Character Regulatory News (CCT)

29 Nov 2005 12:01

Character Group PLC29 November 2005 Issued by Citigate Dewe Rogerson, Birmingham on behalf of The Character Group PLCDate: Tuesday, 29 November 2005 Immediate Release The Character Group plc ("Character" or "the Group") Result of EGM and Trading Update At today's Extraordinary General Meetings the shareholders of the Group approvedall resolutions proposed, including a resolution approving the cancellation ofthe listing of the Group's issued Ordinary Shares of 5p each ("Ordinary Shares")on the Official List of the UK Listing Authority, in light of the Board'sproposals for the admission to AIM of the Group's issued Ordinary Shares. Afinal dividend of 0.9 pence per share was also approved by shareholders, whichwill be paid on 27 January 2006. It is expected that the issued Ordinary Shares in the Group will be admitted totrading on AIM and that dealings will commence at or shortly after 8am on Friday2 December 2005. The listing of the issued Ordinary Shares on the Official Listwill be cancelled, and dealings on the London Stock Exchange's market for listedsecurities will cease, at the same time. Character's Executive Chairman and Joint Managing Director, Richard Kingcommented to shareholders at the EGM today: "We believe that AIM, which, over its ten year history, has proved to be arobust market even in challenging times, will provide a supportive environmentfor the Group to better achieve its business and strategic objectives. AIM alsoprovides, in our opinion, a more flexible and cost-effective environment for aCompany of our size and stage of development." "As predicted in the 2005 Interim Report and reinforced in my Chairman'sStatement contained in the Annual Report, the improvement witnessed in thesecond half of 2005 has indeed continued into this financial year." "I am delighted to be able to report that the new financial year has startedvery strongly with reported sales up to yesterday being over 40% ahead of thesame period for last year. We are also expecting to achieve further progressover last year in the lead up to Christmas and into the New Year. Against thisbackdrop we believe that the Group's results for the first half to February 2006will be far better than the loss of £1.9 million recorded for the half yearended 28 February 2005." "This year, we will continue to focus on improving our operational efficienciesand further developing our product portfolio. It is interesting to note that, bythe end of the 2005 calendar year, over 50% of our products within the Toys,Games and Gifts division and over 90% of our digital products will have beendeveloped in-house. Our expertise in developing licensed properties and quicklybringing them to market is proving to be a major benefit to the Group inattracting and winning both new licences and distribution deals." "There is no substitute for having great products and, although we have beenoperating in a difficult trading environment for some considerable time, theGroup's substantial progress in sales is more than satisfying, especially whenwe have not been able to fully meet demand for toys like Roboraptor, RadioControlled Daleks and our Little Britain talking-gift products, amongst others." Enquiries:Richard King, Chairman Katie DaleKiran Shah, Group Finance Director Citigate Dewe RogersonThe Character Group PLC Telephone: +44 (0) 207 282 8000 (up to 2pm)Telephone: +44 (0)207 282 8000 (up to 2pm) Thereafter: +44 (0) 121 455 8370Thereafter: Mobile: +44 (0) 7770 788 624Mob: +44 (0)7836 250150 (RK)Mob: +44 (0)7956 278522 (KS)Group office: +44 (0) 208 949 5898www.thecharacter.com This information is provided by RNS The company news service from the London Stock Exchange