Feb 12, 2003
UK-based Holders Technology plc said it has bought Screen Circuit BV for �140,000 cash and 50,000 stg in shares, according to a February 10, 2003 AFX report (dateline London). Screen Circuit and its 100% subsidiary in Germany, Screen Circuit GmbH, together produced turnover of �2.5 million in 2002 from sales of equipment, consumable materials and chemicals to the PCB industry, said the AFX report.
Holders has also acquired from the same vendors, in a related deal, a 35% share in Hong Kong-based Topgrow Technologies Ltd. for 193,000 stg, said the AFX report. Topgrow Technologies trades in equipment and materials for the PCB industry in Mainland China and Hong Kong, said AFX.
Holders reportedly has an option to acquire another 25% of Topgrow by September 30, 2004. Topgrow's managing director owns the balance of that company's shares, reported AFX. Topgrow posted 2002 turnover of 0.8 million stg, according to the AFX report.
Holders reportedly said that the two transactions are being financed through a new �1-million revolving loan facility arranged with Fortis Bank.
In a trading statement posted January 15, 2003 by RNS, cmopany news service from the London Stock Exchange, Holders Technology said, "The market for printed circuit board manufacturing in Europe continued to be weak during the second half of the financial year to 30 November 2002 and there were a number of bankruptcies amongst PCB manufacturers in France, Sweden, Germany and the UK. Whilst during the second half, Holders Technology's trading was in line with expectations, the full year results (which will be announced on 25 February 2003) will reflect bad debts currently estimated not to exceed �0.2m."
The trading statement continued, "Following the acquisition of assets in November 2002, the process of integrating HT Cimatec GmbH within the Holders Group is progressing smoothly."
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