Associated British Engineering PLC Trading Statement (1148E)
02 Julio 2019 - 1:00AM
UK Regulatory
TIDMASBE
RNS Number : 1148E
Associated British Engineering PLC
02 July 2019
ASSOCIATED BRITISH ENGINEERING PLC
CORPORATE REORGANISATION IN SUBSIDIARY
In the Company's Audited Accounts to 31 March 2018, the Company
reported that its operating subsidiary British Polar Engines
Limited (BPE) had come to an agreement with the Trustees of the ABE
Group pension scheme (Scheme), whereby the Trustees were prepared
to support the Group during its financial year to 31 March 2019 and
had therefore agreed that the current monthly deficit contributions
would be suspended with a view to these commencing again after 31
July 2019. As at 31 March 2018, the deficit on the Scheme stood at
GBP1.35m as per the audited accounts, being the liability solely of
BPE.
In the Interim Statement to 30 September 2018, the Company
further reported that the turnover for BPE had decreased to
GBP498,000 for the period ending 30 September 2018 with a loss for
the interim period of GBP357,000.
In the light of the above, the Trustees have entered into
discussions with the Pension Regulator regarding the Scheme deficit
and the Company has decided that it is appropriate to consider all
options for BPE including a possible sale of BPE or its
business.
Accordingly, FRP Advisory LLP have been appointed by the Board
of BPE to solicit offers for the business of BPE. As yet, there are
no firm proposals and there is no certainty that any such proposals
would be forthcoming or would result in an agreement satisfactory
to the Company, the Trustees and the Pension Regulator.
As and when there is any further information, an announcement
will be made.
For further information please contact:-
Colin Weinberg on 07836588504; or
Rupert Pearce Gould on 07836701930
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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