James Latham plc
("James Latham" or the "Company")
Trading Statement and Directorate Change
Director PDMR/Shareholding
The Board of James Latham is pleased to provide a trading statement ahead of the Company's results for the year to 31 March 2015.
Revenue for the year ending 31 March 2015 is expected to be ahead of, and profit before tax is likely to be in line with, market expectations.
The Board anticipates releasing the Company's preliminary results on 24 June 2015.
Pension Scheme Triennial Valuation March 2014
The Company and the Trustees of the James Latham plc Pension and Assurance Scheme have approved the Scheme's triennial actuarial valuation, dated 31 March 2014, with the Scheme Actuary. This valuation shows a shortfall of assets of £1,546,000 compared with a shortfall of £9,030,000 in the previous valuation dated 31 March 2011. The Company has agreed a Recovery Plan over two years with the Trustees, and will continue its previous recovery plan, paying £1,155,000 in the year to 31 March 2015 and then pay £420,000 in the year to 31 March 2016.
Directorate Change
The Board of James Latham is pleased to announce that Andrew Wright will be joining the Board of Directors with effect from 1 April 2015. He is currently responsible for the Company's northern depots; Leeds, Gateshead and Scotland, and the Company's trading in technical panels and new product development.
Further information on Andrew Wright
Andrew George Wright, aged 50, is a director of Lathams Limited and holds 7,534 ordinary shares in the Company representing 0.04 per cent. of the total voting rights. In addition, Mr Wright holds options over shares in the Company as follows:
CSOP scheme
Number of options |
Exercise price |
Exercise period |
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2,025 |
£1.98 |
15.12.15 to 14.12.20 |
1,742 |
£2.295 |
29.11.16 to 28.11.21 |
1,834 |
£2.725 |
5.12.17 to 4.12.22 |
1,262 |
£3.96 |
16.12.18 to 15.12.23 |
707 |
£5.65 |
5.1.20 to 4.1.25 |
SAYE scheme
Under the Company's SAYE scheme Mr. Wright will be able to purchase 1,463 ordinary shares at £2.46 when the scheme expires on 1 March 2016.
Mr. Wright has confirmed there is no further information to be disclosed in accordance with the requirements of Schedule Two (g) of the AIM Rules
Director PDMR/Shareholding
The Company was informed on 31 March 2015 that Pippa Latham, a non-executive director of the Company, has gifted 5,800 ordinary shares to her husband. Pippa Latham's interest in James Latham is unchanged as a result of this transaction and remains 369,998 ordinary shares representing 1.9 per cent of the total voting rights.
James Latham plc |
Tel: 01442 849 100 |
Peter Latham, Chairman |
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David Dunmow, Finance Director |
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Northland Capital Partners Ltd Nominated Adviser and Broker |
Tel: 020 7382 1100 |
Matthew Johnson / Edward Hutton |
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