Update and Notice of General Meeting (7967E)
06 Junio 2012 - 6:00AM
UK Regulatory
TIDMHAMP
RNS Number : 7967E
Hampson Industries PLC
06 June 2012
6 June 2012
Hampson Industries PLC
Update and Notice of General Meeting
Hampson Industries PLC ("Hampson" or the "Company", and,
together with its subsidiaries, the "Group"), the international
aerospace group, is sending to its shareholders a notice of general
meeting to be held pursuant to section 656 of the Companies Act
2006 (the "General Meeting").
Copies of the notice will be available on the Company's website:
www.hampsongroup.com.
The Directors have concluded that the Company's net assets are
now less than half of its called-up share capital and, in such
circumstances, the Directors are required under section 656 of the
Companies Act 2006 to convene a general meeting of the Company to
consider whether any, and if so what, steps should be taken to deal
with the situation.
The General Meeting will be held at 30 Crown Place, London EC2A
4ES at 11 am on 27 June 2012.
As noted in the announcement made on 14 February 2012 and the
Trading Update given on 10 April 2012, the Board is currently
reviewing and assessing the strategic options available to the
Group and, as part of its review, is undertaking a formal sale
process. Accordingly, the Board does not consider it necessary for
specific resolutions to be proposed at the General Meeting.
Shareholders should note however that, although the assessment
of strategic options is ongoing, the Board considers that, in light
of:
-- the level and terms of indicative offers received to date for
the Company pursuant to the formal sale process;
-- the assessment of the Group's trading and operating
liabilities (including the Company's contingent or future
liabilities, such as those relating to the fulfilment of the
Company's remaining obligations under the defined benefit pension
scheme in the UK); and
-- the level (and repayment terms) of the debt obligations owed
by the Group to its secured lenders;
it is becoming clear that there is a material risk that there
will be little or no remaining value for existing shareholders.
Further announcements will be made as appropriate.
The Group will publish its results for the year ended 31 March
2012 by the end of July 2012.
Enquiries:
M:Communications
Ann-marie Wilkinson / Maria Souvorov +44 207 920 2330
Notes to editors:
Hampson's operations are structured into two business segments,
serving the global commercial and military aerospace markets from
manufacturing facilities in the UK, North America and India.
Hampson is a world leader in the design and manufacture of close
tolerance tooling and assembly systems for large composite and
metallic aero structures.
Hampson is listed on the main market of the London Stock
Exchange (Symbol: HAMP). For more information on Hampson:
www.hampsongroup.com
A copy of this announcement will be available at
www.hampsongroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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