21 August 2001
Enodis PLC ('Enodis') - review of options
On 23 April 2001, the Board of Enodis announced that it would conduct a full
review of its options in order to determine the most appropriate way to
restore shareholder value and reduce debt. Since then Enodis has completed
the sale of its Building and Consumer Products Division for £134 million,
strengthening its financial position and enabling the Group to focus solely on
its core commercial food equipment business.
As part of its wide-ranging review, the Board explored approaches it had
received from parties with a possible interest in making an offer for the
company and conducted, with its financial advisors, an extensive and thorough
process to determine whether any third party's proposal properly reflects the
value of Enodis' portfolio of market leading businesses.
Whilst the process has confirmed the strength of the group's businesses and
brands, especially in North America, the Board, which has taken account of the
views of its major shareholders, has concluded that the interests of
shareholders will best be served through Enodis continuing as an independent
company and implementing its current recovery programme.
In the period since the announcement of Enodis' interim results on 24 May
2001, trading has been in line with the Board's expectations at that time. The
benefits of the cost-saving programme are being delivered as anticipated.
The Board of Enodis is committed to maintaining strong relationships with
customers, dealers, distributors and employees that are central to the future
development of the business and the creation of shareholder value.
A year-end trading update is planned for the second half of September.
21 August 2001
Peter Brooks Chairman 020 7304 6016
Andrew Allner Chief Financial Officer 020 7304 6016
Andrew Lorenz Financial Dynamics 020 7831 3113