, Hardide 
confirms that it currently has in issue 189,642,236 ordinary shares of 1p each. 
 
 
The International Securities Identification Number for Hardide's ordinary shares 
is GB00B069T034. 
 
 
Dealing Disclosure Requirements 
 
 
Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the 
'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 
1% or more of any class of 'relevant securities' of the Company, all 'dealings' 
in any 'relevant securities' of the Company (including by means of an option in 
respect of, or a derivative referenced to, any such 'relevant securities') must 
be publicly disclosed by no later than 3.30 pm (London time) on the London 
business day following the date of the relevant transaction. This requirement 
will continue until the date on which the offer becomes, or is declared, 
unconditional as to acceptances, lapses or is otherwise withdrawn or on which 
the 'offer period' otherwise ends. If two or more persons act together pursuant 
to an agreement or understanding, whether formal or informal, to acquire an 
'interest' in 'relevant securities' of the Company, they will be deemed to be a 
single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of 
the Code, all 'dealings' in 'relevant securities' of the Company by the offeror 
or the Company, or by any of their respective 'associates', must be disclosed by 
no later than 12.00 noon (London time) on the London business day following the 
date of the relevant transaction. A disclosure table, giving details of the 
companies in whose 'relevant securities' 'dealings' should be disclosed, and the 
number of such securities in issue, can be found on the Takeover Panel's website 
at www.thetakeoverpanel.org.uk. 'Interests in securities' arise, in summary, 
when a person has long economic exposure, whether conditional or absolute, to 
changes in the price of securities. In particular, a person will be treated as 
having an 'interest' by virtue of the ownership or control of securities, or by 
virtue of any option in respect of, or derivative referenced to, securities. 
Terms in quotation marks are defined in the Code, which can also be found on the 
Panel's website. If you are in any doubt as to whether or not you are required 
to disclose a 'dealing' under Rule 8, you should consult the Panel. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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