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Mpac Group PLC (MPAC)

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Tuesday 11 June, 2019

Mpac Group PLC

Pension scheme valuation update

RNS Number : 7325B
Mpac Group PLC
11 June 2019
 

                                                                                                                                                11 June 2019

 

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No. 596/2014

 

Mpac Group plc

(''Mpac'', "Company" or "Group")

 

Pension scheme valuation update

 

Mpac Group plc, a global leader in 'Make, Pack, Monitor and Service' high speed packaging solutions, is pleased to announce that it has concluded negotiations with the Trustee of the legacy 'Molins U.K. Pension Fund' in relation to the June 2018 triennial actuarial valuation and associated deficit recovery plan.

The actuarial deficit in the scheme has reduced from £69.9m at 30 June 2015 to £35.2m at 30 June 2018 on a technical provisions basis.  The actuarial deficit is now expected to be eliminated in July 2024, compared to August 2029 under the previous valuation.  The current annual deficit recovery payments have been maintained but will now cease more than five years earlier than was agreed under the previous valuation.

All other aspects of the deficit plan remain unchanged.

Will Wilkins, Group Finance Director, commented:

 

"I am pleased to report that since joining the Mpac Board in June 2018, the Company and the Trustee of the pension fund have worked well together to reach a positive conclusion to the June 2018 valuation which has significantly reduced both the deficit and recovery period compared to the June 2015 valuation.  There remains a significant amount of work to be done, but there are genuine reasons to be confident that with continued sound governance, management of the scheme and cooperation between the Trustee and the Company, we can meet our long-term objectives regarding the pension scheme." 

 

 

For further information, please contact:

 

Mpac Group plc

Tony Steels, Chief Executive

Will Wilkins, Group Finance Director

Tel: +44(0)24 7642 1100

Panmure Gordon (UK) Limited (Nominated Adviser & Broker)

Dominic Morley - Corporate Advisory

James Stearns - Corporate Broking

Tel: +44(0)20 7886 2500

 

Hudson Sandler

Nick Lyon

Nick Moore

Tel: +44(0)20 7796 4133

 

 


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