Trading Statement
August 22 2003 - 3:00AM
UK Regulatory
RNS Number:9516O
Bespak PLC
22 August 2003
Immediate Release 22 August 2003
Bespak plc
Termination of offer discussions
and update on trading
Bespak plc announced on 8th April that it had received a number of approaches
from third parties interested in making an offer for the Company. Having
thoroughly explored these and subsequent approaches, the Board has concluded
that, although indicative offers were received at a significant premium to the
current price, none were at a level that fully reflected the prospects of the
Group. Accordingly, all such discussions with third parties have been
terminated.
Meanwhile, trading in the first quarter ended 31st July was ahead of the Board's
expectations. MDI valve sales were positive, particularly to a wide range of
HFA customers. Bespak's valve development programmes progress in line with
expectations, as does the new MDI manufacturing facility, which will be
completed in early October. Unit costs on the Company's largest contract
manufactured item are being significantly reduced.
The Company is encouraged by an accelerated pace of activity on Pfizer's Exubera
inhaled insulin, for which Bespak will manufacture the delivery device.
The restructuring programme continues to progress and the majority of headcount
reductions have been made. We remain confident that the overhead savings from
this restructuring will be realised during the balance of the year.
For further information please call:
Buchanan Communications Tel: +44-(0)20-7466-5000
Tim Thompson/Bobbie Swanson
This information is provided by RNS
The company news service from the London Stock Exchange
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