Worthington Grp Regulatory News (WRN)

FOR IMMEDIATE RELEASE

Worthington Group Plc

Board Changes

The Company is pleased to announce the appointment of Mr Douglas Ware and Mr David Simpson to the Board of Directors of Worthington Group Plc ("WRN" or the "Company"). It also announces that the current Directors, Mr Anthony Cooke, Mr Peter Townsend and Mr John Taylor have resigned from the Board with immediate effect. 

Mr Cooke, the outgoing Non-Executive Chairman, was pleased to acknowledge the plans that the incoming Directors have for the future of the Company: these include the immediate placing of ordinary shares in the Company to the value of at least £125,000 to be issued at the par value of 10p and further details will be announced when the arrangements have been made. Mr Ware has also already indentified some potential acquisitions for the Company. Mr Cooke and his fellow Directors wished them every success with their future plans.

Mr Cooke and Mr Taylor will each receive a payment as per their letters of appointment; Mr Townsend agreed to facilitate the change of Board composition by waiving his rights under his contract of employment and has agreed to accept a significantly reduced payment for loss of office. The total cost to the Company of these payments is £36,000. Mr Townsend's options granted on 30th August 2011 will immediately vest in full as per the agreed terms of the original Option Agreement.

Mr Ware's role is that of Chief Executive and his extensive experience in the property market, brand management and the management of companies in Hong Kong (where the Company may seek a listing as a means of enhancing shareholder value) will assist both the Keighley development opportunity pursued by the current Directors and other growth opportunities. Mr David Simpson has been a practicing Barrister since 1992 and will be appointed as Non-Executive Director. 

Commenting, Mr Ware said: "I am excited with the opportunities that are now available to WRN to make full use of its valuable listing and properly benefit from the opportunity that the Keighley site, with planning permission for residential use, would bring to shareholders. Planning application is very close to being completed although the process has been somewhat delayed due to the Board changes.

As regards the Jerome Pension Fund ("JPF"), having examined the original proposals for the proposed loan to Rangers Football Club Plc ("RFC"), I confirm that the terms of the loan appeared to offer an attractive opportunity to JPF and seemed also to be in the best interests of both WRN and JPF. Mr David Simpson, as a Barrister, is aware of the circumstances surrounding the proposed loan and the current legal proceedings and is very well placed to help with a successful outcome.

Mr Simpson and myself wish to thank the outgoing Directors for the considerable advances they have brought about within the Company and wish them every success for their future."

1 June 2012