AGM Statement
31 Julho 2007 - 8:10AM
UK Regulatory
RNS Number:1878B
Millbrook Scientific InstrumentsPLC
31 July 2007
31 July 2007
Millbrook Scientific Instruments plc
("Millbrook" or the "Company")
AGM Statement
Millbrook Scientific Instruments plc (AIM:MBK), the designer and manufacturer of
innovative scientific instruments used for nanoscale investigations of surfaces,
coatings and thin films, will be holding its Annual General Meeting at 11am
today.
At the meeting, Stephen M Blank, Non Executive Chairman of Millbrook Scientific
Instruments plc, will make the following statement:
"Having recently joined the Board and very recently taken over as Chairman from
Peter Stefanini, I would like to take this opportunity to update you on current
trading. I hope to get to know as many of you personally as possible over the
next few months and indeed years.
Unusually, a Circular has been posted this morning. Copies are available here in
case you have not seen it but I can summarise as follows.
We were advised on 10 July 2007 that one of the MiniSIMS ToF instruments that
had been shipped at the end of June had been damaged in transit. It had to be
returned to Blackburn which clearly put at risk one of the key assumptions in
our short term cash flow forecast. Following the review the bank indicated that
it would not be prepared to increase our existing overdraft facility but would
consider renewing or replacing it if the additional requirement of approximately
#200,000 could be provided by way of Unsecured Loan Notes.
The Board has received an offer in principle to provide a substantial part of
the Loan Notes from YFM, the Company's largest single shareholder. The terms
include warrants to subscribe for shares at a price anticipated to be 2p which
is below the par value of the shares of 5p. In order to comply with the
Companies Act, we have to reorganise our share capital to redesignate the shares
as 1p shares which of course requires an EGM. The purpose of the circular is to
give notice of that EGM which is to take place here at 10 am on Friday 24 August
2007. Further details are given in the full circular.
However, it is clear that, without securing an element of investment of at least
#200,000, the ability of the Company to continue trading will be brought into
question.
That said, booked orders for the year currently stand at just over #1.7 million
(FY07: #1 million), including #750,000 despatched, this is 89% of last year's
turnover at the 4 month stage. In addition there are high probability prospects
of over #520,000 (FY07: #500,000).
We will ultimately succeed if we have the right calibre of management and staff.
I would like to pay tribute to my predecessor Peter Stefanini. Whatever the
difficulties we face at the moment, this group and its undoubted potential would
not exist but for his drive and vision. However it is time to move to the next
phase and I am convinced that Paul Grasske is the person to take us forward. He
is an unflappable accountant but also much more, as his success in managing
Micro Materials over the years has shown. The NEDs Malcolm Fortnam and Simon
Cleaver have made, in my opinion, entirely the right decision in appointing him
Group CEO and as the staff Paul has recruited come on board over the next few
weeks we will, I am sure, see improvements in our production techniques. I would
like to thank Simon for his immense contribution and, through him, YFM for their
support. For my part, I will do what I can to help Paul and the other board
members come through the immediate difficulties and then start rebuilding
shareholder value.
- Ends -
For further information:
Millbrook Scientific Instruments plc
Stephen M Blank Tel: +44 (0) 1254 699 606
s.m.blank@millbrook-instruments.com www.millbrook-instruments.com
--------------------------------
Seymour Pierce Limited
David Newton, Corporate Finance Tel: +44 (0) 20 7107 8000
david.newton@seymourpierce.com www.seymourpierce.com
--------------------------------- ------------------------
Notes to editors:
Millbrook Scientific Instruments plc ('Millbrook'), via its three operating
companies, is a designer and manufacturer of innovative scientific instruments
used for nano-scale investigations of surfaces, coatings and thin films. The
Group joined AIM in December 2004.
Millbrook Instruments Limited (Blackburn)
Millbrook Instruments Limited is the nucleus around which the Millbrook Group
has been built. The core product is the MiniSIMS, based on a technology known
as Secondary Ion Mass Spectrometry (SIMS) - a sensitive analysis technique that
can examine the extreme surface of complex materials in three dimensions. The
MiniSIMS is an automated, self-contained, mobile instrument, which provides a
comprehensive and low cost route to surface chemical characterisation. The
MiniSIMS alpha or quad is designed for routine and repetitive analysis such as
quality control applications. The more expensive MiniSIMS ToF offers the higher
performance specification needed in more demanding research and failure analysis
work
Micro Materials Limited (Wrexham)
Micro Materials Limited was acquired in September 2004 and brought expertise in
the high growth niche sector of mechanical nanotesting into Millbrook. The MML
NanoTest is a system which provides a high degree of precision and
reproducibility in the mechanical testing of coatings in the micro to nano range
of thicknesses, including hardness, fracture toughness, creep, adhesive
failure, surface friction, impact, scratch and wear resistance. These criteria
can be analysed under varying temperature and humidity conditions.
Aquila Instruments Limited (Wrexham)
The acquisition of Aquila Instruments Ltd by the Group in March 2003 broadened
the portfolio to include instrumentation for measurement and investigation of
thin films - in particular optical coatings. Aquila supplies spectrophotometers
known as the nkd7000 and the nkd8000, which enable measurements of thickness,
refractive index and extinction coefficient to be made simultaneously on
surface coatings.
The Group's instruments are used in a wide range of applications including:
Adhesives Lubrication
Aerospace Magnetic Storage
Architectural Glass Optical Coatings
Automotive Optical Components
Biomaterials Pharmaceuticals
Ceramics Polymers
Corrosion Surface Coatings
Electronics Telecom Devices
Food Hygiene University Teaching
Liquid Crystal Displays
The Group has a global client base - which includes a broad span of industries,
research facilities and universities - and an extensive network of international
distributors. The group's client list includes such prestigious names as:
Cambridge University, General Motors, Daimler Chrysler, Corus, Pilkington, LG
Philips, Johns Hopkins University, Imperial College, Kodak, Pfizer, TDK,
Corning, Siemens, BNFL and the Massachusetts Institute of Technology (MIT).
The Group's instruments are installed at around 200 sites in Europe, the
Americas and Asia. The instruments typically sell in the price bracket #50,000
to #250,000.
Millbrook and its operating companies have won a range of prestigious scientific
and commercial accolades, including: the Queen's Award for Enterprise; a UK
Trade & Investment Award; the Achievement Award of the UK Worshipful Company of
Scientific Instrument Makers (http://www.wcsim.co.uk/page06.htm); three DTI
Smart Awards; a DTI Smart Achievement Award; Millennium Product status; and
numerous local business awards in the North West.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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