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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mayflower | LSE:MFW | London | Ordinary Share | GB0008002221 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0232X Mayflower Corporation PLC 29 March 2004 Embargoed 7.00 am Monday 29 March 2004 THE MAYFLOWER CORPORATION PLC ("Mayflower") Board Changes and Financial Update Mayflower announces that John Simpson (Chief Executive), David Donnelly (Finance Director) and John Fleming (Joint Managing Director) will be leaving the Group with effect from the date of the preliminary announcement of the Group's 2003 results, now expected to be in April. Alan Jamieson, who was appointed as Chief Restructuring Officer in February 2004, will become Chief Executive at this time and Bruce Wright will join the Board as interim Finance Director. Rupert Hambro has indicated that he intends to step down as Chairman, during this year, as soon as a successor is found. As a separate matter, Mayflower also announces that it has discovered certain accounting irregularities in its TransBus Division. These irregularities relate principally to delays in passing on payments from customers to one of the Group's finance providers. The adjustments required as a result of these irregularities are likely to increase the Group's previously announced net debt figure at 31 December 2003. It is currently expected that the increase in net debt will be less than #20 million. The Group is not currently aware of any adjustment that would alter profit. Investigations by PricewaterhouseCoopers are continuing. Mayflower continues to be in discussions withits principal lenders about renewed financing arrangements. Alan Jamieson Alan Jamieson is a veteran restructuring specialist with almost 30 years of experience in this area. During 26 years with PricewaterhouseCoopers, Alan led the European Business Recovery practice. Since 2001, Alan has led the restructuring of several public and private companies including taking the role of Chief Restructuring Officer of Mikron Holdings, a Swiss based public engineering group. Bruce Wright Bruce Wright is an experienced finance director with extensive knowledge of interim management. In the past 33 years, Bruce has held management positions with 14 public companies most recently as Finance Director of Chubb plc, Kwik Fit Holdings Ltd, First Choice Holidays plc and B&Q. Enquiries Gavin Anderson & Company 020 7554 1400 Liz Morley/Tom Siveyer This information is provided by RNS The company news service from the London Stock Exchange END BOAJRMMTMMBTTPI
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