Business
AGM Chairman's Presentation
AGM Chairman's Presentation.
About this update from Coats Group Plc
[{"type":"text","content":"\n \nRNS Number : 4065F Guinness Peat Group PLC 23 May 2013 \n \n\nGUINNESS PEAT GROUP PLC\n(\"GPG\" or the \"Company\")\n \nAnnouncement\n \nAnnual General Meeting: Chairman's Presentation\n \nGPG announces that at its Annual General Meeting (\"AGM\") to be held in Auckland, New Zealand on 23 May 2013 at 9.30 a.m., the Chairman will make the following presentation, the text of which is set out below.\nIn addition a video presentation on the Coats business will be made by Paul Forman, CEO of Coats. A copy of that presentation is available on the GPG website.\nFellow shareholders, before proceeding to the formal business of the Meeting, I will say a few words about the Company. I will show a video presentation made by Paul Forman, Chief Executive of Coats, which will further update shareholders on the Coats business after my address and before the formal business.\nIn updating this Annual General Meeting on GPG I would like to concentrate on five areas:\n1. A reminder of what we said we would do and what we have achieved in sell down\n \n2. A summary of where Coats has been and what has been done since 2011\n \n3. Cost reduction and progress made\n \n4. Pensions, including the review by the UK Pensions Regulator\n \n5. New Chair and Board makeup going forward\n \n1. Sell Down\n \na) Introduction\n \nOn 11 February 2011, a newly constituted GPG Board announced a strategy to realise value for GPG shareholders. The main constituent parts of that strategy were outlined as follows:\n \n· GPG to undertake an orderly value realisation of GPG's investment portfolio over time\n· As part of the orderly value realisation, GPG's investment portfolio may be reduced to the point where an investment in GPG becomes an investment in Coats\n· Cash proceeds from the orderly realisation of investments to be used to pursue capital management initiatives\nA general timeframe of up to 3 years to complete the above strateg...