Obligación de beneficio de jubilación Comprar en actualización
Servicios de Hargreaves plc
("Hargreaves" o el "Grupo")
Obligación de beneficio de jubilación Comprar en actualización
Servicios de Hargreaves plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, announces that is has completed the buy in (the "Buy In") of the Group's two defined benefit pensions schemes (the "Schemes").
The Board is pleased to announce that the Schemes completed the Buy In transaction with Just Group plc ("Just") on 29 February 2024. The shortfall in the Schemes assets which required funding was £3.7m. After taking into account fees, the impact of GMP equalisation legislation and other potential data cleansing adjustments this could rise to a maximum of £6.6m. This is lower than the previously estimated maximum cost of £9m.
This process means that the member benefits to be paid out upon their retirement are now covered by an insurance policy provided by Just. The Group has made an initial cash payment of £7.7m out of existing cash reserves in order to secure this position. This initial cash payment reflects the shortfall on the Schemes assets of £3.7m, noted above, plus an additional £4.0m in the form of a loan, as some of the property assets held in the Schemes are illiquid. This loan allows the Schemes to purchase the requisite insurance policy. The loan, which will bear interest at a commercial rate, will be repaid to the Group upon the subsequent sale of the underlying assets by the trustees.
The Group has been paying £1.8m in annual deficit reduction contribution payments to the Schemes. The Board announced in the Annual Report and Accounts for the year ended 31 May 2023 the intention to ultimately buy out the Schemes' obligation. The Buy In has removed the need for any further deficit reduction contributions from the Group. However, the obligation (albeit now fully insured) remains with the Group until the buy-out is completed. The buy-out will likely take between 12 to 24 months to complete during which time Just will be undertaking routine data validation checks on the Schemes.
Change of dividend payment date
The interim dividend of 18p which was announced as being payable on the 11 April 2024 in the Interim Statement, will now be paid on the 4 April 2024 to shareholders on the register on 22 March 2024.
Roger McDowell, Non-Executive Chair of Hargreaves, said: "The Buy In represents a significant step forward in the Group's stated strategy of realising value for shareholders. Not only does it further simplify the Group's Balance Sheet, but it also releases annual free cash flow, which will support the sustainability of the recently announced 36p annual dividend."
Para más información:
Para más información: | |||
Servicios de Hargreaves plc | www.hsgplc.co.uk | ||
Gordon Banham, director ejecutivo | Tel: 0191 373 4485 | ||
Stephen Craigen, director financiero del grupo |
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Walbrook PR (Relaciones Públicas y Relaciones Públicas Financieras) | Tel: 020 7933 8780 o GME@dhr-rgv.com | ||
Paul McManus/Louis Ashe-Jepson/ | Multitud: 07980 541 893/07747 515 393 | ||
charlotte edgar
| 07884 664 686 | ||
Singer Capital Markets (Nómada y Sector empresarial Broker) | Tel: 020 7496 3000 | ||
Sandy Fraser/Phil Davies/Sam Butcher | |||
Acerca de Hargreaves Services plc (www.hsgplc.co.uk)
Hargreaves Services plc es un grupo diversificado que brinda servicios a los sectores industrial y de propiedad, y brinda apoyo a industrias clave en el Reino Unido y el sudeste asiático. Los tres segmentos comerciales de la Compañía son Servicios, Hargreaves Land y una inversión en una empresa conjunta alemana, Hargreaves Raw Materials Services GmbH (HRMS). Los servicios brindan apoyo crítico a muchas industrias centrales, incluidas la energía, el medio ambiente, la infraestructura del Reino Unido y ciertas industrias de fabricación a través de la prestación de servicios de manipulación de materiales, contratación mecánica y eléctrica, logística y movimientos de tierra importantes. Hargreaves Land se centra en el desarrollo sostenible de zonas industriales abandonadas con fines residenciales y comerciales. HRMS comercia en mercados de productos básicos especializados y es propietario de DK Recycling, un reciclador especializado de materiales de desecho de acero. Hargreaves tiene su sede en el condado de Durham y centros operativos en todo el Reino Unido, así como en Hong Kong y una empresa conjunta en Duisburg, Alemania.
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