Last checked at 25 Sep 2013 14:53
25 September 2013
Fiske Plc ('Fiske' or 'the Company')
Result of AGM
Fiske Plc (the 'Company') announces that at the AGM held today all the resolutions were duly passed.
Speaking at the AGM, Clive Harrison, the Company's Chairman and Chief Executive, said the following:
"It is now some six weeks since I wrote the Chairman's Statement that was sent out to all shareholders. Not a lot has changed since then that would give us any guide as to the likely direction of markets or of the short term outlook for our business. The timing of the tapering of quantitative easing remains uncertain. In plain English we don't know when the Fed will stop printing money except it is not yet. From a market point of view that is a major uncertainty. So is the state of the Eurozone. Everything there seems to be on hold until the German policies become clear now that their election is over and the result is as expected.
The massive unemployment in the Eurozone, concentrated in the Mediterranean countries, is an unsustainable social problem that needs to be solved urgently and yet it is not even being addressed. Lastly China. There is a property bubble and a banking crisis in the making. There is vast over capacity in many sectors of the economy and inflation is a growing and obvious problem. The degree of complacency in the West as well as the reliance on questionable data never ceases to amaze me. China is a problem and too many people forget the Japanese bubble of the late 1980's followed by 23 years of semi recession.
The first quarter of our current financial year has been modestly profitable, in spite of the fairly lacklustre markets; especially in terms of volume. As I have stated in the past we don't believe in forecasts in our business but perhaps it would be fair to say that we are cautiously optimistic."
For further information please contact:
Gerard Luchini, Fiske Plc - Compliance Officer
(tel: 020 7448 4700)
Salmaan Khawaja/ David Hignell, Grant Thornton UK LLP (Nominated Adviser)
(tel: 020 7383 5100)