CYCLOPS &lt;CYL> SAYS DIXONS APPOINTEES RESIGN

  Cyclops Corp said the three
  members of its board appointed last week by &lt;Dixons Group PLC>
  had resigned and that it named three Cyclops executives to
  replace them.
      Cyclops said the moves followed the announcement earlier
  today by Dixons that it received only 20 pct of Cyclops
  outstanding common stock under an extended tender offer that
  expired yesterday.
      Dixons initially ended its 90.25 dlr a share tender offer
  on March 17 after receiving 54 pct of Cyclops shares.
      However, the Securities and Exchange Commission last Friday
  pressed Dixons to reopen the offer because the U.K.-based
  company had dropped a condition that at least 80 pct of Cyclops
  stock be tendered by the close of the offer.
      Dixons then extended the offer until yesterday and earlier
  today indicated that a substantial number of tendered Cyclops
  shares had been withdrawn, leaving it with only 852,000 shares,
  or just over 20 pct of the roughly 4.26 mln Cyclops shares
  outstanding.
      Dixons said today that it purchased the tendered shares,
  which, when combined with the shares it already holds, gives it
  a 21.7 pct stake in Cyclops.
      Cyclops said its reconstituted board includes the three
  newly named directors and five outside directors, all of whom
  were on the board prior to Dixons tender offer.
      The three Cyclops directors were replaced by Dixons
  appointees on March 17 under an agreement reached between the
  two companies.
  

