REG-EAG Limited Trading Statement
Released: 28/08/2008
com:20080828:Rnsb1663C
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RNS Number : 1663C
EAG Limited
28 August 2008
Not for release, publication or distribution, in whole or in part, in, into or
from Canada, Australia, Japan or any other jurisdiction where to do so would
constitute a violation of the relevant laws of such jurisdiction
EAG Limited
("EAG" or the "Company")
Trading Statement
On 18 July 2008, the Company reported that the performance of the Surface
Analysis division had been above, whilst that of the 'release to production'
("RTP") division had been below, management expectations. In aggregate,
therefore, the performance of the two trading divisions for the first half of
the year was broadly in line with management expectations. At the same time,
however, the Company reported that exceptional costs in relation to the
strategic review and other non-trading related costs were significantly higher
than budgeted and as a consequence of these exceptional costs, EAG's overall
performance was below budget.
Since the date of this statement, trading in the Surface Analysis and RTP
divisions has continued to follow this trend. Exceptional costs in relation to
the strategic review and other non-trading and non-recurring related costs have
been meaningful, which has resulted in profits being below expectations.
The Board recognises that the competitive bid situation has resulted in
additional exceptional costs and has generated uncertainty particularly with
respect to the Company's RTP business. Consequently, the Company is maintaining
ongoing discussions with its finance providers who continue to be supportive,
conditional on the sale process being brought to a successful conclusion.
The Company plans to release its half yearly report for the six months to 30
June 2008 on or before 30 September 2008.
Enquiries:
EAG Tel: +44 7785 324 384
Ian Johnson - Chairman of the committee of Independent
Directors of EAG
Lazard (nominated adviser and joint financial adviser to Tel: +44 20 7187 2000
EAG)
Francis Smedley
Nick Fowler
Numis (joint financial adviser and broker to EAG) Tel: +44 20 7260 1000
Brent Nabbs
James Black
Citigate Dewe Rogerson (PR adviser to EAG) Tel: +44 20 7638 9571
Kevin Smith
Lindsay Noton
Lazard, which is authorised and regulated in the United Kingdom by the Financial
Services Authority, is acting exclusively for EAG and no one else in connection
with the EAGI Offer, the SVTCA Bidco Offer and the Increased EAGI Offer
(together, the "Offers") and will not be responsible to anyone other than EAG
for providing the protections afforded to its clients or for providing advice in
connection with the Offers or in connection with the matters described in this
announcement or any transaction or arrangement referred to herein.
Numis, which is authorised and regulated in the United Kingdom by the Financial
Services Authority, is acting exclusively for EAG and no one else in connection
with the EAGI Offer, the SVTCA Bidco Offer and the Increased EAGI Offer
(together, the "Offers") and will not be responsible to anyone other than EAG
for providing the protections afforded to its clients or for providing advice in
connection with the Offers or in connection with the matters described in this
announcement or any transaction or arrangement referred to herein.
This information is provided by RNS
The company news service from the London Stock Exchange
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