Update

RNS Number : 7478P

Worthington Group PLC

21 November 2016

 

Worthington Group plc ("the Company" or "Worthington")

21^st November 2016

FOR IMMEDIATE RELEASE

Update

Further to its recent announcements, the Company provides the following update.

At the hearing at the High Court today, The Pension Protection Fund ("PPF") decided to reject the principal terms of Worthington's proposed Company Voluntary Arrangement ("CVA") and therefore the High Court issued a winding up order against the Company.

The Company will be seeking a Judicial Review of the decision of the PPF, and the Company is in the process of lodging the required documentation to initiate this process. In the event that the Judicial Review is successful, the PPF will be required to accept the principal terms of the CVA and the Company would then be in a position to exit liquidation via its proposed CVA.

Whilst the Directors are considering what other options, if any, are available to the Company, the outcome of the review is considered, at this stage, to be key to the future of the Company.
 

A further announcement will be made as soon as the Judicial Review application has been made.

About Worthington Group Plc ("Worthington")

Worthington (Stock Exchange LSE: WRN) is a British investment company that  celebrates its 62^nd anniversary as a London Stock Exchange main market listed company this year. The Company has four areas of investment focus: property, litigation claims, new economy and emerging markets. The Company believes that exceptional shareholder returns can be achieved by utilising its main market Sterling paper to acquire investments in these sectors worldwide.

Note: Forward-looking statements contained in this announcement, including Worthington's strategy and plans, as well as expectations for future revenue and earnings, reflect Worthington's   current views and assumptions with respect to future events and are subject to certain risks, uncertainties and assumptions. There are many factors that may cause actual results achieved to differ materially from expectations for future results and expectations that may be expressed in or form an assumption of such forward-looking statements. Such factors include risks related to the day to day business of Worthington, client volatility, sales fluctuations, the general economic climate, political and environment and  other risks,  cancellations,  software failures and interruption to service to customers due to technical problems, acquisition delays  and failure as well as other uncertainties related to the results of Worthington including risks of delays or closure of projects, price falls, currency fluctuations and changes in contract terms, legislation and administrative practices, as well as competition risk and other unforeseen factors. If one or more of such risks or factors of uncertainty were to materialise, or should one or more of the statements provided prove to be incorrect, actual developments may differ materially from the forward-looking statements contained in this announcement.

Enquiries:

Media information                                                                            Tel: [phone]

or email: [e-mail]

PD Cosec - Company Secretary                                                     Tel: [phone]

Website: www.worthingtongroupplc.com

 

END

 

 

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