Vosper Thornycroft Holdings PLC
5 July 2002
The following resolutions were passed today at the Annual General Meeting of the
Company held at the Vosper Thornycroft and Social Club, Hamilton Road,
1. 'That the name of Vosper Thornycroft Holdings plc (Registered No 1915771)
be changed by Special Resolution to VT Group plc'. The change of name will
take place today (5 July 2002) by the same day change of name procedure
offered by Companies House.
2. 'That the 40,000,000 authorised ordinary shares of 25p each be subdivided
into 200,000,000 new ordinary shares of 5p each with effect from the close
of business on 5 July 2002.'
Application has been made to the London Stock Exchange & UK Listing Authority
for a total of 170,271,600 shares as a result of the subdivision becoming
effective from close of business on 5 July 2002. All shares will rank pari
In addition, the Chairman made the following statement at the Annual General
At our preliminary results in May we reported that since our March year-end we
had been selected for 3 further contracts each with a value in the region
of £200m, subject to the completion of detailed contract negotiations.
I am pleased to report that the first of these, the extension to our Fleet
Support Limited (FSL) contract to provide a wider range of support services to
the Royal Navy at Portsmouth, was signed last month for a higher than expected
initial value to VT of £350m.
The contract for the design and build at Portsmouth of the first 6 module sets
for Type 45 was signed earlier this week. The overall production workshare is 20
per cent, as we reported at the preliminary results, and is due to commence in
mid 2003 on completion of the Portsmouth facilities.
We note the decision by the MOD earlier this week that Portsmouth is to be the
base port for the new generation of aircraft carriers. This reinforces the
strategic importance of Portsmouth, and means that FSL, Flagship Training
Limited and our new shipbuilding facility are well-placed to win work throughout
the carrier programme.
Progress is continuing on the third contract to manage the facilities at Fort
McCoy in Wisconsin, which we expect to become effective in October this year.
Excluding Fort McCoy, the new contracts finalised take the order book close to
£2 billion, compared to £1.5 bn at the year-end.
Delays to the shipbuilding programme at Woolston due to industrial action, which
has been satisfactorily resolved with a two-year settlement, will have some
impact on the results for the first half of the year. However, we expect to
recover the programme in the second half of the year, and taking all factors
into account, trading for the full year is broadly in line with our
Despite the industrial action, we still anticipate all vessels to be delivered
The Board changes announced at our preliminary results in May, with Martin Jay
becoming Chairman, Lord Wakeham, Deputy Chairman and Paul Lester, Chief
Executive, will take effect following the Annual General Meeting.
This information is provided by RNS
The company news service from the London Stock Exchange