7th Dec 2005 07:01
Walker Greenbank PLC07 December 2005 For immediate release 7 December 2005 WALKER GREENBANK PLC ("Walker Greenbank" or "the Company") Statement regarding the Company Pension Liability Reduction Exercise Shareholder Funds improved by £3 million at first deadline Walker Greenbank PLC (AIM: WGB), the wallpaper, textiles and furnishingsbusiness whose brands include Sanderson, Morris & Co, Harlequin and Zoffany,announces that on 31 October 2005 the Company offered all current and deferredpensioners of the Walker Greenbank Pension Plan a cash payment in lieu ofnon-statutory increases to their pensions. Members have until 31 January 2006 to respond to the Company's proposals buthave been given the opportunity to accept the offer at three deadlines: at theend of November 2005, December 2005 and January 2006. The Company wishes toinform shareholders that the level of acceptance at the first deadline, 31November 2005, will have the impact of improving shareholder funds byapproximately £3 million. Shareholders are reminded that the pension liability included in the Company's2006 Report and Accounts will incorporate the final effect of this pensionliability reduction exercise. The ultimate position of the pension liability asat 31 January 2006, the Company's year end, will depend on other factors thatimpact on pension schemes such as investment returns, the level of bond yieldsand any required changes to take account of increases in life expectancy. For further information: Walker Greenbank PLC 01908 658089John Sach, Chief ExecutiveJulian Wilson, Company Secretary Teather & Greenwood 020 7426 9000Mark DickensonRobert Naylor Buchanan Communications 020 7466 5000Mark Court/ Suzanne Brocks/ Elly Williamson This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
WGB.L