Revel Collect Regulatory News (RBG)

1 Aug 2007 07:01

Rensburg Sheppards plc01 August 2007 Rensburg Sheppards plc Interim Management Statement Rensburg Sheppards plc ('the group') today publishes its first InterimManagement Statement as required by the UK Listing Authority's Disclosure andTransparency rules. This statement is in respect of the period from 1 April 2007to 31 July 2007 ('the period'). When announcing the group's preliminary financial results on 13 June 2007 wereferred to the further marked rise in the level of the UK financial marketssubsequent to our financial year end of 31 March 2007. These conditionsprevailed for most of the period and have undoubtedly assisted the group'sfinancial performance over this time. Since 31 March 2007, aside from the addition of trading profits, the significantchanges in the financial position of the group have arisen through the followingmaterial events and transactions that have taken place during the period: 1. the recognition of the final dividend in respect of the financial year ended 31 March 2007 proposed by the directors on 12 June 2007 and formally approved by the shareholders at the AGM on 31 July 2007 of 15.0 pence per ordinary share (total cost of £6.5 million to be paid on 10 August 2007); and 2. on 8 May 2007, £10 million of the group's total subordinated debt of £60 million was repaid ahead of schedule (a separate announcement regarding the detail of this was made to the market on 9 May 2007). Of the total subordinated debt now outstanding of £50 million, £45 million is at a fixed rate of interest and hence the cost of this major portion of the debt has been unaffected by the recent rises in UK interest rates. Overall, the board considers that both the current financial position of thegroup and the progress being made by the group in its markets, continues to besatisfactory. Whilst acknowledging the increased uncertainty arising from thecurrent market volatility, the board remains confident about the group'slonger-term prospects. For further information, please contact: Steve Elliott, Chief Executive Tel: 020 7597 1234Rensburg Sheppards plc James White Tel: 020 7796 4133Hudson Sandler This information is provided by RNS The company news service from the London Stock Exchange