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  2. Share Prices
  3. Morgan Advanced Materials Share Price
  4. Morgan Advanced Materials Share Regulatory News
  5. Accelerated Pension Contribution

Pin to quick picksMorgan Advanced Materials Regulatory News (MGAM)

Morgan Advanced Materials Information

Share Price Information for Morgan Advanced Materials (MGAM)

London Stock Exchange
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Share Price: 322.00
Bid: 322.50
Ask: 323.50
Change: -4.50 (-1.38%)
Spread: 1.00 (0.31%)
Open: 326.50
High: 326.50
Low: 322.00
Prev. Close: 326.50
MGAM Live PriceLast checked at -

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Accelerated Pension Contribution

6 Dec 2022 07:00

RNS Number : 6721I
Morgan Advanced Materials PLC
06 December 2022
 

Press Release

Morgan Advanced Materials plc

6 December 2022

 

Accelerated Pension Contribution

"Reducing the Pensions Burden"

Morgan Advanced Materials plc is pleased to announce that it has reached agreement with the trustees of its UK Defined Benefit Pension Schemes to make an accelerated contribution of £67m.

As part of its arrangement with the Company, the trustees have agreed to move to full hedging of inflation and interest risk. This will benefit both the Schemes and the Company by significantly reducing the volatility of valuations in the future, and represents a significant milestone towards being able to secure member benefits by means of annuities with insurance companies.

The benefits to the Company will be:

- Immediate improvement to free cash flow, with a reduction in cash pension contributions of £17m p.a. for at least the next three years, and modest or zero contributions thereafter

- Reduced volatility, with the likelihood of a material deficit arising at future triennial revaluations substantially reduced

- Prudent approach to hedging, with leverage on the scheme's LDI portfolio targeted below 2.0x

 

For further enquiries:

Pete Raby, CEO Morgan Advanced Materials plc 01753 837000

Richard Armitage, CFO

Nina Coad Brunswick 0207 404 5959

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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