Information  X 
Enter a valid email address

Rensburg Sheppards (RBG)

  Print   

Wednesday 01 August, 2007

Rensburg Sheppards

Interim Management Statement

Rensburg Sheppards plc
01 August 2007



                             Rensburg Sheppards plc

                          Interim Management Statement

Rensburg Sheppards plc ('the group') today publishes its first Interim
Management Statement as required by the UK Listing Authority's Disclosure and
Transparency rules. This statement is in respect of the period from 1 April 2007
to 31 July 2007 ('the period').

When announcing the group's preliminary financial results on 13 June 2007 we
referred to the further marked rise in the level of the UK financial markets
subsequent to our financial year end of 31 March 2007.  These conditions
prevailed for most of the period and have undoubtedly assisted the group's
financial performance over this time.

Since 31 March 2007, aside from the addition of trading profits, the significant
changes in the financial position of the group have arisen through the following
material events and transactions that have taken place during the period:

 1. the recognition of the final dividend in respect of the financial year ended
    31 March 2007 proposed by the directors on 12 June 2007 and formally
    approved by the shareholders at the AGM on 31 July 2007 of 15.0 pence per
    ordinary share (total cost of £6.5 million to be paid on 10 August 2007);
    and

 2. on 8 May 2007, £10 million of the group's total subordinated debt of £60
    million was repaid ahead of schedule (a separate announcement regarding the
    detail of this was made to the market on 9 May 2007). Of the total
    subordinated debt now outstanding of £50 million, £45 million is at a fixed
    rate of interest and hence the cost of this major portion of the debt has
    been unaffected by the recent rises in UK interest rates.

Overall, the board considers that both the current financial position of the
group and the progress being made by the group in its markets, continues to be
satisfactory. Whilst acknowledging the increased uncertainty arising from the
current market volatility, the board remains confident about the group's
longer-term prospects.

For further information, please contact:

Steve Elliott, Chief Executive                                Tel: 020 7597 1234
Rensburg Sheppards plc

James White                                                   Tel: 020 7796 4133
Hudson Sandler


                      This information is provided by RNS
            The company news service from the London Stock Exchange

a d v e r t i s e m e n t