REG - CEPS PLC - Trading Update

CepsAnnouncement

05/02/2024 07:00

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RNS Number : 9448B  CEPS PLC  05 February 2024

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.

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