AGM Statement

28 Sep 2006 07:30

Volex Group PLC28 September 2006 28 September 2006 Volex Group plc Annual General Meeting Chairman's Statement Volex Group plc will be holding its Annual General Meeting at 12.30 p.m today atwhich Richard Arkle, Chairman, will make the following statement toshareholders: "Since the announcement of the Group's 2006 preliminary results on 14th June2006, trading has continued in line with the Board's expectations. Whilstcommodity prices have risen significantly since the year-end, steps have beentaken to pass these increases on to customers and at the same time the Group hasbeen working on reducing costs internally. We continue to implement our globalrestructuring programme and have sold the premises at Butts Mill, Leigh for£1.5m having relocated the harness business to another existing UK site. Weexpect to close the Stoke-on-Trent and Clinton sites in the second half of thisfinancial year with further cost reductions being made. As part of the business to be considered at the meeting, shareholders have beenasked to approve a Long Term Incentive Plan (the "LTIP"). The LTIP has beenspecifically designed to provide high levels of reward in return for highperformance from the Executive Directors and Senior Executives of the Group.This will enhance the alignment between the creation of significant shareholdervalue through improvements in the Company's performance with significant rewardsfor the Executive Directors and Senior Executives should that value be created.If the LTIP is approved, the impact on the profits for this year will not bematerial. "The Board believes it is performing in line with expectations and looks forwardto reporting its Interim results for the half year ended 1st October 2006 inNovember." Richard ArkleChairmanVolex Group plc - Ends - For further information please contact: Volex Group plc 020 7067 0700Richard Arkle, Chairman Thereafter:01925 830 101Heejae Chae, Group Chief ExecutiveDerek Walter, Group Finance Director Weber Shandwick Square Mile 020 7067 0700Chris LynchNick Dibden This information is provided by RNS The company news service from the London Stock Exchange