AGM Statement

RNS Number : 0879D

Cenkos Securities PLC

10 May 2012

 



Cenkos Securities plc (the "Company" or the "Group")

Annual General Meeting - Statement

At the Annual General Meeting, held this afternoon, the Chairman of the Company made the following statement:

"Despite the continuing difficult and uncertain market conditions that prevail, the Group has made an encouraging start to the current year. All our revenue-earning teams have made a positive contribution to the Group's performance during the current period. Although the market for IPOs and other fundraisings is weak, since the year-end we have successfully raised over  £262 million for our clients, which is a very credible achievement in the current environment. It is this ability to raise equity capital for our corporate clients which has resulted in the Group now being one of the leading brokers for AIM listed and growth companies.  Our pipeline remains encouraging. It is the view of the Directors of the Company that the diversification of income streams, our growing franchise and the flexible cost base, which is highly geared to performance, will allow the Company to continue to be cash generative and to trade profitably in the current markets.

Following a review of the Group's strategy it had been agreed that Cenkos Channel Islands Limited, the Group's offshore fund and wealth management subsidiary was not core to the Group's business strategy. In April 2012 the Group disposed of 80% of its holding in Cenkos Channel Islands Limited for £4 million in cash realising a profit on the sale of £2.60 million on the disposal of this stake. The sale proceeds provide additional working capital, further strengthening the Company's balance sheet. The Company still retains 10% of the issued share capital in Cenkos Channel Islands Limited as a trading investment.

Finally, as announced on 4 April 2012, David Henderson will be stepping down as a Non-executive Director of the Company. I thank David for all his contribution and support over the past two years. I would also like to thank Jeff Hewitt for his valuable advice and support over the past years and I wish him well as he continues in his position as a Non-executive Director of the Company. I will also be stepping down as Chairman following the conclusion of the Annual General Meeting. My external business commitments have grown in recent times; and now is the time for someone new to lead the Group to the next stage of its development. Gerry Aherne a Non-executive Director of the Company has agreed to take on the role of Chairman and I wish him and all the staff all the best for the future."

For more information please contact:

Jim Durkin                                             020 7397 8900

Chief Executive Officer

Cenkos Securities plc                              

Stephen Doherty                                    020 7397 8900

Company Secretary

Cenkos Securities plc

David Rydell / Duncan Mayall                 020 7861 3232

Pelham Bell Pottinger

 

END

 

 

AGMAMMBTMBIBBAT