Watchstone Group PLC AGM Statement and Results (2916J)
27 June 2017 - 7:43PM
UK Regulatory
TIDMWTG
RNS Number : 2916J
Watchstone Group PLC
27 June 2017
27 June 2017
Watchstone Group plc
("Watchstone" or the "Company" or the "Group")
Result of AGM and AGM statement
Watchstone (LON:WTG) announces that all resolutions at its
Annual General Meeting, held earlier today, were duly passed.
Richard Rose, Non-executive Chairman of Watchstone said: "We are
on track with the strategy and execution of our plan to prepare our
businesses for future disposals. These potential divestments or any
alternative strategic options will be determined with a view to
maximising shareholder value taking all factors into
consideration.
With the stablisation and improvement of our operating
businesses, there is no undue pressure to dispose of assets unless
fair value is achieved.
We have already communicated that Watchstone will be run by a
smaller central team and Indro Mukerjee has stated that he will
resign from the Board having completed his planned work at the end
of this year.
Indro will be succeeded by Stefan Borson, Group General Counsel
& Company Secretary, who will take over as Group Chief
Executive Officer following Indro's departure. Stefan will continue
his existing responsibilities, ensuring continuity on all legal and
regulatory matters.
In line with this next phase, we will reduce the size of the
Board as of January 2018 and this will be comprised of me as
Non-executive Chairman; Stefan Borson (who will join the Board upon
Indro's departure); Mark Williams, Group Finance Director; and two
of the current non-executive directors. The remaining two
non-executive directors will resign at the end of the year and an
announcement will be made on this in due course.
For the rest of the year, Indro, Stefan and I will continue to
work closely with the rest of the Board to effect a smooth
transition to the new structure. This transition work will include:
further strengthening of our operating businesses' management
teams; the implementation of a number of business improvements to
give greater operational autonomy to our portfolio companies; and
the continued guidance of their development as an owner. In
addition, Watchstone will continue with its divestment strategy as
well as bringing the legacy and other legal issues to their
satisfactory conclusion.
This will all be done with a view to maximising the amount of
cash to be returned to shareholders at the earliest possible
opportunity. As previously announced, this has been delayed by the
commencement of legal proceedings by Slater & Gordon (UK) 1
Limited and whilst we believe that their accusations are groundless
and without merit, it would not be possible for the Board or a
Court to sanction the distribution of assets or cash whilst this
litigation remains active.
I would like to thank Indro for his dedication and ability to
lead the Group through a series of complex legacy issues. Indro has
had to tackle a range of challenges, has increased revenues and cut
losses and has established a foundation to enable the Group to
deliver the best possible value to our shareholders."
For further information:
Watchstone Group plc Tel: 03333
448048
--------------------------------------- -----------
Peel Hunt LLP, Nominated Adviser and Tel: 020
broker 7418 8900
Dan Webster, Adrian Trimmings, George
Sellar
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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