REG - CEPS PLC - Pension scheme and general trading update

CepsAnnouncement

13/06/2022 11:00

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RNS Number : 6544O  CEPS PLC  13 June 2022

13 June 2022

CEPS PLC

 ("CEPS" or the "Company")

 

Pension scheme and general trading update

 

Pension Scheme

Further to the announcement on 13 December 2021 when CEPS announced that the
Trustees of the Company's defined benefit scheme (Dinkie Heel plc Retirement
Benefits Scheme (the "Scheme")) had entered into a buy-in contract with Aviva,
the Scheme is now being formally wound-up with effect from 1 June 2022.

 

It is expected that the Scheme will have money left over once the final
balancing premium is paid to Aviva after the Scheme has completed a process to
verify the amounts payable to members and dependants.  This process should be
complete within the next 12 months.  The amount the Trustees expect to be
left over is in the order of £700,000 (the "Surplus") although it may be more
or less than that.  In accordance with the formal rules of the Scheme, it is
the intention of the Trustees to pay the Surplus to CEPS, as the employer for
the Scheme, after deducting the required amount of tax, currently expected to
be 35%.  This would make the net amount receivable £455,000.

 

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 in the Scheme.  Consequently, the payment of the
Surplus to CEPS will have a positive impact on the Company's balance sheet
when it is received.

 

Trading Update

As the Company is holding its AGM at 11.30 today, it is useful to provide a
trading update for the first four months of the financial year to 30 April
2022. The Board of CEPS is pleased that all segments are performing ahead of
budgeted expectations at this point in the year.

 

 

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 / Ludovico Lazzaretti   +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.

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