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Name | Symbol | Market | Type |
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Wt Batterymetal | LSE:WATT | London | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 17.01 | 16.83 | 16.945 | 0 | 12:04:28 |
RNS No 9078v WATTS BLAKE BEARNE AND COMPANY PLC 22nd May 1998 WATTS BLAKE BEARNE & CO PLC CHAIRMAN'S AGM STATEMENT Watts Blake Bearne & Company ("WBB"), the leading international ball clay producer, held its 85th Annual General Meeting today, at WBB Devon Clays' East Golds Grinding and Packaging Plant, Newton Abbot, Devon, at 11:00 am. Michael Beckett, Chairman, told shareholders at the AGM: "The Notice of this Meeting is on page 47 of the Annual Report and Accounts which was sent to you at the end of April." "Before moving through the formal agenda of this Annual General Meeting, I will make some introductory remarks." "I am particulary pleased to welcome shareholders and guests to our East Golds site. By holding this meeting here, shareholders will have the opportunity to see for themselves an example of the type of investment your management team is making in re-equipping the business for continued industry leadership. The particular plant next to our marquee represents a #3.2 million pound expenditure in state of the art grinding and packaging equipment. For those of you who might query the cost of the tent it is cheaper to be here than our previous venues." "Your Company's performance in 1997 was at a record high, with pre-tax profits increasing by almost half a million pounds over the previous highest achievement in 1995. This fine effort, to which every operating company in the WBB Group contributed, was achieved in spite of the considerable strengthening of our reporting currency, the Pound Sterling, against other European currencies. This effect alone reduced our profits by 1 million pounds." "Your Board remains convinced that its strategy for the business - the key objective of which is to deliver long term growth to all shareholders - is firmly based on the strong twin foundations of world-class mineral reserves and excellent people. This confidence is reflected in the increase in dividend by 8.6% to 17.6p per share. Your Company has grown stronger through the year and is poised for further growth. A number of potential new opportunities are currently under investigation." "I should comment on one feature of the year which has been disruptive here in Devon. Shareholders are aware of the Company's plans to extend the useful life of Southacre quarry - a complex resource of genuinely world-class ball clays not found elsewhere in the world. This extension requires the diversion of a 1.35 kilometre stretch of the rivers Bovey and Teign. Plans for this project had been widely discussed with all interested parties and, during 1997, the project was approved by Devon County Council. A project such as this is inevitably sensitive and needs to be presented with consideration for local residents and with care for the environment. I must assure shareholders that the Company's approach was, and is, both sensitive and highly professional at all times." "Nonetheless, our property was illegally invaded by so called eco-protestors in June. As a result of their activities, the Company suffered a good deal of inaccurate negative press comment and, regrettably, the project was called in by the Department of the Environment for a Public Inquiry. I should also add there will be a considerable cost to this. The Inquiry will begin in July. We are confident that the Company's case is compelling and that the project will ultimately be approved. I can assure all shareholders and the general public that WBB is committed to carrying out this project to the highest professional standards and that the new eco-system which will be formed will mature to become a natural amenity of real value to the local community and the native wildlife." "I can also advise shareholders that 1998 has started strongly and profits are ahead in comparison with the same period last year. The European winter has been benign for our operations and markets on the Continent have held up well to match. Management are determined to build on this advantage and I look forward to reporting the outcome when we convene again next year." "We continue to emphasise the WBB image as a global brand which is recognised everywhere. As our key customers continue to develop internationally opportunities to extend further our geographic spread will be grasped." "Ladies and Gentlemen, your Company is in excellent shape. Our reputation is high, our world leadership position is secure, our strategy is carefully designed and our financial resources strong." For further information please contact: Michael Beckett, Chairman Graham Lawson, Chief Executive Steve Carreck, Publicity Manager Watts Blake Bearne & Company PLC Tel: 01626 332 345 Fax: 01626 332 344 or via Group's web site: www.wbb.co.uk END CAGFCBCKBDKDQPB
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