For Immediate Release 10 May 2013
C. A. Sperati (The Special Agency) PLC
("CAS" or the "Company")
Adjourned Annual General Meeting and trading update
Adjourned Annual General Meeting
Further to the announcement made on 18 April 2013 the directors of CAS ("Directors") announce that the Annual General Meeting of the Company, which was due to have taken place on 17 April 2013 at 10.30 a.m. has been adjourned to 11.30 a.m. on 10 June 2013 and will be held at the registered offices of CAS being 54, Westcombe Hill, Greenwich, London SE10 0LR.
Trading update
Since 31 October 2012 sales and margin levels have remained relatively static, despite the advanced negotiations with a number of new potential customers mentioned in the Chairman's statement of the Company's annual report and accounts for the financial year ended 31 October 2012. Although some negotiations are still progressing, the anticipated increase in the sales outlook for the forthcoming year is now unlikely to materialise. The customer base is well established and there is currently little growth in the Company's sector, with minimal new clients coming in to the market. The selling prices remain relatively static with increased pressure to keep prices low due to increasing global competition.
Cost reduction initiatives and a reduction in one off exceptional items of expenditure have led to a lowering of the Company's cost base which the Directors believe should slow the decline in Shareholder value. However, the ongoing commitment of being a Company on the Main Market of the London Stock Exchange plc ("Main Market") brings with it overhead costs that continue to have a material impact on the results of the Company. The global economic slump continues to have a knock on effect on the demand for the Company's products and as a result the Company is still looking for strategic opportunities to diversify into other business activities or to utilise the Company's Main Market listing for the benefit of CAS shareholders ("Shareholders").
As announced on 15 April 2013, the Company entered into a conditional contract with Knightspur Homes Limited (a wholly owned subsidiary of Cavendish and Gloucester Properties Limited), to sell its freehold land and property based in Greenwich for a total cash consideration of £446,000 ("Disposal"). The Disposal constitutes a Class 1 Transaction under the Listing Rules and is therefore conditional on the approval of Shareholders at a general meeting. Shareholders will be provided with notification of the general meeting in conjunction with the dispatch of a circular, containing details of the proposed Disposal, in due course.
Contacts:
Kevin Jackson, Chairman, CAS - 01509 670314
Roland Cornish / Emily Staples, Beaumont Cornish Limited - 0207 628 3396
