29th Jun 2005 07:00
Cape PLC29 June 2005 29 June 2005 Cape PLC("Cape" or "the Company") AGM Statement At the Company's AGM this morning, Martin May, Chairman of Cape PLC, will makethe following statement: Cape PLC, the international provider of industrial support services to theenergy sector, is pleased to announce that trading since the beginning of thecurrent year has continued to be robust and in line with market expectations. In the UK, in addition to the significant new contract with BNFL announced on 17February, Cape Industrial Services Limited ("CIS"), the Company's subsidiary andlargest operating business, has just successfully concluded negotiations withBritish Energy for the renewal of a contract to perform maintenance work on fiveof British Energy's nine power stations. CIS has also been awarded a five yearcontract with CNR International (UK) Limited for maintenance work on four of itsplatforms in the North Sea. This continues CIS' record of winning new businessin the UK both on and offshore. The Company's operations in the Middle East are performing ahead of plan andprospects both there and on Sakhalin Island in the Far East are veryencouraging. Overall, on the basis of the past six months' trading, the Groupremains well placed to achieve another year of sustained growth. On 16 June, the Company announced its proposals to provide for the long termfinancing of a great majority of all future asbestos-related claims likely to besuccessfully made against it. The proposals include a Scheme of Arrangement forthe establishment of a £40 million fund to be used in the settlement of claimscovered by the Scheme. Cape believes that, if accepted, these proposals shouldenable all claims covered by the Scheme to be settled. We also believe that, ifaccepted, these proposals should provide significant de-risking for the Company,remove a significant obstacle to the Group's growth and leave the Group betterable to generate the resources needed to secure the continued payment ofcompensation to claimants. ENDS For further information, please contact:Cape PLCMartin May, Chairman +44 (0) 1924 876 281 Bell Pottinger Corporate & FinancialNick Lambert +44 (0) 20 7861 3232 / +44 (0) 7811 358 764 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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