Statement re Nomad and Update

 
TIDMAVD 
 
Avid Holdings plc 
 
                        Update and Resignation of NOMAD 
 
On 14 November 2008, the Company requested a suspension of its shares pending 
clarification of the Company's financial position. On 4 December 2008, the 
Company further announced that Electro-mec (Reading) Limited, a subsidiary 
company, had been placed into administration. 
 
The Directors now announce that Alpha Anodising Limited and the tooling and 
precision engineering divisions of Electro-mec (Reading) Limited and Electropac 
and its patents have now been sold. 
 
The Directors deeply regret that there will be insufficient recoveries for a 
payout to shareholders. 
 
Avid Holdings plc, the non trading holding company is being wound up and the 
relevant petition is currently being prepared. The non-executive directors, 
Michael Walter, David Walton Masters and Bob Dover have all resigned. The 
executive directors, Jonathan Bobbett and Jonathan Neal have agreed to remain 
to assist with winding up of the Company. 
 
Further, the Company's NOMAD has given notice to resign with immediate effect. 
In accordance with the AIM Rules for Companies unless the Company appoints a 
replacement NOMAD the trading facility in the Company's shares will be 
cancelled with effect from 7.00am on 14 April 2009. 
 
For further information contact: 
 
Jonathan Bobbett, Chief Executive 
 
Avid Holdings plc 
 
[phone] 
 
Ross Andrews, Nominated Adviser 
 
Zeus Capital Ltd 
 
[phone] 
 
 
 
END