Last checked at 13 Jun 2022 10:58
13 June 2022
CEPS PLC
("CEPS" or the "Company")
Pension scheme and general trading update
Pension Scheme
Further to the announcement on 13 December 2021 when CEPS announced that the Trustees of the Company's defined benefit scheme (Dinkie Heel plc Retirement Benefits Scheme (the "Scheme")) had entered into a buy-in contract with Aviva, the Scheme is now being formally wound-up with effect from 1 June 2022.
It is expected that the Scheme will have money left over once the final balancing premium is paid to Aviva after the Scheme has completed a process to verify the amounts payable to members and dependants. This process should be complete within the next 12 months. The amount the Trustees expect to be left over is in the order of £700,000 (the "Surplus") although it may be more or less than that. In accordance with the formal rules of the Scheme, it is the intention of the Trustees to pay the Surplus to CEPS, as the employer for the Scheme, after deducting the required amount of tax, currently expected to be 35%. This would make the net amount receivable £455,000.
Historically, the actuarial surplus on the Scheme has not been recognised in the Company's accounts as the Company does not have an unconditional right to refunds of surpluses arising in the Scheme. Consequently, the payment of the Surplus to CEPS will have a positive impact on the Company's balance sheet when it is received.
Trading Update
As the Company is holding its AGM at 11.30 today, it is useful to provide a trading update for the first four months of the financial year to 30 April 2022. The Board of CEPS is pleased that all segments are performing ahead of budgeted expectations at this point in the year.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).
The Directors of the Company accept responsibility for the content of this announcement.
Enquiries
CEPS PLC Vivien Langford, Group Finance Director |
+44 1225 483030
|
Cairn Financial Advisers LLP James Caithie / Sandy Jamieson / Ludovico Lazzaretti |
+44 20 7213 0880 |
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.