Last checked at 18 Nov 2009 08:45
18 November 2009
CINPART PLC
('Cinpart' or the 'Company')
Establishment of Employee Benefit Trust
Cinpart (AIM:CINP), the electrical products manufacturer and supplier, announces that it has executed a trust deed in order to constitute the Cinpart Employee Benefit Trust (the "EBT") with Cinpart EBT Limited, a wholly owned subsidiary of the Company, being appointed as trustee (the "Trustee").
The establishment of the EBT will enable the Trustee to acquire shares in the Company and to make those shares available for the benefit of current and future employees of the Company and its subsidiaries (the "Group"), as part of the Group's employee incentive strategy.
-ENDS-
Enquiries:
| Cinpart Plc | |
| Kevin Baker, Chief Executive Christopher Foster, Executive Director | Tel: 020 3176 3033 Tel: 020 3176 3031 |
| Merchant John East Securities Limited (Nominated Adviser) | |
| John East/Simon Clements | Tel: 020 7628 2200 |
| Mirabaud Securities LLP (Joint Broker) | |
| Rory Scott | Tel: 020 7878 3360 |
| Rivington Street Corporate Finance Limited (Joint Broker) | |
| Monisha Varadan | Tel: 020 7562 3389 |
| Hansard Group (Public Relations) | |
| Kirsty Corcoran/Justine James | Tel: 020 7245 1100 |
About Cinpart:
Cinpart plc (AIM: CINP) is a holding company that owns 72.2 percent of Active Energy Limited. Active Energy manufactures and supplies the VoltageMaster, a device that can reduce electricity consumption in commercial buildings by up to 20 percent.
Other wholly owned subsidiaries in the Company's group include Derlite Co Limited; based in Thailand, this company is an international manufacturer of electrical and non-electrical components specializing in ignition systems for gas appliances and Gasignition Limited; a trading company supplying electrical components to small and medium-sized European gas appliance manufacturers.