Result of AGM
October 01 2009 - 8:42AM
UK Regulatory
TIDMFKE
RNS Number : 0770A
Fiske PLC
01 October 2009
Fiske Plc ('Fiske' or 'the Company')
Results of AGM
Fiske Plc (the 'Company') announces that at the AGM held today all the
resolutions were duly passed.
Speaking at the AGM, Clive Harrison, the Chairman and Chief Executive, said the
following:
"I would like to make a few additional comments about last year and to
update you on our progress to date.
As my predecessor indicated this time last year, we were expecting the half-year
to November 2008 to be pretty miserable and it was, but we hoped the second half
to the end of May might look brighter. In fact, as I am sure you will remember,
the third quarter of our year, the months of December, January and February,
were some of the grimmest months in living memory. They were then followed in
March by one of the sharpest and strongest rallies in my memory which is roughly
the same as living memory.
I regret we didn't forecast the rally.
Whether in fact March marked the end of the bear market is still in my opinion
an open question, but whether that is the case or this is a major rally in a
bear market as in 1931, either way we are due a correction. Markets never move
in straight lines for long. What we are more sure about is that the worst of the
banking crisis, which we did foresee, is now over, although there are some nasty
hidden problems yet to be revealed.
For the economy the situation has still to get worse before it gets better. The
talk about "green shoots" is overdone. If you throw money at an economic problem
you get the same result as a thunderstorm in the desert. It blooms rapidly
before it withers. The test is when the tap is turned off and the authorities
are already discussing just that.
The first four months of our new financial year have got off to a modestly
favourable start, certainly a significant improvement over the same period last
year. Ours is not a business that is easy to forecast as we are bound to be
influenced by market movements and volumes. However, although complacency is not
a word included in our mission statement, not least because we don't believe in
mission statements, I do feel we can state that we view the first half of our
new year with confidence."
For further information please contact:
- Gerard Luchini, Fiske Plc - Compliance Officer
(tel: 020 7448 4700)
- Gerry Beaney/ David Hignell, Grant Thornton UK LLP (Nominated Adviser)
(tel: 020 7383 5100)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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