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SEN Senterra Egy

2.50
0.00 (0.00%)
19 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Senterra Egy LSE:SEN London Ordinary Share GB00BYX0MB92 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 2.50 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

AGM Statement

13/06/2003 4:56pm

UK Regulatory


RNS Number:3284M
Screen PLC
13 June 2003


13 June 2003


Re: Announcement for Screen plc

The AGM Statement released on 12 June 2003 at 13:00 under RNS No 2567M was an
incorrect version and is replaced by the full amended text as shown below:


                                   SCREEN PLC

                                 AGM Statement

Screen Plc ("Screen" or the "Group"), which serves the homeland security related
markets, with technology and products in security and surveillance, emergency
services and defence, is holding its Annual General Meeting today at the offices
of Solicitors, Hale & Dorr, 10 Noble Street, London, EC2V 7QJ, at 1:00 pm.

At the Annual General Meeting the Chairman, Ian Taylor, will present an update
on the state of the business subsequent to the publishing of the 2002 Annual
Report. He will make the following observations:

Marketing:

*   Homeland Security related issued in the UK and elsewhere provide the Group 
    with significant growth potential.  We are experiencing strong interest in 
    our products.

*   We are determined to maintain a lead in relevant technologies while
    ensuring commercial disciplines are applied to the development programmes.

*   The record order book of #17.2 million at Joyce-Loebl is a reflection of 
    that interest. Joyce-Loebl benefited in May from a #2.8 million order placed
    by the Ministry of Defence.

Financial:

*   The Company expects to move into profitability in Second Quarter 2003 and
    we expect it to remain so in the Second Half of the year.

*   Our balance sheet has been strengthened, including the impact of the
    placing of 7.7 million Screen plc shares at a price of 12p, which generated
    net proceeds to the Company of #0.9 million.

*   The balance sheet will be further strengthened by the conversion into
    equity of #450,000 of repayable on demand loan notes, which were acquired by
    the management of Screen on 28 March 2003. Subject to shareholder approval
    at today's AGM the loan notes will be converted to equity to the value of
    #162,500 based on a share price of 12p and resulting in the issue of
    1,354,167 new ordinary shares. This will result in the Company booking a
    gain of #287,500 on the transaction.

Operations:

*  The Company continues to make progress in laying a firm foundation on
   which a healthy growth trajectory can be established.

*  While good progress has been made, we are in a continuous improvement
   process. Significant work remains in terms of rationalising existing 
   operations; exploiting the market potential of existing products and services; 
   the completion of development and marketing of certain high potential 
   products; and the identification of products and services to complement and 
   reinforce our market position.

Future:

*  We are creating effective teamwork across the Group, which is helping
   to improve overall performance.

*  We have made a positive start. The Board remains committed to
   rebuilding shareholder value over the medium to long term through the organic
   growth of our existing businesses and, where appropriate, making acquisitions
   which complement our strengths.


Mr Taylor became executive Chairman subsequent to the suspension of Screen's
shares in September 2002, to lead the turnaround and recovery of the Company.
Now that the Group has consolidated and entered into a period of profitable
trading, he will step down to the post of Deputy Chairman on 30 June 2003. This
will enable Mr Tim Wightman, who joined the Board as a non-executive Director on
31 March 2003, to become Chairman of the Group. With the CEO, Adrian Merryman,
Tim Wightman will be well placed to lead the future growth of the Group.


Mr. Tim Wightman has had extensive business experience in the UK, Germany and
North America. He was Chief Executive of Rubicon Group plc, a leading supplier
of outsourced manufacturing services to the electronics industry, which was
quoted on the London Stock Exchange up to 1998 when it was acquired by Applied
Power Inc. He then served on APW's Executive Board with responsibility for the
world-wide development of that company's services to global customers. He is
currently non-executive Chairman of Digica Group Holdings Limited, an IT
outsourcing company backed by private equity company Bridgepoint Capital.


Mr Adrian Merryman, who became Chief Executive Officer last December, said:


"Ian Taylor took on the Chairmanship at a time when the future of Screen plc was
in doubt. It is a tribute to his leadership that he steps down as Chairman only
nine months later with the company having been restored to profitable trading,
the balance sheet having been strengthened, and a path to a brighter future
established. As the new Chairman, Tim Wightman will bring considerable business
experience and insight appropriate to the next phase in the development of
Screen."


Mr Tim Wightman commented:


"Ian Taylor has successfully led the company through a very difficult period. We
are all now working to deliver the potential that Screen has promised for so
long."



Contacts:

Screen plc                        Binns & Co PR Ltd
Adrian Merryman - CEO             Peter Binns, Paul McManus
Tel: 01932 753 970                Tel: 0207 786 9600
info@screenplc.com                paul.mcmanus@binnspr.co.uk
www.screenplc.com                 www.binnspr.co.uk











                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
AGMSFSFIDSDSEIM

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