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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Asbury Automotive Dl 01 | TG:AWG | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-2.00 | -0.95% | 208.00 | 206.00 | 208.00 | 0.00 | 22:50:15 |
30 July 2003 AWG Plc AGM STATEMENT Speaking at the Annual General Meeting of AWG Plc today, chairman Peter Hickson said: "In addition to a good set of trading results, we completed the ring-fencing and refinancing of our water company; we delivered significant returns of capital for our shareholders and clarified our forward objectives; we continued to progress our disposal strategy in the UK and overseas; we substantially reorganised the Board; and finally, we dealt with a lengthy and very public attack from WestLB. The Board took the proposal from WestLB seriously, even though it is now clear the approach was not financed on a committed basis, and WestLB did not have a solution to the regulatory problem caused by the bank's ownership of another water company. The AWG Board rejected the approach because it was substantially below the value we saw in the company. The affair became a very public one. A second approach from WestLB indicating a slightly higher price was also rejected on the same grounds of not reflecting the true value of the company. This time-consuming impasse continued for nearly four months, until WestLB announced its withdrawal early in June. This change followed a letter I had written to the chairman of WestLB at the end of May requesting that he clarify the bank's intentions. I received no reply to this letter. The day after my letter had been sent, a formal deadline of June 18 was imposed for potential bidders to make a bid or withdraw for the next six months. Shortly before the expiry of the June 18 deadline, the two former executives involved in the original approach found new venture capital support to try again. Their advisers indicated directly to us, and some of our shareholders, that there might be a bid if we would extend the deadline. It was clear, however, that the finance required to support any bid would only be available, if at all, after a due diligence exercise of unpredictable length. There could be no certainty that the outcome of this exercise would lead to a firm bid. Such a period of uncertainty for employees and customers, following four and a half months' publicity already, seemed to the Board to present little attraction to the business and to the shareholders. In the six months since the first WestLB approach, nobody has tabled a bid for AWG. Where there have been indications of price - what I term a virtual bid - there has been no committed financing. Furthermore, any apparent financing has always been subject to extensive investigation by banks - what they call confirmatory due diligence - in order to meet their undisclosed requirements. Obviously, as a company with publicly traded shares, we should expect that we may receive a bid. The Board understands that. However, we must be cautious about allowing virtual bids to be seen as real bids, and for financing to be seen to be in place when, in reality, it is subject to delay and doubt. My objective is not to deny our shareholders the opportunity to receive value for their shares. We believe there is substantial value in AWG, which the management is determined to deliver to shareholders. If anybody wishes to provide that value immediately, then they should be prepared to make the commitment up front. Since last year we will have returned £678 million to shareholders over and above the normal payments to shareholders of £81 million. I have already mentioned our ordinary payments to shareholders which we increased this year by just over three per cent. Last year, we confirmed our intention to continue to increase annual payments by RPI until 2005, the end of the current regulatory period. Following our two capital returns, the Board has confirmed this policy and has also stated its objective to continue it beyond 2005, subject to the outcome of the next regulatory review, currently in progress. We shall continue to pursue positive cash flows, and the Board remains committed to the principle of returning surplus capital to shareholders. Looking forward, there continue to be challenges for all parts of our business. * We must continue to deliver our cash flows and profits * We must deliver the best result from the regulatory review * We must continue to improve the quality of our infrastructure business * The disposals programme must be vigorously pursued * And we must prove the real value of the company. As a result of the refinancing last year, we do not see any requirement to raise new equity capital to fund future capital expenditure. The year has started satisfactorily. We have recently announced £450 million of contract awards and after three months our results are in line with our expectations." END For further information please contact: AWG Plc Mike Keohane, Group HR and Communications Director 07702 151044 CardewChancery Anthony Cardew / Rupert Pittman 020 7930 0777 Weber Shandwick Square Mile Terry Garrett 020 7067 07172 END
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