Walker Greenbank PLC
07 December 2005
For immediate release 7 December 2005
WALKER GREENBANK PLC
('Walker Greenbank' or 'the Company')
Statement regarding the Company Pension Liability Reduction Exercise
Shareholder Funds improved by £3 million at first deadline
Walker Greenbank PLC (AIM: WGB), the wallpaper, textiles and furnishings
business whose brands include Sanderson, Morris & Co, Harlequin and Zoffany,
announces that on 31 October 2005 the Company offered all current and deferred
pensioners of the Walker Greenbank Pension Plan a cash payment in lieu of
non-statutory increases to their pensions.
Members have until 31 January 2006 to respond to the Company's proposals but
have been given the opportunity to accept the offer at three deadlines: at the
end of November 2005, December 2005 and January 2006. The Company wishes to
inform shareholders that the level of acceptance at the first deadline, 31
November 2005, will have the impact of improving shareholder funds by
approximately £3 million.
Shareholders are reminded that the pension liability included in the Company's
2006 Report and Accounts will incorporate the final effect of this pension
liability reduction exercise. The ultimate position of the pension liability as
at 31 January 2006, the Company's year end, will depend on other factors that
impact on pension schemes such as investment returns, the level of bond yields
and any required changes to take account of increases in life expectancy.
For further information:
Walker Greenbank PLC 01908 658089
John Sach, Chief Executive
Julian Wilson, Company Secretary
Teather & Greenwood 020 7426 9000
Mark Dickenson
Robert Naylor
Buchanan Communications 020 7466 5000
Mark Court/ Suzanne Brocks/ Elly Williamson
This information is provided by RNS
The company news service from the London Stock Exchange