(OPE.L) Optare PLC Buy/Sell

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Date/Time	Headline	Source
1
Fri 07:00	Optare PLC - Contract win and dual-fuel agreement	RNS
RNS Number : 7293C Optare PLC 20 November 2009 Optare Plc ("Optare" or the "Company") Exclusive dual-fuel agreement and contract win Dual-Fuel Agreement Optare is pleased to confirm that it has reached an agreement with the Hardstaff Group ("Hardstaff") giving it exclusive rights to Hardstaff's dual-fuel conversion system (the "Dual-Fuel system") for use in both new and existing passenger service vehicles. The Dual- Fuel system enables engines to run on a mixture of diesel and bio-methane gas with benefits in terms of reduced fuel cost and considerably lower emission and noise levels. Contract win Following the signing of the agreement with Hardstaff the Company is very pleased to announce that it has won its first contract to utilize the Dual-Fuel System with an order from Lincolnshire County Council ("LCC") for the conversion of 11 of the council's existing bus fleet so that they can run on diesel and bio-methane gas. Buses using the Dual-fuel system are expected to achieve carbon reduction levels in excess of 50% of those from a conventional diesel only bus when utilising bio-methane derived from landfill gas or anaerobic digestion. Buses using the Dual-Fuel system are eligible for the Government's £30m "Green Bus Grant". Development of the first dual-fuel Optare bus using the system has recently been undertaken by a consortium. The consortium is led by the Low Carbon Innovation Centre at the University of East Anglia and includes Anglian Bus a leading Norfolk independent bus operator, Optare and Hardstaff. Speaking of the agreement with Optare, Hardstaff Group Managing Director, Trevor Fletcher, said: "We have already proven this system in heavy goods vehicles, which have accumulated over 40 million kilometres of lower cost and reduced emission driving. I am delighted to team up with Optare to offer UK bus operators another eco-friendly fuel system based on this tried and tested technology." Jim Sumner, Chief Executive of Optare, commented, ""The Hardstaff agreement is a strategically important development for Optare, particularly given the current background that bus operators are facing with growing environmental pressures and rising fuel costs. We are therefore delighted to have secured the contract with LCC for the UK's first fleet of low carbon bio-methane buses. I am confident that LCC's example will lead the way for other local authorities to use bio-methane buses to help meet their carbon reduction goals." Enquiries: `Optare plc Tel: + 44 (0) 845 838 9901` Jim Sumner - Chief Executive Mike Dunn - Chief Financial Officer `Cenkos Securities plc Tel: +44 (0) 20 7397 8900` Stephen Keys/Camilla Hume Ends This information is provided by RNS The company news service from the London Stock Exchange END MSCBRBDBBGBGGCI More
Tue 12:33	Optare PLC - Renewal of banking facility	RNS
RNS Number : 6353C Optare PLC 17 November 2009 Optare plc ("Optare", the "Company" or the "Group") Renewal of banking facility Optare is pleased to announce that it has successfully renewed the Group's banking facilities. The Company has entered in to a £2.5 million overdraft facility to replace the Group's existing facility. The terms of this agreement are the same in all material respects as those of the facility being replaced other than a modest increase in loan margin pricing reflecting current credit market conditions. Financial covenants on the Group's existing term and mortgage loans have also been reset to more appropriate levels. As previously stated the Group's Rotherham site is up for sale and the proceeds of the sale will be used to pay down the mortgage loan. Jim Sumner, CEO, commented "In the current difficult credit market conditions, this successful financing reflects our bank's valued support. The renewed facility, along with the funds received from the recent Placing means the Group is well placed to execute its strategy." Enquiries: `Optare plc Tel: 0845 838 9901` Jim Sumner - Chief Executive Mike Dunn - Chief Financial Officer `Cenkos Securities plc Tel: +44 (0) 20 7397 8900` Stephen Keys/Camilla Hume This information is provided by RNS The company news service from the London Stock Exchange END MSCFGMMMZNZGLZM More
29-10-09	Optare PLC - Extension of banking facility review date	RNS
RNS Number : 5537B Optare PLC 29 October 2009 Optare plc ("Optare", the "Company" or the "Group") Extension of banking facility review date Further to the announcement made on 3 September 2009, Optare is pleased to announce that discussions with its bank regarding the renewal of the Group's banking facilities are at an advanced stage and ongoing. The bank has agreed to extend the facility review date and the Directors are confident that they will be able to renew the Group's banking facilities before 28th November 2009. Existing covenant waivers will remain in place until that date. Enquiries: `Optare plc Tel: 0845 838 9901` Jim Sumner - Chief Executive `Cenkos Securities plc Tel: +44 (0) 20 7397 8900` Stephen Keys/Camilla Hume This information is provided by RNS The company news service from the London Stock Exchange END MSCUWOWRKNRRUAA More
25-09-09	Optare PLC - Holding(s) in Company	RNS
