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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Wallgate | LSE:WGT | London | Ordinary Share | GB00B29Q2280 | ORD 0.075P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3361P Wigmore Group (The) PLC 26 July 2005 Speymill Group plc Result of Annual General Meeting 26 July 2005 The company announces that at today's annual meeting Speymill Group plc (formerly The Wigmore Group plc) passed all resolutions. The full text of each resolution was set out in the notice of annual general meeting circulated to shareholders on 29 June 2005. The special business of the meeting included the approval to change the company's name to Speymill Group plc and to extinguish the company's deferred shares and consolidate the ordinary shares on the basis of one share for every 100 shares held. The Wigmore Group chairman Paul Doona made the following comments at the annual general meeting: "The company has rationalised its existing business and has prepared a springboard to develop what I believe are very exciting opportunities. In the annual report I said that we intended to 'capitalise on our core competencies through other initiatives in property development and facilities management.' Today I can put some flesh on the bones of our plans. It is our intention to establish a fund management business, focussed to begin with, on property. To this end Speymill Property Managers Limited has been incorporated in the Isle of Man. As a first step, we announce today Heads of Agreement for the incorporation of a new joint venture with a German company for the management of a portfolio of properties (initially over 900 apartments) in Berlin. The majority of the properties are owned by our major shareholder, Burnbrae, with the balance coming from our German partner. Plans are already advanced to take advantage of substantial Funds which are being organised to invest in German properties particularly in Berlin. The joint venture we are announcing today will be well placed to participate in that process. The joint venture company we are planning is to be called GOAL Services Gmbh. Ownership of GOAL will be divided in the ratio of 51% to Speymill and 49% to LAGO Services, which is controlled by Herr Florian Lanz, who is based in Berlin. LAGO is an existing German property management business with in depth knowledge of the German construction market and a wide range of property contacts. GOAL will validate the suitability of potential acquisitions, find and manage tenants, undertake technical property management services such as cleaning, general maintenance, major refurbishment and property administration. The joint venture may also be in a position to undertake refurbishment or construction opportunities that are suitable for Speymill Contract's expertise. As reported in our preliminary announcement the Speymill Contract's business is developing well and I am pleased to be able to report that the majority of the management team is now in place to continue this improvement. The sales prospects have improved from the preliminary announcement (#30m) to stand at over #36m, a figure representing committed and likely business and a prudent assessment of the win rate achieved for new tenders. Unfortunately, for a variety of reasons outside our control, a number of contracts have been delayed in starting and this has had a detrimental effect on the sales in the first months of the year. We have recently been awarded a number of exciting new contracts. They include the development of a new Premier Travel Inn and Brewers Fayre pub for Whitbread; an extension of an existing Premier Travel Inn; the development of a sports complex; a redevelopment of a large former country hotel to a private house and a significant extension of a Sleepwell Hotel, to incorporate a conference and banqueting suite and a leisure complex. With regard to today's elections to the board Anthony Baillieu has decided to withdraw his nomination because of personal commitments. He is, however, willing to continue his association with the company by lending his considerable experience in these matters to the development of the new activities. I am delighted that Howard Flight, formerly Conservative MP for Arundel and South Downs has agreed to join the board in his place. Howard brings significant experience of fund management with him." Paul Doona Executive Chairman 01624 698141 Tim Blackstone Britton Financial PR 020 7251 2544 Jonathan Naess Nabarro Wells & Co Limited 020 7710 7400 This information is provided by RNS The company news service from the London Stock Exchange END AGMPKAKBABKDOOB
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