05 February 2024
CEPS PLC
("CEPS" or the "Company")
General trading update and
other matters
Trading
update
As the Company's financial year has
now ended, the Board of CEPS is pleased to report that the Group's
trading for 2023 is, subject to audit, in line with expectations
and would be record results for CEPS. All segments have made
a solid start to 2024.
Pension
Scheme
In an announcement dated 13 June
2022, the Company explained that it expected to receive a surplus
from the wind-up of the Company's defined benefit scheme (Dinkie
Heel plc Retirement Benefits Scheme ("the Scheme")) in the region
of £700,000 (the "Surplus"), although it may be more or less than
that. The Board of CEPS has now been informed by the Trustee
of the Scheme that the estimated Surplus will be £537,086.
This figure takes account of the final balancing premium paid of
£213,000, changes in asset unit price over the period and the
provision of professional fees. The Surplus is expected to be
paid in April 2024 and, net of tax at 25%, the estimated amount
receivable would be £402,815 and will be recognised in the
Company's accounts on receipt.
Historically, the actuarial surplus
on the Scheme has not been recognised in the Company's accounts as
the Company does not have an unconditional right to refunds of
surpluses arising under the Scheme. Consequently, the payment
of the Surplus to CEPS will have a positive impact on the Company's
profit and loss account and balance sheet when it is
received.
Distribution of shares held
by Chelverton Growth Trust ("CGT") to the Horner
Family
In recent announcements, the Board
has explained to the Company's shareholders that CGT intends to
distribute its shareholding in CEPS, which amounts to 5,460,301
CEPS shares (representing approximately 26 per cent. of the issued
share capital of CEPS), in specie and pro rata to CGT
shareholders. The Horner Family is due to receive 778,213
shares from the distribution of the CEPS shares held by CGT, but
because of the level of the Horner Family's existing shareholding
in CEPS (29.99%), and in line with the Takeover Panel's
requirements, these shares will be sold by the liquidator and the
cash value of the shares remitted to the Horner Family. As a
result, the Horner Family holding in CEPS shares will remain
unchanged.
There will be no change in the total
issued share capital of CEPS as a consequence.
Proposed share capital
reduction and proposed cancellation of the share premium
account
To put the Company in a position to
pay dividends in the future, the Company intends to convene a
General Meeting to seek shareholder approval in order to progress
matters. A further announcement will be made in relation to the
proposed share capital reduction and cancellation of the share
premium account in due course.
Potential dilapidations
claim
CEPS is currently considering a
recent and alleged claim from a former landlord for dilapidations
and CEPS is liaising with its advisers on what it considers to be a
more realistic assessment of the liability and quantum, if any. The
Company will issue a further announcement as
appropriate.
This announcement contains inside
information for the purposes of Article 7 of EU Regulation 596/2014
(which forms part of domestic UK law pursuant to the European Union
(Withdrawal) Act 2018).
The Directors of the Company accept
responsibility for the content of this announcement.
Enquiries
|
CEPS PLC
Vivien Langford, Group Finance
Director
|
+44 1225 483030
|
|
Cairn Financial Advisers LLP
James Caithie / Sandy Jamieson / Emily Staples
|
+44 20 7213 0880
|
Caution regarding forward looking
statements
Certain statements in this
announcement, are, or may be deemed to be, forward looking
statements. Forward looking statements are identified by their
use of terms and phrases such as ''believe'', ''could'', "should"
''envisage'', ''estimate'', ''intend'', ''may'', ''plan'',
''potentially'', "expect", ''will'' or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based
on historical facts but rather on the Directors' current
expectations and assumptions regarding the Company's future growth,
results of operations, performance, future capital and other
expenditures (including the amount, nature and sources of funding
thereof), competitive advantages, business prospects and
opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on
information currently available to the Directors.