RNS Number : 6930Z Optare PLC 25 September 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi `1. Identity of the issuer or the underlying issuer OPTARE PLC` of existing shares to which voting rights are attached: ii 2 Reason for the notification (please tick the appropriate box or boxes): `An acquisition or disposal of voting rights X` An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify): `3. Full name of person(s) subject to the HARGREAVE HALE LIMITED` notification obligation: iii `4. Full name of shareholder(s) DISCRETIONARY CLIENTS` (if different from 3.):iv `5. Date of the transaction and date on 24 SEPTEMBER 2009` which the threshold is crossed or reached: v `6. Date on which issuer notified: 25 SEPTEMBER 2009` `7. Threshold(s) that is/are crossed or 10%` reached: vi, vii 8. Notified details: A: Voting rights attached to shares viii, ix `Class/type of Situation previous Resulting situation after the triggering transaction` `shares to the triggering` `transaction` if possible using the ISIN CODE `Number Number Number Number of voting % of voting` `of of of shares rights rights x` `Shares Voting` `Rights` `Direct Indirect Direct xi Indirect Direct Indirect` `xii` `GB00B2PGSY66 23,195,435 23,195,435 22,770,435 22,770,435 9.8438%` B: Qualifying Financial Instruments Resulting situation after the triggering transaction `Type of financial Expiration Exercise/ Number of voting % of voting` `instrument date xiii Conversion Period xiv rights that may be rights` `acquired if the` `instrument is` `exercised/ converted.` C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi Resulting situation after the triggering transaction `Type of financial Exercise price Expiration date xvii Exercise/ Number of voting rights instrument refers to % of voting rights xix, xx` `instrument Conversion period xviii` `Nominal Delta` Total (A+B+C) `Number of voting rights Percentage of voting rights` `22,770,435 9.8438%` 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi 12,017,147 of these shares are for a unit trust operated by Marlborough Fund Managers Ltd for who Hargreave Hale Ltd manages the portfolio of investments on a discretionary basis. The remaining balance is held on behalf of other discretionary clients. Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: `13. Additional information: Holdings percentage is based a TVR figure of 231,316,953 which increased as a` `result of the placing of 122,857,142 new shares on the 22nd September 2009.` `The figure used does not include the additional admission of 1,100,000 new` `shares reported by the company as these do not commence trading until the 26th` `September 2009.` `14. Contact name: David Clueit` 15. Contact telephone number: 01253 754739 This information is provided by RNS The company news service from the London Stock Exchange END HOLUVUURKARKUAR More
24-09-09	Optare PLC - Holding(s) in Company	RNS
RNS Number : 6420Z Optare PLC 24 September 2009 Optare plc (the "Company") Holdings in Company The Company received notification on 24 September 2009 that as of 22 September 2009 UBS AG no longer had a notifiable interest in the Company's current issued share capital. This information is provided by RNS The company news service from the London Stock Exchange END HOLUSANRKBRKUAR More
23-09-09	Optare PLC - Holding(s) in Company	RNS
RNS Number : 5724Z Optare PLC 23 September 2009 Financial Services Authority `TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES` 1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: `Optare Plc` `2. Reason for the notification (please tick the appropriate box or boxes):` `An acquisition or disposal of voting rights` `Yes` An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached. An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments `An event changing the breakdown of voting rights` Other (please specify): `3. Full name of person(s) subject to the` notification obligation: `Legal & General Group Plc (Group)` Legal & General (Unit Trust Managers) Limited (UTM) Legal & General Investment Management Limited (LGIM) Legal & General Group Plc (L&G) `4. Full name of shareholder(s)` (if different from 3.): `Legal & General Assurance Society Limited (LGAS & LGPL)` 5. Date of the transaction and date on which the threshold is crossed or reached: `22 September 2009` `6. Date on which issuer notified:` `23 September 2009` `7. Threshold(s) that is/are crossed or` reached: `Above 5% to Above 10% (Group)` Above 5% to Above 10% (LGIM) Above 5% (UTM) Above 3% (L&G) 8. Notified details: A: Voting rights attached to shares `Class/type of Situation previous Resulting situation after the triggering transaction` `shares to the triggering` `transaction` if possible using the ISIN CODE `Number Number Number of voting % of voting rights` `of of Number rights` `Shares Voting of shares` `Rights` `Direct Indirect Direct Indirect` `ORD Below 3% 29,748,333 12,081,430 17,666,903 5.2229 7.6375` `L&G` GBP 0.01 `5,598,333 5,598,333` LGIM LGIM `Below 5%` UTM B: Qualifying Financial Instruments Resulting situation after the triggering transaction `Number of voting` `Type of financial Expiration Exercise/ rights that may be % of voting` `instrument date Conversion Period acquired if the rights` `instrument is` `exercised/ converted.` C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction `Type of financial Exercise price Expiration date Exercise/ Number of voting rights instrument refers to % of voting rights` `instrument Conversion period` `Nominal Delta` Total (A+B+C) `Number of voting rights Percentage of voting rights` `29,748,333 12.86` (LGIM) (LGIM) `16,594,403 7.17` (UTM) (UTM) `12,081,430 5.22` `(L&G) (L&G)` 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Legal & General Group Plc (Direct and Indirect) (Group) (29,748,333 -12.86% = Total Position) Legal & General Investment Management (Holdings) Limited (LGIMH) (Direct and Indirect) (29,748,333 -12.86% = Total Position) Legal & General Investment Management Limited (Indirect) (LGIM(29,748,333 -12.86% = Total Position) Legal & General (Unit Trust Managers) Limited (16,594,403 - 7.17% = UTM) Legal & General Group Plc (Direct) (L&G) (12,081,430 - 5.22 % = LGAS, LGPL `& PMC)` `Legal & General Investment Legal & General Insurance Holdings Limited` `Management (Holdings) Limited (Direct) (LGIH) (12,081,430 - 5.22 % =` `(Direct) (LGIMHD) LGAS & LGPL)` `Legal & General Assurance Legal & General Assurance Society Limited` `(Pensions Management) Limited (LGAS & LGPL) (12,081,430 - 5.22 % = LGAS` `(PMC) & LGPL)` `Legal & General Pensions Limited (Direct)` (LGPL) Proxy Voting: `10. Name of the proxy holder:` N/A `11. Number of voting rights proxy holder will cease` to hold: N/A `12. Date on which proxy holder will cease to hold` voting rights: N/A 13. Additional information: `Notification using the total voting rights figure of 231,316,953` `14. Contact name:` `Helen Lewis (LGIM)` `15. Contact telephone number:` 020 3124 3851 Note: Annex should only be submitted to the FSA not the issuer Annex: Notification of major interests in share A: Identity of the persons or legal entity subject to the notification obligation `Full name Legal & General` `(including legal form of legal entities) Group Plc` `Legal & General` `(Unit Trust` `Managers) Limited` `Legal & General` `Investment` `Management Limited` `Contact address One Coleman Street,` `(registered office for legal entities) London, EC2R 5AA` `Phone number & email 020 3124 3851` `Other useful information Paul Sweeney` (at least legal representative for legal persons) B: Identity of the notifier, if applicable `Full name Helen Lewis` `Contact address One Coleman Street,` `London, EC2R 5AA` `Phone number & email 020 3124 3851` `Helen.lewis@lgim.co.