MRX Metalrax Group

 

TIDMMRX 
 
RNS Number : 5300V 
Metalrax Group PLC 
13 July 2009 
 

13 July 2009 
 
 
 
 
Metalrax Group PLC 
 
 
AGM trading update 
 
 
Metalrax Group PLC, ("Metalrax" or the "Group"), the niche supplier of 
specialist engineering and consumer durables products, will be holding its 
Annual General Meeting at 12.15pm today at Burlington Hotel, 126 New Street, 
Birmingham, B2 4DH.  The Chairman of Metalrax, John Crabtree, will make the 
following statement: 
 
 
"In the Group's Preliminary results, announced on 15 June 2009, Chief Executive 
Andrew Richardson made the following statement: "Current economic conditions 
reaffirm the need for the Group's repositioning into growing, defensible niche 
sectors in line with the January 2008 strategic review and we anticipate 2009 
being a challenging year". He also stated that trading had improved slightly 
during the course of 2009. 
 
 
"I can now report that trading has continued to improve in the meantime and 
accordingly the Board believes that it will meet current market expectations for 
2009. 
 
 
"On 2 July 2009, Metalrax announced that its Romanian subsidiary, Hidrosib, had 
applied to the Romanian courts to commence insolvency proceedings, so as to stem 
losses running at approximately GBP100,000 per month. 
 
 
"The Group also announced then that progress was being made regarding the 
refinancing of its bank debt and that outline funding proposals had been 
received from the Group's banks, HSBC and The Royal Bank of Scotland, and these 
were being considered by the Group and would require agreement of the pension 
trustees and The Pension Regulator. 
 
 
I can now report that we have reached agreement on outline terms with the banks 
and the pension trustees. This agreement is subject to legal documentation and 
approval by The Pensions Regulator and a further announcement will be made in 
due course." 
 
 
-ends- 
 
 
For further information: 
 
 
+-----------------------------------+-----------------------------------+ 
| Metalrax Group PLC                |                                   | 
+-----------------------------------+-----------------------------------+ 
| Andrew Richardson, Chief          | 0121 433 3444                     | 
| Executive                         |                                   | 
+-----------------------------------+-----------------------------------+ 
|                                   |                                   | 
+-----------------------------------+-----------------------------------+ 
| Arden Partners                    |                                   | 
+-----------------------------------+-----------------------------------+ 
| Chris Fielding                    | 020 7398 1600                     | 
+-----------------------------------+-----------------------------------+ 
| Steve Douglas                     | 0121 423 8900                     | 
+-----------------------------------+-----------------------------------+ 
| Matthew Armitt                    | 020 7398 1600                     | 
+-----------------------------------+-----------------------------------+ 
|                                   |                                   | 
+-----------------------------------+-----------------------------------+ 
| Hogarth Partnership               | 020 7357 9477                     | 
+-----------------------------------+-----------------------------------+ 
| Rachel Hirst                      |                                   | 
+-----------------------------------+-----------------------------------+ 
| Anthony Arthur                    |                                   | 
+-----------------------------------+-----------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 AGMSFUFWESUSEIW 
 

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