Statement re Icelandic banks

13 Oct 2008 14:55



Icelandic Banks

In light of the uncertainty concerning deposits held with Icelandic banks we report that we currently have £5.7 million on deposit with Kaupthing Singer and Friedlander, Heritable Bank (Landsbanki) and Glitnir Bank. All of these amounts are due for repayment by 31 December 2008.

Notwithstanding these at risk deposits, we have further substantial funds available. The Board is therefore satisfied that any loss which may be incurred on these deposits will not have any impact on the ability of the group to finance its trading operations or its ongoing capital expenditure programme at William Lee.

B.J.Cooke, Chairman

Castings plc

Lichfield Road

Brownhills

West Midlands

WS8 6JZ