Associated British Engineering PLC AGM Statement (0845S)
September 19 2014 - 2:01AM
UK Regulatory
TIDMASBE
RNS Number : 0845S
Associated British Engineering PLC
18 September 2014
For immediate release 18(th) September, 2014.
ASSOCIATED BRITISH ENGINEERING PLC
("ABE")
Following the publication of the Report and Accounts for the
financial year ended 31 March 2014 and the holding of the Annual
General Meeting today, I can report that:-
All of the Resolutions put to the AGM were duly passed.
At a meeting following the AGM the Board has appointed Sir David
Thomson a director with immediate effect. David Brown has resigned
as Chairman of the Company and the Board has elected Sir David as
Chairman in his place. Sir David has been Chairman of a number of
investment companies, several of which held interests in ABE. He is
presently Chairman of The Investment Company PLC which holds
100,000 ABE ordinary shares (4.9%).
David Brown has subsequently resigned as a Director and Mr.
Rupert Pearce Gould has been appointed a Director. Mr. Pearce Gould
is the Chairman of British Polar Engines Ltd, the main subsidiary
of the ABE Group.
The trading at British Polar Engines Limited (BPE), the
principal subsidiary of ABE, is below budget so far this year. The
trading environment for BPE remains competitive but the company is
actively seeking further sales opportunities and has appointed a
new Business Development Manager to commence on 30(th) September
2014.
In respect of Akoris Trading Limited in which the Group has a
50% interest at a cost of GBP320,022 against which the Board has
already made a provision the management of the Company has
developed limited sales in specialist Aluminium products but has
failed to develop the volumes in core areas required to sustain its
infrastructure. In these circumstances the Group has not agreed to
advance further funds and therefore the management of Akoris is
looking at the best way to sell the remaining stock. Based on the
current numbers available from management, this would mean that the
ABE Group has incurred further trading losses in 2014-15 and would,
as a consequence, be writing off its remaining equity investment of
GBP57,798. The value of the debenture (for GBP200,000) depends on
the realisation of the stock and subject to that being at book
figures the Group would expect to recover the full value.
Stephen Cockburn
Director
Stephen Cockburn, Associated British Engineering PLC 0207-448-4715
Rupert Pearce Gould, Associated British Engineering PLC 07836 701930
Peter Morton, Associated British Engineering PLC 01223 260022
This information is provided by RNS
The company news service from the London Stock Exchange
END
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