Last checked at 11 May 2021 07:00
11 May 2021
Saga plc (the "Company")
Notice of 2021 Annual General Meeting
Saga plc published its preliminary announcement of annual results for the year ended 31 January 2021 ("Annual Results Announcement") on 7 April 2021. Further to the Annual Results Announcement, the Company confirms that the 2021 Annual Report and Accounts ("Annual Report"), and Notice of Annual General Meeting 2021 ("Notice of AGM") are being sent to shareholders today.
The Annual General Meeting of the Company will be held at 11.00 a.m. on Monday, 14 June 2021. Please refer to the Notice of AGM for important information about the form and conduct of the Annual General Meeting this year, including the arrangements in place for shareholders to view the proceedings online.
In compliance with DTR 6.3.5 (3) the following documents can be downloaded in pdf format from the Company's website at www.corporate.saga.co.uk:
· Annual Report for the year ended 31 January 2021; and
· Notice of AGM.
In accordance with LR 9.6.1 and LR 9.6.3, copies of the above documents have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.data.fca.org.uk/#/nsm/nationalstoragemechanism.
A condensed set of the Company's financial statements and certain extracts of the management report were included in the Company's Annual Results Announcement. That information, together with the Appendix to this announcement which contains information which has been extracted from the Annual Report, constitutes the material required for the purposes of compliance with DTR 6.3.5, which is required to be communicated in unedited full text through a Regulatory Information Service. This announcement should be read in conjunction with and is not a substitute for reading the full Annual Report.
Enquiries
Saga plc
Vicki Haynes, Company Secretary Tel: 01303 771199
Enbrook Park
Sandgate
Folkestone
Kent
CT20 3SE
Appendix
Principal risks and uncertainties
The principal risks and uncertainties (PRUs) shown below are the principal risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity. Details of mitigating actions and exposure outlook are included in the Annual Report.
PRU category | Risk |
COVID-19 pandemic | Continuation of COVID-19 or variant thereof creates ongoing and material disruption to business plan and ability to deliver strategy, leading to a breach of banking covenants.
|
Cybercrime | Cyber security breach resulting in system lockdown, ransom demands and/or compromise of confidential and/or personal data.
|
Delivery and execution | Key business change initiatives fail to be delivered effectively, or at all, due to one, or a combination of the following: - Resource capability or capacity. - Unexpected business as usual risk issues. - New regulation. - Material defects in the delivery.
|
Culture and capability | Saga's culture and resource capability do not support the strategic initiatives and ensure fair customer outcomes.
|
Saga brand and relevance | The Saga brand and its products do not appeal sufficiently to our target customer group resulting in loss of appeal and market share.
|
Regulatory landscape | Increasing regulation across Saga increases the risk of non-compliance.
|
Operational resilience | Failure to prevent, adapt, respond to, recover and learn from material operational disruptions that threaten the ability of Saga to deliver its strategy.
|
Climate change | Insufficient preparedness for the impact on the Insurance and Travel business of climate-related change.
|
Third-party suppliers | Reputational impact and financial losses arising from failure to manage third parties and partners effectively.
|
Fraud and financial crime | Increased risk of internal or external fraud and financial crime driven by remote working and macroeconomic conditions.
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Statement of Directors' responsibility
The following responsibility statement is repeated here solely for the purpose of complying with DTR 6.3.5. This statement relates to and is extracted from page 116 of the Annual Report. Responsibility is for the Annual Report not the extracted information presented in this announcement or the Annual Results announcement.
Each of the Directors, who were in office at the date of the Annual Report and Accounts, whose names and responsibilities are listed on pages 60 and 62-63 of that report, confirm that, to the best of their knowledge:
· the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and
· the Management Report includes a fair review of the development and performance of the business and the position of the issuer and the undertaking included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.