Interim Management Statement (9526A)
09 February 2011 - 11:59PM
UK Regulatory
TIDMWRN
RNS Number : 9526A
Worthington Group PLC
09 February 2011
For immediate release 9 February 2011
Worthington Group Plc
Interim Management Statement
Worthington Group plc provides an Interim Management Statement
for the period from 1 October 2010 to the date of this
announcement, as required by the UK Listing Authority's Disclosure
and Transparency Rules.
Since our interim report in September we have undertaken reviews
on all of the arrangements and costs of the business and are
hopeful that once concluded this will produce ongoing savings. Our
costs and receipts for the period are in line with management
expectations. Discussions with our associate company Trimmings by
Design Limited are being actively pursued and appear to be moving
in the right direction to reach an acceptable agreement as to the
future arrangements. We will advise all shareholders once
negotiations are concluded. We have entered into detailed
discussions with Bradford City Council with regard to the possible
future development of the site at Keighley. We have reached a stage
where we will have to commit to spending several hundred thousand
pounds to fully pursue an application and we are working with our
lawyers to properly contract these arrangements. Our tenants move
out later this year and we will work hard to have arrangements in
place before this happens. Obtaining planning permission will, by
itself, greatly enhance the value of the site but the process will
be costly and time consuming without any guarantee of success. We
are working hard to reach an agreement with regard to the pension
fund arrangements and hope to advise the shareholders regarding
this shortly. We are pleased to confirm that we have appointed
Beaumont Cornish Limited as our financial advisers as we feel that
building a relationship with them will be more useful to a company
of our size. They have already provided us with some very useful
advice which will affect how the company moves forward. We will
shortly be calling a General Meeting when we will seek shareholder
support with regard to proposals which we feel would better serve
the needs of the company and shareholders and will enable us to
better consider other opportunities that we believe exist in the
market.
A Cooke, Chairman Website: www.worthingtongroupplc.co.uk
Enquiries:
Anne Aylesbury, PD Cosec Limited, Company Secretary, Worthington
Group plc on 0208 940 0963
Roland Cornish, Beaumont Cornish Limited on 020 7628 3396
This information is provided by RNS
The company news service from the London Stock Exchange
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