Ibstock PLC COVID-19 and AGM Update (1069N)
May 15 2020 - 11:12AM
UK Regulatory
TIDMIBST
RNS Number : 1069N
Ibstock PLC
15 May 2020
COVID-19 and AGM Update
Ibstock plc ('Ibstock' or the 'Group'), a leading manufacturer
of clay bricks and concrete products in the United Kingdom, today
issues a further update on its response to the COVID-19 pandemic
and further information in relation to the upcoming AGM.
Operational update
As announced on 24 March 2020, in support of the UK Government
effort to bring the pandemic under control, and to protect the
health and well-being of our colleagues, we took a decision to
suspend all manufacturing operations.
Subsequently, during the shutdown period, the Group furloughed a
significant proportion of its employees and has developed new
working practices and protocols, including social distancing and
enhanced hygiene measures, which reflect the latest guidance from
the Government, public health authorities and industry bodies.
We welcome recent guidance from the Government that has allowed
the housebuilding and construction sector to return to work over
recent weeks. Activity levels in the industry have started to
increase, and we have started to bring some of our manufacturing
colleagues back into the business as we commence a phased restart
of production. Initially, the Group will recommence operations at
approximately one third of its manufacturing sites, where we see
demand for specific products and have lower levels of inventory.
Activity in this initial phase has started in some of our concrete
plants, and is being followed by certain brick manufacturing sites
from mid-May. The Group entered the COVID-19 shutdown period with
healthy brick inventories and is in a good position to meet
customer need.
The Group will keep levels of demand under close review and has
plans in place to restart operations at further manufacturing sites
over the coming months, in response to customer demand.
AGM update - Change of venue and further information
Further to the publication of the Notice of Annual General
Meeting on 6 April 2020, the Annual General Meeting ('AGM') of the
Company will no longer be held at Ibstock's offices in London but
will now take place at the Company's registered office Leicester
Road, Ibstock, Leicestershire, LE67 6HS at 11.00 a.m. on Thursday
21 May 2020.
As previously announced, due to the current issues surrounding
COVID-19 and the public health guidance in the UK the AGM will be a
closed meeting, and shareholders will not be able to attend in
person. Shareholders are asked not travel to the meeting, as they
will not be permitted to enter the building.
The Company will ensure that all legal requirements of the
meeting, in accordance with its Articles of Association, are
satisfied. The format of the meeting will be purely functional, the
Company's advisors will not be present and the AGM will comprise
only the formal votes for each resolution set out in the Notice of
AGM and no other business.
For the avoidance of doubt this approach does not impact
shareholders' ability to vote on the resolutions being proposed and
shareholders are strongly encouraged to submit a proxy vote in
advance of the meeting and information regarding the voting
procedure can be found in the Notice of AGM. Given the current
restrictions on attendance, shareholders are urged to appoint the
chair of the meeting as their proxy to ensure their vote will be
counted (rather than a named person who will not be permitted to
attend the meeting).
The results of the AGM will be published on the Company's
website as soon as possible after the conclusion of the
meeting.
Enquiries to:
Ibstock plc
Joe Hudson, CEO
Chris McLeish, CFO
Robert Coates, Investor Relations
Director 07880 486329
Citigate Dewe Rogerson 020 7638 9571
Kevin Smith
Nick Hayns
About Ibstock Plc
Ibstock plc is a leading manufacturer of clay bricks and a
diversified range of clay and concrete products, from its
operations in the United Kingdom. Its principal products are clay
bricks, brick components, concrete roof tiles, concrete substitutes
for stone masonry, concrete fencing and pre--stressed concrete
products.
The Group's two divisions are:
Ibstock Clay: The leading manufacturer by volume of clay bricks
sold in the United Kingdom. With 19 manufacturing sites Ibstock
Brick has the largest brick production capacity in the United
Kingdom. It operates a network of 23 active quarries located close
to its manufacturing plants. Ibstock Brick has recently
commissioned a new soft mud brick manufacturing plant in
Leicestershire that added approximately 100 million bricks to its
brick production capacity per annum. Ibstock Kevington provides
masonry and pre-fabricated component building solutions, operating
from 5 sites across the UK.
Ibstock Concrete: A leading manufacturer of concrete roofing,
walling, flooring and fencing products, along with lintels and
general concrete building products, with 16 manufacturing plants in
the United Kingdom.
Forward-looking statements
This announcement contains "forward-looking statements". These
forward-looking statements include all matters that are not
historical facts and include statements regarding the intentions,
beliefs or current expectations of the directors. By their nature,
forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances that are difficult
to predict and outside of the Group's ability to control.
Forward-looking statements are not guarantees of future performance
and the actual results of the Group's operations. Forward-looking
statements speak only as of the date of such statements and, except
as required by applicable law, the Group undertakes no obligation
to update or revise publicly any forward-looking statements.
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END
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