Northgate PLC AGM statement (1800N)
23 Septiembre 2019 - 1:00AM
UK Regulatory
TIDMNTG
RNS Number : 1800N
Northgate PLC
23 September 2019
23 September 2019
NORTHGATE PLC
AGM statement
Northgate plc ("Northgate", or the "Company"), the leading
specialist in light commercial vehicle hire in the UK, Spain and
Ireland, will hold its Annual General Meeting at 11.30am today, at
the offices of Freshfields Bruckhaus Deringer, 65 Fleet St, London
EC4Y 1HT.
At the meeting Avril Palmer-Baunack, Non-Executive Chair of
Northgate, will make the following statement.
Dividend
Shareholders are being asked today to approve a final dividend
of 12.1 pence per share, which will be paid on 27 September 2019,
to those shareholders on the register at 16 August 2019. This
dividend, if approved, will result in a total ordinary dividend
payable in respect of the year ended 30 April 2019 of 18.3 pence
per share.
Strategic review
Avril Palmer-Baunack joined the Board as Non-Executive Chair on
12 August 2019. Considering initial shareholder feedback, Avril
has, in conjunction with the Company's CEO and CFO, initiated a
strategic review of the growth options for the business. The review
is ongoing, and an update will be provided in due course.
Importantly the review is focused on clarifying the significant
intrinsic value of Northgate - both in its core businesses and in
the strong potential of strategic actions that will grow the
business in both scale and value.
Board Changes
The following Board changes will take effect 24 September
2019:
Jill Caseberry will stand down from the Board as a Non-Executive
director. Jill has worked tirelessly for many years as a
conscientious and valued member of the Board. The Board extends its
thanks to Jill for her significant contribution.
Alexander Mark Butcher will join the Board as a Non-Executive
director and will Chair the Remuneration Committee. Mark has more
than 20 years' public company experience working predominantly for
GPG UK holdings plc, the UK investment arm of Guinness Peat Group
plc where he managed a significant proportion of Group investments.
As well as investment management, Mark has wide experience in
international accounting, corporate finance, banking transactions
as well as sitting on a number of public company boards. Currently
he is a Non-Executive Director of AssetCo plc and National Milk
Records plc.
Bill Spencer will continue to Chair the Audit Committee but will
step down as Senior Independent Non-Executive Director.
John Pattullo, who joined the Board as a Non-Executive Director
in January 2019, will take up the position of Senior Independent
Non-Executive Director.
As previously indicated, Fernando Cogollos will join the Board
as a Non-Executive Director.
Increased and Refinanced Banking Facilities
The Board is pleased to announce the Company's successful
refinancing of its committed bank facilities. The increased
facility of GBP557.5 million comprises a GBP477.5 million
multi-currency revolving credit facility due November 2023 and an
GBP80 million term loan due November 2022, underpinned by improved
commercial terms which allow further funding for growth. The
Company's EUR100 million private placement remains in place.
Current Trading
The Board is pleased to report the Company's overall financial
performance in the year to date is in line with management
expectations. However, given the current ongoing Brexit-related
political and economic uncertainty in the UK, which could have an
impact on various market sectors such as construction and retail,
the Board believes it is right to remain cautious in its outlook.
The Board remains convinced in the intrinsic value of Northgate's
underlying strong market positions, and focused on the strategic
opportunities to grow shareholder value.
There are no matters which require to be disclosed pursuant to
Listing Rule 9.6.13.
Contact details
For further information please contact:
Northgate plc +44 (0)118 207 3535
Kirsty Law, Investor Relations +44 (0)7808 212 964
Buchanan
David Rydell/Jamie Hooper/Tilly Abraham +44 (0) 207 466 5000
Notes to Editors:
Northgate plc is the leading light commercial hire business in
the UK, Spain and Ireland by fleet size and has been operating in
the sector since 1981.
Northgate's core business is the hire of light commercial
vehicles to businesses on a flexible or minimum-term basis, giving
customers the ability to manage their fleet requirements in a way
which can adapt best to changing business needs.
Further information regarding Northgate plc can be found on the
Company's website:
www.northgateplc.com
ENDS
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END
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