22nd Sep 2005 16:17
Character Group PLC22 September 2005 Issued by Citigate Dewe Rogerson Ltd, BirminghamDate: Thursday, 22 September 2005 IMMEDIATE RELEASE The Character Group plc ("the Group") Update At the time of the Group's interim results statement issued in April, theCompany highlighted its intention to seek an Admission to AIM as it provides inthe Board's view, a more flexible environment in which to achieve the Group'sobjectives and reduce costs and formalities relating to listing and futuretransactions. At the same time, the Directors also confirmed that they recognised the need tostrengthen the executive and operational management teams and position the Groupfor its next stage of development. The Group's focus continues to be the improvement in its operationalefficiencies and further development of its product portfolio. Having taken intoaccount the progress being made in the trading position of the Group and theneed to manage each of the Group's businesses, the Board has decided that whilstthe proposed changes to the Group structure are being completed, it would be inboth the business and its shareholders interests that, with their strength andexperience within the business and sectors in which the Group operates, RichardKing and Kiran Shah are appointed interim joint managing directors to overseethe changes. Accordingly, Enrico Preziosi has stepped aside from his executive role as ChiefExecutive Officer and Managing Director with immediate effect. Giochi PreziosiS.p.a remains a 22.5% shareholder and the Board is not aware of any intention byGiochi Preziosi to reduce its shareholding in the Group. The process of transferring from the Official List to AIM has commenced anddetails will be included in a Circular to be posted to shareholders in duecourse. Subject to shareholder approval at an EGM, the move will be completed assoon as practicable. As part of the Group's on-going review, the Board, as it indicated in April, isalso considering the possible de-merger of World Wide Licenses ("WWL") andsimultaneously seeking an Admission to AIM for WWL's shares in their own right.Whilst there are no immediate plans to make this move, the Board believes thatthis could also better promote shareholder value. Shareholders will be kept informed of developments as appropriate. The Group expects to announce its Preliminary Results for the year ended 31August 2005 in November. Enquiries:Richard King, ChairmanKiran Shah, Group Finance Director Fiona Tooley, DirectorThe Character Group plc Citigate Dewe RogersonTel: +44 (0) 20 8949 5898 Tel: +44 (0) 121 455 8370Mobile: +44 (0) 7836 250150 (RK) Mobile: +44 (0) 7785 703523 (FMT)Mobile: +44 (0) 7956 278522 (KS)www.thecharacter.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Character