18th May 2006 14:29
Watermark Group PLC18 May 2006 18 May 2006 Watermark Group plc ("Watermark", or "the Group") Trading update The current trading position for the Group has been reviewed by the Board in thecontext of ongoing discussions with potential offerors, as outlined in theCompany's statement of 31 March 2006. The Executive Directors responsible for each of the two main trading divisions,of Products and Services, have confirmed that they each remain comfortable withthe forecast revenues and profits derived from their respective contracts andnew business opportunities. In terms of Other Revenue opportunities, such asCommissions and Fee income, the level of new business opportunities andlikelihood of conversion has been considered, bearing in mind the time left inthis financial year, and a view has been taken to reduce this. The net result of these changes, is that the result for the financial year ended31 December 2006 could be some 15% below what was indicated in the PreliminaryResults announcement on 31 March 2006. The position for the following yearremains, that there would be further positive growth seen in 2007. The Directors remain confident that in the medium and longer term, the outlookis positive with significant overseas opportunities to take the Encompass totalcabin management programme and set up operations similar to those at theHeathrow Encompass Centre, supported by long term contracts for Group services. Discussions with potential offerors are continuing and a further announcementwill be made in due course. The Company is currently in an offer period and this statement will be reportedon in accordance with the Rules of the City Code on Takeovers and Mergers (the"Code"). For further information please contact: Crispin Quail Jeremy CareyWatermark Group plc Tavistock CommunicationsTel: 020 8606 1300 Tel: 020 7920 3150e-mail: [email protected] e-mail: [email protected] Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Code, if any person is, or becomes,"interested" (directly or indirectly) in one per cent. or more of any class of"relevant securities" of Watermark, all "dealings" in any "relevant securities"of that company (including by means of an option in respect of, or a derivativereferenced to, any such "relevant securities") must be publicly disclosed by nolater than 3.30 pm (London time) on the London business day following the dateof the relevant transaction. This requirement will continue until the date onwhich the offer becomes, or is declared, unconditional as to acceptances, lapsesor is otherwise withdrawn or on which the "offer period" otherwise ends. If twoor more persons act together pursuant to an agreement or understanding, whetherformal or informal, to acquire an "interest" in "relevant securities" ofWatermark, they will be deemed to be a single person for the purpose of Rule8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of Watermark by Watermark, or by any of their respective"associates", must be disclosed by no later than 12.00 noon (London time) on theLondon business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevantsecurities" "dealings" should be disclosed, and the number of such securities inissue, can be found on the Takeover Panel's website atwww.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price ofsecurities. In particular, a person will be treated as having an "interest" byvirtue of the ownership or control of securities, or by virtue of any option inrespect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on thePanel's website. If you are in any doubt as to whether or not you are requiredto disclose a "dealing" under Rule 8, you should consult the Panel. Rule 2.10 Requirement In accordance with Rule 2.10 of the Code, Watermark confirms that it currentlyhas in issue 44,573,817 ordinary shares of 1p each. The International SecuritiesIdentification Number for the ordinary shares is GB0009422097. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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