Anglo-Welsh Group PLC
24 May 2001
24 May 2001
For Immediate Release
Anglo-Welsh Group plc ('Anglo Welsh' or the 'Company')
Result of AGM and Chairman's statement
The Board of Anglo-Welsh plc announces that the resolutions proposed at
today's AGM of the Company were unanimously approved by shareholders.
Following the AGM, Stephen Thompson, Executive Chairman made the following
statement:-
'I will give here a brief update of what has been achieved since the Company's
last shareholders meeting on the 12th January and in this light remind
shareholders that it is the board's objective to dispose of the remaining
assets and procure an attractive candidate to reverse into the cash shell.
When a company is refinanced following a cash starved situation it is normal
that the accounts of that company are generally fairly chaotic. Anglo-Welsh
was no different and a large amount of time has been spent on getting the
regular management accounts up to date. This has been largely achieved and it
is our intention to audit the half-year results to put a line under the past
and to be prepared for any potential reverse candidates that may be put to the
shareholders.
On asset sales the Kyle Blue has been sold and we are in discussions to sell
the two remaining trip boats.
The boat building business was sold to Falcon Industries (Midland) Ltd. in
February and as a result of this we are exiting our lease at Whitchurch at the
end of June.
Unfortunately, Falcon Industries' income has recently suffered due to the
current foot and mouth situation and a general retrenchment in farming. As a
result they were not able to continue to make payments under their agreement
of the 16 August 2000. We took an empathetic view for some months, but we
have now repossessed our building and land and are selling off the remaining
stock. The actual land and buildings will be sold to maximum benefit either
as current or potentially as a development for housing.
The management agreement with Aquatravel to agent our narrowboats is in force
but the foot and mouth crisis will marginally lower expected income from this
source in this financial year. Luckily we were only expecting 10% of booking
revenue this year and hence the sum expected was not large in the first place.
We have appointed a general manager for our timeshare operation and once this
is in good forward looking position, we will look to realise this trading
equity.
We wish to have a very low cost base and it is our intention to change our
registered office to a small office that we are renting in Norwich.
A number of reverse candidates have been looked at but so far, none have
fitted my criteria of being cash productive with good organic growth, in a
growing market and have the potential to absorb bolt on acquisitions. We
continue to look.'
END
Enquiries:
Stephen Thomson
Anglo-Welsh Group plc (0117) 924 1200
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