Market Update

RNS Number : 6237K

Guinness Peat Group PLC

01 August 2013

 



GUINNESS PEAT GROUP plc

("GPG" or the "Company")

MARKET UPDATE

As previously announced, the UK Pensions Regulator is currently undertaking an investigation into whether financial support should be provided to certain of the GPG group's UK pension schemes, namely the Coats Pension Plan (the "Coats Plan") and the Brunel Holdings Pensions Scheme (the "Brunel Scheme").  The Company has previously stated that it is reasonable to expect the UK Pensions Regulator to extend this investigation to the Staveley Industries Retirement Benefits Scheme (the "Staveley Scheme") and that it is analysing its position into the Staveley Scheme in addition to the Coats Plan and the Brunel Scheme (together "GPG's UK Pension Schemes").

The Company has now received correspondence from the UK Pensions Regulator which confirms that the UK Pensions Regulator is extending the ongoing investigation to the Staveley Scheme. 

There is no certainty as to when the investigations by the UK Pensions Regulator into the GPG UK Pension Schemes will conclude, or whether any financial commitment will result from any such investigations, or, should it do so, the quantum of any such liability or the entities or persons upon which any such liability might be imposed. Furthermore, in deciding whether to impose liability the UK Pensions Regulator must consider it is reasonable to do so.

The Board continues to take advice in respect of the ongoing investigations into the GPG UK Pensions Schemes and continues to work with the relevant parties.  Further updates will be provided to shareholders in due course.

Chris Healy
Company Secretary
Guinness Peat Group plc

1 August 2013

Enquiry details are:

New Zealand and Australian media:         Geoff Senescall on:                                          [phone]

UK media:                                                             Kevin Smith on:                                           [phone]

 

END

 

 

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