` `uk` `Other useful information Investment Advisor` (e.g. functional relationship with the person or legal entity subject to the notification obligation) C: Additional information This information is provided by RNS The company news service from the London Stock Exchange END HOLUOUBRKURKUAR More
23-09-09	Optare PLC - Holding(s) in Company	RNS
RNS Number : 5622Z Optare PLC 23 September 2009 Optare plc (the "Company") Holdings in Company The Company received notification on 23 September 2009 that on 22 September 2009 the Prudential plc group of companies had voting interests in 46,000,000 ordinary shares representing 19.88 % of the Company's current issued share capital. This information is provided by RNS The company news service from the London Stock Exchange END HOLUOUVRKKRKUAR More
22-09-09	Optare PLC - Holding(s) in Company	RNS
RNS Number : 4618Z Optare PLC 22 September 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi `1. Identity of the issuer or the underlying issuer OPTARE PLC` of existing shares to which voting rights are attached: ii 2 Reason for the notification (please tick the appropriate box or boxes): `An acquisition or disposal of voting rights S` An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments `An event changing the breakdown of voting rights S` Other (please specify): `3. Full name of person(s) subject to the HARGREAVE HALE LIMITED` notification obligation: iii `4. Full name of shareholder(s) DISCRETIONARY CLIENTS` (if different from 3.):iv `5. Date of the transaction and date on 22 SEPTEMBER 2009` which the threshold is crossed or reached: v `6. Date on which issuer notified: 22 SEPTEMBER 2009` `7. Threshold(s) that is/are crossed or 5% & 10%` reached: vi, vii 8. Notified details: A: Voting rights attached to shares viii, ix `Class/type of Situation previous Resulting situation after the triggering transaction` `shares to the triggering` `transaction` if possible using the ISIN CODE `Number Number Number Number of voting % of voting` `of of of shares rights rights x` `Shares Voting` `Rights` `Direct Indirect Direct xi Indirect Direct Indirect` `xii` `GB00B2PGSY66 945,435 945,435 23,545,435 23,545,435 10.1789%` B: Qualifying Financial Instruments Resulting situation after the triggering transaction `Type of financial Expiration Exercise/ Number of voting % of voting` `instrument date xiii Conversion Period xiv rights that may be rights` `acquired if the` `instrument is` `exercised/ converted.` C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi Resulting situation after the triggering transaction `Type of financial Exercise price Expiration date xvii Exercise/ Number of voting rights instrument refers to % of voting rights xix, xx` `instrument Conversion period xviii` `Nominal Delta` Total (A+B+C) `Number of voting rights Percentage of voting rights` `23,545,435 10.1789%` 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi 12,017,147 of these shares are for a unit trust operated by Marlborough Fund Managers Ltd for who Hargreave Hale Ltd manages the portfolio of investments on a discretionary basis. The remaining balance is held on behalf of other discretionary clients. Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: `13. Additional information: Holdings percentage is based a TVR figure of 231,316,953 which increased as a` `result of the placing of 122,857,142 new shares on the 22nd September 2009.` `The figure used does not include the additional admission of 1,100,000 new` `shares reported by the company as these do not commence trading until the 26th` `September 2009.` `14. Contact name: David Clueit` 15. Contact telephone number: 01253 754739 This information is provided by RNS The company news service from the London Stock Exchange END HOLUUSARKNRKUAR More
21-09-09	Optare PLC - Result of AGM	RNS
RNS Number : 4098Z Optare PLC 21 September 2009 Optare plc ("Optare" or the "Company") Result of General Meeting The Board of Optare is pleased to announce that at the Company's General Meeting held earlier today all of the resolutions were duly passed, including the approval of the placing of 122,857,142 new ordinary shares at 7 pence per share to raise approximately £8.06 million after expenses (the "Placing"). Full details of the Placing were set out in a circular sent to shareholders on 3 September 2009. Application has been made for a total of 122,857,142 new ordinary shares issued pursuant to the Placing to be admitted to trading on AIM. Admission and dealing is expected to occur at 8.00 a.m. on 22 September 2009. Due to the fact that they were in a close period pending the release of the interim results, the Directors were unable to participate in the Placing. However, following the publication of the interim results earlier today, the Directors are no longer subject to such restrictions and have accordingly issued shares to Directors and senior employees on the same terms as the Placing at price of 7 pence per share as follows: `Director No. of Shares issued No. of share held following` `transaction (% of issued share` `capital)` `Jim Sumner 142,857 1,132,164 (0.49%)` `John Fickling 285,715 2,250,688 (0.97%)` `Mike Dunn 142,857 531,834 (0.23%)` `David Maughan 142,857 239,968 (0.10%)` `David Stonehouse 285,714 485,714 (0.21%)` Application has been made for a total of 1,100,000 new ordinary shares to be admitted to trading on AIM and dealings in these 1,100,000 new ordinary shares is expected to commence at 8:00 a.m. on 26 September 2009. Following the admission of the 122,857,142 ordinary shares on 22 September 2009 and the 1,100,000 ordinary shares on 26 September 2009 the Company's total issued share capital will be 232,416,953 ordinary shares of 1p each. This figure (232,416,953 ordinary shares) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules. `Optare plc Tel: 0845 838 9901` Jim Sumner - Chief Executive `Cenkos Securities plc Tel: +44 (0) 20 7397 8900` Stephen Keys/Camilla Hume This information is provided by RNS The company news service from the London Stock Exchange END RAGSEDFLFSUSEIU More
