DYS Dyson Grp

 

TIDMDYS 
 
RNS Number : 2655A 
Dyson Group PLC 
05 October 2009 
 

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| For immediate release           |                          05 October 2009 | 
+---------------------------------+------------------------------------------+ 
 
 
Dyson Group plc 
("Dyson" or "the Company") 
 
 
Notice of AGM 
 
 
The Board of Dyson announces that a circular convening its Annual General 
Meeting ("AGM") has been posted to shareholders today. 
 
 
The Annual General Meeting of the Company will be held at Buchanan 
Communications, 6th Floor, 45 Moorfields, 
London EC2Y 9AE at 11.00 a.m. on 29 October 2009. 
 
The Company's report and accounts for the year ended 31 March 2009 (the 
Accounts) have not been audited and published as a result of the dialogue with 
its two banks, Lloyds TSB and Svenska Handelsbanken not having yet been 
finalised. As such the Accounts are not available in time for the Annual General 
Meeting, and, there being no requirement under the Articles of Association for 
any director to retire from office and offer themselves for re-election this 
year, none of the ordinary or special business or resolutions normally dealt 
with at an annual general meeting are to be considered at this time. 
Update on the Company's position 
 
 
Trading continues in line with management expectations as previously announced 
and this means the underlying pre-tax loss and a consequent reduction in the 
share capital and reserves seen in respect of the year ended 31 March 2009 has 
continued into the current financial year. The impairment reviews referred to in 
the Company's announcement of 17 July 2009 are now complete and, whilst still 
being subject to audit, have resulted in a total reduction in net asset value of 
the Group from GBP38.1 million at 31 March 2008 to circa GBP4.7 million at 31 
March 2009.  Unaudited Group management accounts at 31 August 2009 show net 
assets of the Group at circa GBP1.1 million. 
 
 
Serious loss of capital 
The Directors have concluded that the value of the Company's net assets is now 
less than half of its called-up share capital. In such circumstances, the 
Directors are required under section 656 of the Companies Act 2006 to convene a 
general meeting of the Company for the purpose of considering whether any, and 
if so what, steps should be taken to deal with the situation.  Accordingly, this 
matter is going to be considered at the Annual General Meeting. 
 Action already taken by the Board 
As previously announced, the Company has been in discussions with its two banks 
and the dialogue is continuing. The Company is only able to continue to trade 
with the support of its lenders. A range of options is under active 
consideration to enable the Group to carry on trading with the support of its 
lenders and Group pension scheme creditors. 
Significant restructuring of the Group has already been achieved with further 
projects in hand to reduce staff numbers and increase production efficiencies. A 
rigorous programme of cost reduction has been implemented and continues. The 
Board is advised in these and other respects by Julian Cooper of MPC Partners 
LLP. 
Against this background, the Board has taken, and continues to take, action that 
it believes is appropriate to address the Group's current financial and trading 
position. Accordingly, the Board does not propose to recommend at the AGM that 
any additional action be taken to deal with this situation. 
Copies of the circular have been submitted to the UK Listing Authority and will 
shortly be available for viewing by the public during normal hours of business 
on any week day (public holidays excepted) at the UK Listing Authority's 
Document Viewing Facility, which is situated at the Financial Services Authority 
, 25 The North Colonnade, Canary Wharf, London E14 5HS. 
 
 
 
 
For further enquiries, please contact: 
 
 
+------------------------------------------+--------------------------------------+ 
| Dyson Group plc                          |                   Tel: 0114 235 5308 | 
| Patrick Lammers, Chief Executive Officer |                    Tel: 01439 771900 | 
|                                          |                                      | 
| Christopher Honeyborne, Chairman         |                                      | 
+------------------------------------------+--------------------------------------+ 
|                                          |                                      | 
+------------------------------------------+--------------------------------------+ 
| Buchanan Communications                  |                   Tel: 0207 466 5000 | 
| Charles Ryland                           |                                      | 
| Ben Willey                               |                                      | 
+------------------------------------------+--------------------------------------+ 
|                                          |                                      | 
+------------------------------------------+--------------------------------------+ 
| KBC Peel Hunt                            |                   Tel: 0207 418 8900 | 
| Marianne Woods (Corporate Broking)       |                                      | 
| Julian Blunt (Corporate Finance)         |                                      | 
+------------------------------------------+--------------------------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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