Last checked at 29 Jul 2009 07:00
Lupus Capital plc
("Lupus" or the "Company")
AGM Statement
At the Annual General Meeting of Lupus Capital plc ("Lupus" or the "Company"), to be held later today, Michael Jackson (Chairman) and Keith Taylor (Chief Executive) will make the following comments:
Bank Facilities
As announced on 1 July 2009, we successfully concluded the renegotiation of our banking facilities. The Board believes that, upon satisfaction of the conditions, the renegotiated banking arrangements will give the Company significantly improved headroom over the three year term of the renewed facilities.
Board
Fred Hoad has decided to retire as a Director and, with effect from the end of today's meeting, will step down from the Board. I would like to place on record the Board's appreciation for all Fred's hard work and dedication to the Company over the past seven years.
Trading Update
Keith Taylor, Chief Executive, has commenced his review of the Company's operations. This exercise will be concluded as soon as practicable and further announcements will be made as appropriate. The Board continues to evaluate all options for delivering shareholder value.
As we have previously commented, despite little improvement in the overall economic environment, the Company is currently performing in line with our expectations.
Whilst, as usual, forward order visibility in the building products business remains short, broadly speaking and bar any unforeseen circumstances, market conditions for that business appear to have stabilised. Although we believe conditions will probably remain difficult for some time, some customers have shown signs of re-stocking, albeit sporadically and with the sales pass-through to retailers remaining unclear.
However, given management's tight focus on the operating cost base and identifying cost reduction opportunities, the Company remains well placed to take advantage of any increase in activity levels.
Gall Thomson Environmental, our oil services business, continues to perform well.
29 July 2009
Enquiries:
| Collins Stewart Europe Limited | Tel: +44 (0)20 7523 8350 |
| Mark Dickenson / Tom Hulme | |
| College Hill | Tel: +44 (0)20 7457 2020 |
| Mark Garraway / Gareth David |