21-09-09	Optare PLC - Half Yearly Report	RNS
RNS Number : 3203Z Optare PLC 21 September 2009 Optare plc ("Optare", the "Company" or the "Group") Interim Results Announcement For the six months ended 30 June 2009 CORPORATE STATEMENT Optare plc (AIM:OPE), is pleased to announce its results for the six months ended 30 June 2009. A leading name in the UK bus and coach industry, Optare specialises in the design, manufacture and supply of single and double deck buses and coaches and also offers a comprehensive after-sales and upgrade service. KEY HIGHLIGHTS TURNOVER UP 567% TO &POUND;52.1M IN THE SIX MONTHS TO 30 JUNE 2008 (2008 &POUND;7.8M) OPERATIONAL CHANGES RESULTED IN A 32% REDUCTION IN EMPLOYEES PER BUS PRODUCED MANUFACTURING BUILD TIME FOR BUSES REDUCED BY 50% PRODUCT DEVELOPMENT PORTFOLIO OF LOW CARBON AND FUEL EFFICIENT BUSES NEARING COMPLETION LOSS PER SHARE FROM CONTINUING OPERATIONS BEFORE EXCEPTIONAL COSTS REDUCED BY 43% TO 2.4P (2008: LOSS 4.2P) Commenting on the interim results, Chief Executive Officer, Jim Sumner, said: "I am delighted with the rapid progress being made to turn the business around after a difficult period for the company. While market conditions will continue to be challenging over the next 6 to 9 months, Optare will be well placed to make a strong recovery as demand for new buses improves." For further information: `Optare plc Tel: +44 (0) 845 838 9901` Jim Sumner, Chief Executive Officer Mike Dunn, Chief Financial Officer `Cenkos Tel: +44 (0) 20 7397 8900` Stephen Keys/Camilla Hume `CHAIRMAN'S STATEMENT` The first half of the year has been challenging as we dealt with issues carried over from 2008 whilst the market demand has fallen substantially. Nonetheless, the Company has taken a wide range of actions to improve operations and reduce costs including identifying opportunities for new products and for outsourcing raw materials and components with a view to keeping costs at a minimum. We have also raised £8.6 million by way of a share placing, subject to shareholder approval later today. This monies raised will significantly strengthen the Company's balance sheet and give us the ability to exploit opportunities as the market recovers as we expect it to do so during 2010 - 2011. `John Fickling 21 September 2009` Chairman BUSINESS AND FINANCIAL REVIEW Corporate Overview As previously referred to, the Company entered the year with a significant over-commitment to orders. The Company's planned move to Walker Park had to be aborted when the developer was unable to fund his part of the planned development. The knock on effect of this was that in order to fulfil existing orders the Company had to increase the manufacturing capacity at the Group's existing sites, with a corresponding effect on cost and levels of disruption. However, these orders are now largely complete. We believe this to have been a one-off issue and going forward we will be able to manage our order book to reflect our manufacturing capacity. Since I joined on 1 June 2009 the Company has been through an intensive period of activity. Manufacturing at Rotherham has been closed and the freehold site is up for sale. The number of employees per bus has been cut from 5.3 in Q1 to 3.6 in Q3 whilst the manufacturing build time has been reduced from 6 weeks to 3 weeks for double deck buses with a consequent reduction in work-in-progress ("WIP"). Stock and WIP has been reduced from a peak of £20 million in Q1 09 to £12.1 million at 30 June 2009 with actions taken that are expected to reduce this further in the second half of 2009. Financial Performance Turnover for the six months ended 30 June 2009 was £52.1 million (6 months to 30 June 2008: £7.8 million). The gross margin was £3.7 million (2008: £0.8 million). The operating loss for the business before exceptional costs was £2.5 million (2008:£1.7million). The average contribution per bus was impacted by the onerous contracts recognised in the accounts for the December 2008. As mentioned above, extra costs of working were incurred to deliver contractual commitments in the absence of the Walker Park site. These costs involved temporary labour, overtime additional travel and transport costs as well as the cost of keeping open our Rotherham manufacturing facility from January 2009 to June 2009. Exceptional costs incurred in the period totalled £1.3 million comprising £910,000 in respect of redundancies, £272,000 of additional costs in respect of the 2008 onerous contracts, £127,000 in respect of the termination of an exclusive distributorship agreement,(2008: £758,000 comprising £477,000 in respect of the Admission to AIM, £171,000 for restructuring and £110,000 for potential acquisitions). Loss per share for the period was reduced to 3.6p (2008:7.3p). Loss per share from continuing operations before exceptional costs was 2.4p (2008:4.2p.) Annualised revenue per employee for the period averaged £120,400 (£60,800 for the period to 30 June 2008). Current Trading and Prospects Conditions in the UK market for new bus sales remain very challenging and the Board expects the market, as a whole, to be down this year between 25 to 30 per cent as against 2008. Major operators who also own rail franchises are particularly suffering in the current downturn. The Board believes that Optare's broad product range is one of the Company's key strengths in the