Sigma is pleased to announce that investee company, MicroEmissive Displays Group plc (“MED” or “the Company”), has been admitted to trading on AIM as of 30th November 2004.
MED develops miniature screens based on light emitting polymers (LEP) for use in consumer electronic products such as digital still cameras, digital video cameras and personal viewers for mobile devices.
Key characteristics of MED’s screens are image quality and low power consumption, which typically uses at least 70 percent less power than commonly used LCD microdisplay modules. The lower power consumption of MED's screens assist in extending the battery life of the end products and enables feature innovations in new products, such as reduced size or increased functionality which are of particular importance in the markets which the Group is targeting.
The Company’s products eliminate certain material cost burdens for customers by virtue of the fact that MED’s microdisplays comprise of fewer component parts than typical LCD microdisplay modules, use simple lensing and reduce chip count by combining the drive electronics within MED’s display chip, thereby negating the need for separate chips to control the unit.
Market opportunity:
- In the market for consumer electronic portable devices, the design direction is towards smaller, lighter weight devices with increased functionality
- The target applications for MED’s microdisplay module are as (i) an electronic viewfinder as found in camcorders and an increasing proportion of digital still cameras (DSC) and digital video cameras (DVC) and/or (ii) as a small flat panel microdisplay module in these products
- The market for DSCs alone is expected to increase from 47 million units in 2003 to 94 million units by 2007, according to Techno Systems Research
- The Group’s initial target markets for microdisplay modules are the Japanese, Taiwanese and South Korean DSC and DVC markets
- Microdisplays are also being considered for use in emerging markets for personal viewers in products such as DVD players, hand-held gaming peripherals, and mobile information devices such as PDAs and mobile phones
Raising £15.7 million (before expenses) on AIM, at a placing price of 150p per ordinary share, MED’s capitalisation on admission is approximately £25.7 million.
Commenting on the successful fundraising, Bill Campbell, Chief Executive of MED said: "The growth prospects in the low power microdisplays market look to be gaining some momentum at the moment so the timing of our IPO is particularly fitting. There's a great opportunity for MED to make the most of this growth. These funds will give us the financial strength and flexibility to grow organically, by accelerating the adoption of our products in the fast growing consumer electronics industry."
Sigma Technology Venture Fund (“STVF”), managed by Sigma Technology Management Ltd, originally invested £1 million in the Company in May 2004. Further funds were invested at float, taking STVF’s holding in MED to 6.83%.