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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Orbis | TG:OBS | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.15 | -2.44% | 6.00 | 6.00 | 6.05 | 6.00 | 6.00 | 6.00 | 850 | 08:16:38 |
RNS Number:1131Q Orbis PLC 24 September 2003 Date: 24 September 2003 Contact: John Leach, Chairman Michael Holmes, Chief Executive Orbis PLC 01895 465 500 David Bick/Chris Steele Holborn Public Relations 020 7929 5599 david.bick@holbornpr.co.uk ORBIS PLC Annual General Meeting Extract from the Chairman's Statement As announced on 20 August, shareholder approval was received for the financial restructuring and this has now been completed. We have also applied to transfer the listing of Orbis shares from the Official List to AIM and, subject to approval of our application, we will be completing the transfer on Friday, 26 September 2003. The financial restructuring has inevitably made significant demands on the time of the executive management team during the first months of this financial year, and also meant that there was some uncertainty regarding the group's financial position amongst both customers and staff until we announced our preliminary results and the restructuring proposals at the end of July. Despite this, considerable progress continues to be made to improve the efficiency and productivity of our business. In the UK, whilst two significant contracts were lost during the first quarter, we are now seeing a greater number either being retained or won and are increasingly involved in long-term partnering discussions. In addition, the strengthened operating management team is now actively promoting our additional range of services to both existing and new customers. In Europe, the senior management team in France has been strengthened and a new alarm product has been launched. Overall, trading in the first months of this financial year is in line with our expectations. As a result of the financial position of the Group being stabilised following the restructuring, the management team is now able to focus on delivering results in accordance with its plan for the future. Finally, now that the financial restructuring is complete, which is the task I was primarily recruited to undertake, I intend to step down as Chairman and resign from the board at the end of September. In addition, Maurice Brooks has informed the board that he also intends to resign his position as a non-executive director at the end of September, to pursue a more leisurely retirement. The board is currently recruiting a new non-executive chairman. - ends - This information is provided by RNS The company news service from the London Stock Exchange END AGMNKQKNDBKDCCB
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