current market environment as it generates a higher proportion of retail business, which is proving more resilient than fleet customer business in the current UK market. This strength has also been reinforced by the recent decision by the Board to create "Optare Direct" to focus on the retail sector. Through Optare Direct the Company now deals directly with customers rather than through a distributor and offers contract hire, rental and finance packages to meet the needs of this important retail sector. In light of the current market conditions the Board has taken significant cost reduction action to ensure that the cost base is in line with activity and is putting into place further actions to reduce break-even point in Q4 and Q1 in 2010, which the Board believes will be the bottom of the current recessionary cycle in the UK bus market. Our current order book stands at £8.8m, compared to £19.9m at 29 June 2009. The trend in the market has been towards shorter lead times. The Company continues to have a supportive relationship with its bank and as a result the Directors are confident that they will be able to renew the Group's banking facilities on or before 29 October 2009 and expect that new more appropriate covenants will be set at this time. Product Development During the period the Company has continued to invest in new products. Our particular emphasis has been on addressing the "green agenda" as the market drivers of fuel efficiency, reduced operating costs and reduced emissions have continued to grow in importance. The Company's strategy for product development is that the existing core products i.e. the Solo midi bus, the Versa midi single decker, the Tempo large single decker and the Olympus double decker should be complimented by a full range of alternative power sources: enhanced diesel; alternative fuel; hybrid drives; full electric. When combined with the easy interchange of power systems in Optare buses we believe this offers operators a level of "future proofing" that they cannot obtain from other bus manufacturers. The completion of the Solo EV, the UK's first emission-free bus and the Solo DF, the UK's first duel fuel bio-methane bus, have been notable achievements. Given the differing needs of customers and the rapid advances that are being made in new technology, the Directors feel it is prudent not to be too reliant on any one solution and therefore feel that the Group's strategy, of the core products being complimented by a range of alternative power source vehicles, is an appropriate mix. £539k of development costs have been capitalised in the period (6 months ended 30 June 2008: £265k). Improving Efficiency Since the beginning of June 2009, significant progress has been made improving production efficiencies. The net effect is a reduction in employee numbers on a full-time equivalent basis from a peak of 913 in February 2009 to 553 today (842 as at July 2008), a 39% reduction in staff numbers. The average number of employees per bus produced has been cut from 5.3 in Q1 to 3.6 in Q3 reflecting a 32% improvement. Our Rotherham site was closed on 10 June 2009 and all temporary manufacturing staff contracts have been terminated. A People Business The workforce at both our remaining manufacturing sites in Leeds and Blackburn has shown a tremendous level of commitment to the business and co-operation with management at a difficult time as all concerned work together to optimise jobs and skill retention in anticipation of a future upturn in orders. The Board would like to acknowledge this exceptional level of contribution. Outlook The market for new buses continues to be lacking in forward visibility. Whilst the Board expects Q4 2009 volumes to be below Q3 2009, which was itself significantly down on H1 2009 we hope that by Q2 2010 there may be some improvement although there is currently no clear visibility. Longer-term we believe the outlook for new bus demand to be good as demand for bus transport continues to grow. We believe that the current shortfall in demand for new buses represents a delayed or pent-up demand, rather than lost sales, as buses continue to be in operation, accumulating mileage. The demands of the Disability Discrimination Act compliance mean that approximately 4,000 vehicles that are not level-access compliant will require replacement by 2014. The Olympics in 2012 are also expected to have a positive impact on demand. And finally, the Company is delighted to have successfully arranged a placing of new shares with institutional investors raising approximately £8.6m, subject to shareholder approval at the General Meeting to be held later today. The funds raised will be used to complete development of the Company's range of "low carbon" buses and also for working capital whilst looking to support further product cost reduction activity. The monies raised will not only strengthen the balance sheet and reduce net debt but will also give shareholders, customers and suppliers comfort through the current adverse market conditions and will enable the Company the flexibility to exploit the opportunities for profitable growth that the Board is confident will arise as we move towards 2011. Jim Sumner `Chief Executive Officer 21 September 2009` `Consolidated income statement for the six months ended 30 June 2009` `Unaudited Unaudited Audited` `Six month Six month period 72 week` `Period ended ended period ended 31` `30 June 2009 30 June 2008 December` 2008 `£000 £000 £000` `Notes` `Revenue 52,075 7,818 53,490` `Cost of sales - (48,363) (6,987) (48,625)` non-exceptional exceptional - - (3,007) ------------- ------------- ------------- total (48,363) (6,987) (51,632) ------------- ------------- ------------- `Gross profit 3,712 831 1,858` `Administrative expenses (6,091) (2,470) (10,068)` `Amortisation of intangibles (86) (21) (151)` `Impairment of goodwill - - (126)` ------------- ------------- ------------- `Loss from operations (2,465) (1,660) (8,487)` `Restructuring and other 2 (1,309) (759) (5,260)` exceptional costs `Finance income - 10 254` `Finance costs (139) (166) (529)` ------------- ------------- ------------- `Loss for the period from 4 (3,913) (2,575) (14,022)` continuing operations `Loss for the period from - (610) (610)` discontinued operations ---------- ----------- ----------- `Loss on ordinary activities (3,913) (3,185) (14,632)` before taxation `Taxation - - 710` ------------- ------------- ------------- Profit attributable to the `equity holders of the parent (3,913) (3,185) (13,922)` company `_________ _________ _________` Earnings/(loss) per ordinary share : From continuing and 4 (3.6)p (7.3p) (23.6)p discontinued operations after exceptional items (basic and diluted) From continuing operations 4 (3.6)p (5.9)p (22.6)p after exceptional items (basic and diluted) From continuing operations 4 (2.4)p (4.2p) (8.6)p before exceptional items (basic and diluted) There were no recognised gains or losses in the period other than the profit for the period and therefore no statement of recognised income and expenses is presented. Consolidated balance sheet as at 30 June 2009 `Notes Unaudited Unaudited Audited` `As at 30 June As at 30 June 2008 As at 31December` 2009 2008 `£000 £000 £000` Non-current assets `Goodwill 5 6,764 - 6,764` `Other intangible assets 3,779 266 3,326` `Property, plant & equipment 6,536 426 6,737` ------------- ------------- ------------- `17,079 692 16,827` ------------- ------------- ------------- Current assets `Inventories 5 12,049 2,443 16,823` `Trade and other receivables 10,697 1,767 10,044` ------------- ------------- ------------- `22,746 4,210 26,867` ------------- ------------- ------------- `Total assets 39,825 4,902 43,694` ------------- ------------- ------------- Current liabilities `Bank loans and overdrafts 3,008 167 2,318` `Trade and other payables 21,851 3,856 21,200` `Current provisions 868 498 2,301` `Obligations under finance 34 - 249` leases ------------- ------------- ------------- `25,761 4,521 26,068` Non current liabilities `Bank loans 7,510 - 6,799` `Deferred tax liabilities 256 - 263` `Provisions 5 1,688 - 2,029` `Obligations under finance 21 - 33` leases ------------- ------------- ------------ `9,475 - 9,124` ------------- ------------- ------------ `Total liabilities 35,236 4,521 35,192` ------------- ------------- ------------ `Net Assets 4,589 381 8,502` `_______ _______ _______` Equity `Called up share capital 1,084 493 1,084` `Share premium 15,798 - 15,798` `Merger reserve 5,542 5,542 5,542` `Retained earnings (17,835) (5,654) (13,922)` ----------- ----------- ----------- `Total equity attributable to 4,589 381 8,502` `equity holders of the parent _______ _______ _______` Consolidated cash flow statement for the six month period ended 30 June 2009 `Unaudited Unaudited Audited` `Six month period Six month period 72 week period ended` `ended ended 31 December 2008` `30 June 2009 30 June 2008` `£000 £000 £000` Operating activities `Loss before tax (3,914) (3,185) (14,632)` `Depreciation and amortisation 619 171 782` `Impairment of goodwill - - 126` `Net finance expense 139 156 274` `Loss on disposal of fixed - - 135` assets ------------- ------------- ------------- `Operating cash flows before (2,858) (13,315)` `movements in working capital (3,156)` `Movement in inventories 4,657 413 (4,349)` `Movement in trade and other (652) (539) (8,488)` receivables `Movement in trade and other 644 1,114 11,614` payables `Movement in provisions (1,775) (397) 1,090` ------------- ------------- ------------- `Cash absorbed by operations (282) (2,267) (13,448)` `Interest received - 10 254` `Interest paid (139) (56) (529)` ------------- ------------- ------------- `Net cash flow from operating (421) (2,313) (13,723)` activities ------------- ------------- ------------- Investing activities `Purchase of property, plant (216) (123) (1,169)` and equipment `Purchased intangible assets (539) (266) (1,069)` `Proceeds of disposal of - - 2,420` property, plant and equipment `Acquisition of subsidiaries - - (7,660)` `Cash received from - - 838` acquisitions `Disposal of subsidiaries - - (235)` ------------- ------------- ------------- `Net cash flow from investing (755) (389) (6,875)` activities ------------- ------------- ------------- Financing activities `Loan repayments (996) - (1,184)` `Proceeds from issuance of - - 20,946` ordinary shares ------------- ------------- ------------- `Net cash flow from financing (996) - 19,762` activities ------------- ------------- ------------- `Net decrease in cash and cash (2,702) (836)` `equivalents (2,172)` `Cash and cash equivalents at 2,535 -` `the beginning of the period (836)` ------------- ------------- ------------- `Cash and cash equivalents at (167) (836)` `the end of the period (3,008)` `_______ _______ _______` `Notes to the half yearly financial information` `1. Basis of preparation` This unaudited consolidated half-yearly financial information for the half year ended 30 June 2009 has been prepared in accordance with IAS 34, 'Interim financial reporting' as adopted by the European Union The interim financial statements have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) as adopted in the EU. The current and comparative periods to June have been prepared using the accounting policies adopted in the annual financial statements for the period ended 31 December 2008 and those which are expected to be adopted in the 31 December 2009 financial statements. The financial information contained in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. This report has not been audited by the group's auditors Comparative figures for the period ended 31 December 2008 have been extracted from the statutory financial statements for that period which carried an unqualified audit report, did not contain a statement under section 237(2) or (3) of the Companies Act 1985 and have been delivered to the Registrar of Companies. The interim report was approved by the Board of Directors on 18 September 2009. 