Investor Proposition

• International medical devices company focused primarily on developing and manufacturing devices for drug delivery and anaesthesia
• Two divisions with market leading positions, operating in strong, defensive end markets:
• Bespak is the market leader in the manufacture of inhaled drug delivery devices for pharmaceutical partner companies and has a significant emerging business in Metered Dose Inhaler (MDI) dose counters
• King Systems manufactures and markets airway management products used primarily by anaesthetists and emergency room practitioners
• High technological and regulatory barriers to entry with end pharmaceutical customers reliant on high quality and absolute precision
• Restructuring programme in place to transform manufacturing efficiencies in King Systems and protect margins in Bespak
• Strong balance sheet, relatively low gearing and an attractive dividend yield- the highest of any of its peers
• New ambitious and experienced management team determined to drive the business to the next level
• Well-defined acquisition strategy aims to further diversify the product and customer base within areas of proven expertise