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Share Name | Share Symbol | Market | Type |
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Lisi Group | EU:FII | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.15 | -0.64% | 23.20 | 22.80 | 23.70 | 23.40 | 22.95 | 23.30 | 22,421 | 16:40:00 |
RNS Number:2450R FII Group PLC 24 October 2003 ANNOUNCEMENT 24 October 2003 FII GROUP PLC ("the Company") The Company is pleased to be able to report that the negotiations with the Pension Fund Trustee Board, as referred to in our preliminary announcement of unaudited results on 29 September 2003, have now been concluded. The Company has entered into a conditional agreement (the "Compromise Agreement") with Fii Group Pension Trustees Limited (the "Trustee") and Fii Footwear Management Limited in relation to the debt which would otherwise fall on the Group (under section 75 of the Pensions Act 1995) in the event of insolvency and which would otherwise arise were the Company to pay the required level of future contributions. Following the grant by the High Court of leave for the Trustee to issue a petition without naming defendants with immediacy, the Compromise Agreement remains conditional inter alia on shareholder approval, the Company receiving sufficient cleared funds to enable it to discharge its obligations to the Trustee under the Compromise Agreement and the Court granting a further order approving the entry into and carrying out by the Trustee of a compromise substantially in the terms of the Compromise Agreement. On satisfaction of the conditions set out above, the principal terms of the Compromise Agreement provide for: (a) the payment of #2.8 million to the Trustee by the Company; (b) the sale by the Company to the Trustee of its entire shareholding in Xtempus Limited for #1.00 (such shares are already written down to zero in the Company's accounts); (c) the grant of an option to the Trustee over 2.5 per cent. of the Company's issued share capital (as enlarged following the issue of shares in connection with the fund raising required by the Company for it to satisfy its obligations); and (d) the release of the Company and Fii Footwear Management Limited by the Trustee of all claims, save those arising under the Compromise Agreement, including those in relation to the Fii Group Pension & Life Assurance Scheme. Provided that the Compromise Agreement becomes unconditional and can be completed, the Board believes that the Group is well positioned to develop the potential from its existing brands and to expand its range of products, with the objective of delivering value to shareholders. When arrangements for the fund-raising have been completed, a further announcement will be made and a circular will be sent to shareholders as soon as possible thereafter, convening the necessary Extraordinary General Meeting to approve the transaction, the fund-raising and other matters. For further information: Douglas Ware, Fii Group PLC 01604 593 600 Roland Cornish, Beaumont Cornish Limited 020 7628 3396 This information is provided by RNS The company news service from the London Stock Exchange END AGRZXLFLXBBZFBZ
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