2. Exceptional costs Exceptional costs incurred in the period totalled £1,309k comprising £910k in respect of redundancies; £272k of additional costs in respect of the 2008 onerous contracts; £127k in respect of the termination of an exclusive distributorship agreement; (2008: £477k in respect of the Admission to AIM, £171k for restructuring and £110k for potential acquisitions) 3. Principal risks and uncertainties for the six months ending 31 December 2009 As for most businesses, there are a range of risks and uncertainties facing the Group. The principal risks and uncertainties are described in the Group's 2008 Annual Report and Accounts which can be downloaded from the Group's website (www.optare.com). In assessing the Group's likely financial performance for the second half of current financial year, these risks and uncertainties should be considered. Seasonality is not believed to be a major factor for the group. 4. Earnings/(Loss) per ordinary share The calculation of earnings per ordinary share is based on the profit or loss for the period divided by the weighted average number of equity voting shares in issue. The number of equity voting shares in issue the prior reported period ended 30 June 2008 has been restated to reflect the merger accounting of Optare UK Limited. Therefore the number of shares in the prior reported period is the aggregate of the weighted average number of shares of the combined entities, adjusted to equivalent Optare plc shares and for shares issued during that period. There were no potentially dilutive securities in existence during the period and so basic and diluted earnings per share are identical. `Unaudited Unaudited Audited` `Six month period Six month period 72 week period ended` `ended ended` `30 June 2009 30 June 2008 31 December 2008` `Retained (loss)/earnings for (3,914) (3,185) (13,922)` the period (£000) `Weighted average number of 108,460 43,357 58,926` shares ('000) `Basic and diluted loss per (7.3)p (23.6)p` `ordinary share (pence per (3.6)p` share) ------------- ------------- ------------- Retained (loss)/earnings for the period from continuing operations after exceptional `costs (£'000) (3,914) (2,574) (13,312)` `Weighted average number of 108,460 43,357 58,926` shares ('000) Basic and diluted `(loss)/earnings after (3.6)p (5.9)p (22.6)p` exceptional items per ordinary share (price per share) ------------ ------------ ------------ Retained (loss)/earnings for the period from continuing operations before exceptional costs (£000) `(2,605) (1,816) (5,045)` `Weighted average number of 108,460 43,357 58,926` shares ('000) `Basic and diluted (4.2)p (8.6)p` (loss)/earnings before exceptional items per ordinary `share (pence per share) (2.4)p` ------------- ------------- ------------- `5. Review of provisional fair values` In accordance with IFRS 3 "Business Combinations" the Company has revised the fair values of the assets acquired on 15 July 2008 via the acquisition of the Jamesstan/Optare group. The Company has revised its estimate of the realisable value of stock and the likely future cost of warranties as of that date. The effect of the revision is set out below As at 31 December 2008 `Provisional Adjustment Revised` `£000 £000 £000` `Goodwill 5,864 900 6,764` `Inventories 17,223 (400) 16,823` `Provisions 1,688 (500) (2,029)` This information is provided by RNS The company news service from the London Stock Exchange END IR GUUUPBUPBGWR More
15-09-09	Optare PLC - Holding(s) in Company	RNS
RNS Number : 1109Z Optare PLC 15 September 2009 Optare plc (the "Company") Holdings in Company The Company received notification on 11 September 2009 that on 10 September 2009 UBS AG had voting interests in 7,014,000 ordinary shares representing 6.47% of the Company's current issued share capital. This information is provided by RNS The company news service from the London Stock Exchange END HOLUVOVRKNRKAAR More
03-09-09	Optare PLC - Issue of Equity	RNS
RNS Number : 4400Y Optare PLC 03 September 2009 Optare plc ("Optare" or "the Company") Conditional Placing of up to 122,857,142 shares to raise approximately £8.6 million (before expenses) The Board of Optare today announces a conditional placing by Cenkos Securities plc of up to 122,857,142 ordinary shares of 1 pence each (the "Placing Shares") with various institutional investors at a price of 7 pence per share (the "Placing Price") to raise approximately £8.6 million before expenses (the "Placing"). The Placing is intended for completing development of the Company's range of "low carbon" buses and also for working capital and tooling to support further product cost reduction activity. The Placing is conditional, inter alia, upon resolutions being passed at the General Meeting of the Company to be held on 21 September 2009. The Placing Shares are expected to be admitted to trading on 22 September 2009. Background to and reasons for the Placing Whilst the Board recognises that the past twelve months has been a difficult period for the Company, it has also been notable for the milestones that have been achieved following the integration of Darwen and the Optare Group. The integration of the two companies has created a business which is able to offer a wide range of single and double deck products to the market and which now has a customer base that includes the majority of UK bus operators. Since the two businesses have been integrated, the Group's operations have been restructured, significantly lowering the Group's cost base, and several new "low carbon" buses including the "zero emission" Solo Electric Vehicle ("Solo EV") have also been launched. Recent changes have also strengthened the management team, including the appointment of Jim Sumner as Chief Executive Officer. With a strong track record in operations management and business development, Jim's appointment has given the Company an immediate focus on leading the market in the application of "lean manufacturing" methods. This has already had a significant impact on operations with reductions in inventories through lower factory work in progress and components, achievement of a 50 per cent. reduction in assembly lead-times for buses, an improvement in build quality and a much reduced break-even point for the business. Nonetheless, the Directors recognise that further investment is required to realise