Notice of AGM
October 05 2009 - 10:53AM
UK Regulatory
TIDMDYS
RNS Number : 2655A
Dyson Group PLC
05 October 2009
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| For immediate release | 05 October 2009 |
+---------------------------------+------------------------------------------+
Dyson Group plc
("Dyson" or "the Company")
Notice of AGM
The Board of Dyson announces that a circular convening its Annual General
Meeting ("AGM") has been posted to shareholders today.
The Annual General Meeting of the Company will be held at Buchanan
Communications, 6th Floor, 45 Moorfields,
London EC2Y 9AE at 11.00 a.m. on 29 October 2009.
The Company's report and accounts for the year ended 31 March 2009 (the
Accounts) have not been audited and published as a result of the dialogue with
its two banks, Lloyds TSB and Svenska Handelsbanken not having yet been
finalised. As such the Accounts are not available in time for the Annual General
Meeting, and, there being no requirement under the Articles of Association for
any director to retire from office and offer themselves for re-election this
year, none of the ordinary or special business or resolutions normally dealt
with at an annual general meeting are to be considered at this time.
Update on the Company's position
Trading continues in line with management expectations as previously announced
and this means the underlying pre-tax loss and a consequent reduction in the
share capital and reserves seen in respect of the year ended 31 March 2009 has
continued into the current financial year. The impairment reviews referred to in
the Company's announcement of 17 July 2009 are now complete and, whilst still
being subject to audit, have resulted in a total reduction in net asset value of
the Group from GBP38.1 million at 31 March 2008 to circa GBP4.7 million at 31
March 2009. Unaudited Group management accounts at 31 August 2009 show net
assets of the Group at circa GBP1.1 million.
Serious loss of capital
The Directors have concluded that the value of the Company's net assets is now
less than half of its called-up share capital. In such circumstances, the
Directors are required under section 656 of the Companies Act 2006 to convene a
general meeting of the Company for the purpose of considering whether any, and
if so what, steps should be taken to deal with the situation. Accordingly, this
matter is going to be considered at the Annual General Meeting.
Action already taken by the Board
As previously announced, the Company has been in discussions with its two banks
and the dialogue is continuing. The Company is only able to continue to trade
with the support of its lenders. A range of options is under active
consideration to enable the Group to carry on trading with the support of its
lenders and Group pension scheme creditors.
Significant restructuring of the Group has already been achieved with further
projects in hand to reduce staff numbers and increase production efficiencies. A
rigorous programme of cost reduction has been implemented and continues. The
Board is advised in these and other respects by Julian Cooper of MPC Partners
LLP.
Against this background, the Board has taken, and continues to take, action that
it believes is appropriate to address the Group's current financial and trading
position. Accordingly, the Board does not propose to recommend at the AGM that
any additional action be taken to deal with this situation.
Copies of the circular have been submitted to the UK Listing Authority and will
shortly be available for viewing by the public during normal hours of business
on any week day (public holidays excepted) at the UK Listing Authority's
Document Viewing Facility, which is situated at the Financial Services Authority
, 25 The North Colonnade, Canary Wharf, London E14 5HS.
For further enquiries, please contact:
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| Dyson Group plc | Tel: 0114 235 5308 |
| Patrick Lammers, Chief Executive Officer | Tel: 01439 771900 |
| | |
| Christopher Honeyborne, Chairman | |
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| | |
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| Buchanan Communications | Tel: 0207 466 5000 |
| Charles Ryland | |
| Ben Willey | |
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| | |
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| KBC Peel Hunt | Tel: 0207 418 8900 |
| Marianne Woods (Corporate Broking) | |
| Julian Blunt (Corporate Finance) | |
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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