Zotefoams PLC
15 December 2005
15 December 2005
Zotefoams plc (the 'Company')
Period End Trading Update
Zotefoams plc today provides a trading update prior to the Company's financial
year end on 31 December 2005.
The business continues to trade well, in line with market expectations.
During 2000 and 2001 the Company entered into a worldwide sales and marketing
alliance for polyolefin foams with the Sekisui Chemical Company Ltd ('Sekisui'),
who act as exclusive agent and distributor for the Company in Continental Europe
and Asia respectively. Sekisui also act as agent for certain customers in North
America.
The Board has, for some time, been in discussions with Sekisui in relation to
certain of their obligations under two of these contracts. While still open to
the prospect of resolution through other means, the Board decided to pursue its
rights through the prescribed dispute resolution processes and Zotefoams has
therefore instigated arbitration proceedings. Commercial arrangements with
Sekisui continue as normal.
The Board also announces that John Marley will be standing down as a
non-executive director on 31 December 2005. John has been a director of the
Company for ten years and the Board would like to thank John for his significant
contribution over that period. Roger Lawson will replace John as senior
independent non-executive director.
The Board is pleased to announce that Nigel Howard will join the board of
Zotefoams plc on 1 January 2006 as a non-executive director. Nigel, aged 60,
spent over 36 years working for Morgan Crucible Plc and was a board member for
13 years before retiring in December 2003. He served as Chairman of its Thermal
Ceramics Division which had sales of over £300 million, from 1988 to 1998. He
then held various other senior roles at Morgan Crucible before becoming Deputy
Chief Executive in 2002 and Interim Chief Executive until his retirement. He is
a non-executive director of Alliance One International Inc which is listed on
the New York Stock Exchange.
The Company intends to announce its preliminary financial results for the year
ended 31 December 2005 on 14 March 2006.
Enquiries:
Zotefoams plc 0208-664-1600
David Stirling, Managing Director
Clifford Hurst, Finance Director
Financial Dynamics Limited 07774 602 739 / 0207-831-3113
Sarah MacLeod
Note
The following information is provided on Nigel Howard in accordance with
paragraph 9.6.13 (1-6) of the Listing rules:
Current directorships
Alliance One International Inc (USA, 2005- )
Public directorships held in the last five years
Standard Commercial Corporation (USA, 2004-2005 now Alliance One International
Inc)
The Morgan Crucible Company plc (UK, 1992-2003)
Assam Carbon Products Ltd (India, 1977-2005)
No further details regarding Mr Howard are required to be disclosed under
paragraph 9.6.13 (1-6) of the Listing rules of the UK Listing Authority.
This information is provided by RNS
The company news service from the London Stock Exchange
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