Zotefoams Plc Regulatory News (ZTF)

15 Dec 2005 07:00

Zotefoams PLC15 December 2005 15 December 2005 Zotefoams plc (the 'Company') Period End Trading Update Zotefoams plc today provides a trading update prior to the Company's financialyear end on 31 December 2005. The business continues to trade well, in line with market expectations. During 2000 and 2001 the Company entered into a worldwide sales and marketingalliance for polyolefin foams with the Sekisui Chemical Company Ltd ('Sekisui'),who act as exclusive agent and distributor for the Company in Continental Europeand Asia respectively. Sekisui also act as agent for certain customers in NorthAmerica. The Board has, for some time, been in discussions with Sekisui in relation tocertain of their obligations under two of these contracts. While still open tothe prospect of resolution through other means, the Board decided to pursue itsrights through the prescribed dispute resolution processes and Zotefoams hastherefore instigated arbitration proceedings. Commercial arrangements withSekisui continue as normal. The Board also announces that John Marley will be standing down as anon-executive director on 31 December 2005. John has been a director of theCompany for ten years and the Board would like to thank John for his significantcontribution over that period. Roger Lawson will replace John as seniorindependent non-executive director. The Board is pleased to announce that Nigel Howard will join the board ofZotefoams plc on 1 January 2006 as a non-executive director. Nigel, aged 60,spent over 36 years working for Morgan Crucible Plc and was a board member for13 years before retiring in December 2003. He served as Chairman of its ThermalCeramics Division which had sales of over £300 million, from 1988 to 1998. Hethen held various other senior roles at Morgan Crucible before becoming DeputyChief Executive in 2002 and Interim Chief Executive until his retirement. He isa non-executive director of Alliance One International Inc which is listed onthe New York Stock Exchange. The Company intends to announce its preliminary financial results for the yearended 31 December 2005 on 14 March 2006. Enquiries: Zotefoams plc 0208-664-1600David Stirling, Managing DirectorClifford Hurst, Finance Director Financial Dynamics Limited 07774 602 739 / 0207-831-3113Sarah MacLeod Note The following information is provided on Nigel Howard in accordance withparagraph 9.6.13 (1-6) of the Listing rules: Current directorshipsAlliance One International Inc (USA, 2005- ) Public directorships held in the last five yearsStandard Commercial Corporation (USA, 2004-2005 now Alliance One InternationalInc)The Morgan Crucible Company plc (UK, 1992-2003)Assam Carbon Products Ltd (India, 1977-2005) No further details regarding Mr Howard are required to be disclosed underparagraph 9.6.13 (1-6) of the Listing rules of the UK Listing Authority. This information is provided by RNS The company news service from the London Stock Exchange