the full potential of the business. The Board intends to deploy the monies raised by the Placing in two key areas; product/market development and tooling. Further to the announcement made on 4 December 2008, and following the appointment of Jim Sumner, on completion of the Placing, it is intended that John Fickling will resume his role as non-executive Chairman. Current trading and prospects Conditions in the UK market for new bus sales remain very challenging and the Board expects the market, as a whole, to be down this year by between 25 to 30 per cent. as against 2008. Major operators who also own rail franchises are particularly suffering in the current downturn. The Board believes that Optare's broad product range is one of the Company's key strengths in the current market environment as it generates a higher proportion of retail business, which is proving more resilient than fleet customer business in the current UK market. This strength has also been re-inforced by the recent decision by the Board to create "Optare Direct" to focus on the retail sector. Through Optare Direct the Company now deals directly with customers rather than through a distributor and offers contract hire, rental and finance packages to meet the needs of this important retail sector. In light of the current market conditions the Board has taken significant cost reduction action to ensure that the Company trades profitably at EBITDA level in the current quarter (Q3, 2009) and is developing further plans to reduce break-even point in Q4 and Q1 2010, which the Board believes will be the bottom of the current recessionary cycle in the UK bus market. For the half year to 30 of June 2009 the Board expects to announce turnover of not less than £52 million, gross profit of not less than £3.7 million with a loss at EBITDA level of no greater than £1.8 million and a pre tax loss of no more than £ 2.5 million before exceptional items. Net debt at 30 June 2009 stood at approximately £10.1 million. As referred to in the Company's 2008 Annual Report and Accounts, the Company encountered a breach of certain of its covenants post the 2008 year end. Subject to the timely provision of certain financial information by the Company, the bank has agreed to waive all such breaches and therefore cannot demand repayment or put the term facilities on demand in relation to this breach before the facility renewal date, being 29 October 2009. There are no further test dates on this facility prior to the facility renewal date. The Company continues to have a supportive relationship with its bank and as a result, the Directors are confident that they will be able to renew the Group's banking facilities on or before 29 October 2009 and expect that new more appropriate covenants will be set at this time. Operators are still under pressure to achieve the fuel efficiency savings delivered by 'low carbon' buses in order to qualify for fuel rebates. To support this, the government has announced a £30m "Green Bus Initiative" to help stimulate the market for "low carbon" buses over the next 2 years. The Directors believe that Optare will be well positioned to capitalise on opportunities that this government initiative will create in both the new bus and growing retrofit markets. The Board also believes that further opportunities will be created for the Company by the Disability Discrimination Act' ("DDA") which will require the industry to replace an estimated 40 per cent. of the current vehicle parque to meet the requirements of the DDA by 2015/16. The Company is also working hard to compensate for the UK market downturn and the Directors are targeting key export markets such as the US and parts of continental Europe where recent promotion of the Solo EV has generated significant interest. The Board has also identified South Africa as a potential export market ahead of the World Cup in 2010. The Directors believe that availability of demonstrator vehicles, which will be funded from part of the proceeds of this Placing, will greatly assist in realising sales potential in these markets. The Placing The Company proposes to raise up to approximately £8.06 million (net of expenses) through the issue of the Placing Shares at the Placing Price. The maximum number of Placing Shares would represent approximately 53 per cent. of the Company's issued ordinary share capital immediately following Admission. A circular containing details of the Placing is being posted to shareholders today and will be available on the Company's website: www.optare.com. Commenting on today's news, Chief Executive, Jim Sumner, said; "I am delighted by the level of institutional support which endorses our strategy of developing our product range, focusing on new low carbon technologies and reducing cost over the next 12 to 18 months. This investment is excellent news for customers, employees and suppliers and will assist the business in positioning itself strongly for 2011 when we expect markets to recover." `Optare plc Tel: 0845 838 9901` Jim Sumner - Chief Executive `Cenkos Securities plc Tel: +44 (0) 20 7397 8900` Stephen Keys/Camilla Hume EXPECTED TIMETABLE OF PRINCIPAL EVENTS `This document posted to Shareholders (by first 3 September 2009` class post) `Latest time and date for receipt of Form of 10.30 a.m. on 17` `Proxy September 2009` `General Meeting 10.30 a.m. on 21` `September 2009` `Admission and dealings in the Placing Shares 8:00 a.m. on 22` `expected to commence on AIM September 2009` `Where applicable, expected date for CREST 22 September 2009` accounts to be credited in respect of the Placing Shares in uncertificated form `Where applicable, expected date for posting of By 29 September 2009` share certificates for Placing Shares DEFINITIONS `"Darwen" Darwen Holdings plc, having subsequently changed its name to` `Optare plc` `"Group" the Company and its subsidiaries` "Optare Group" Optare Holdings Limited and its subsidiaries This information is provided by RNS The company news service from the London Stock Exchange END IOEVLLFBKKBFBBD More

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