SVE Starvest Plc

RNS No 3300p
SAVE GROUP PLC
6th January 1998

SAVE GROUP PLC ("Save" or "the Company")

Response to letter to shareholders

As reported in the national press, Mr Dean Overton, the Company's
former Managing Director, has written to the Company's
shareholders concerning his dismissal and his intention to
commence proceedings against the Company.  The Board of the
Company is, today, writing to its shareholders in the following
terms:

"You will have received a letter from Mr Overton concerning his
dismissal from the Company as Managing Director on the 18
November 1997.

As required, an announcement was made to the Stock Exchange
stating the fact that Mr Overton's employment with the Company
had ceased and that it was not expected that any compensation
would be paid.  A number of newspapers picked up the announcement
including The Guardian who reported it in the manner stated in Mr
Overton's letter, without at any time speaking either to me or to
any one else at the Company.  No other newspaper made any such
comments.

The termination of Mr Overton's employment centres around his
dismissal of two long serving employees of the group, who have
since been the subject of payments by the group of compensation
for unfair dismissal, and also of threatening letters sent out by
him to a large number of the group's licensees.

It is common knowledge that the past 2 1/2 years have been very
difficult for the petrol retailing industry as a whole, indeed
some 4,000 petrol stations have closed during that period alone,
leaving operators and staff to struggle against the might of such
companies as Esso with their Price Watch campaign.  Thankfully,
the many representations to the OFT enquiry, including those of
your Company, do seem to be about to be recognised.  The Times
reported on Friday, 2 January 1998 as follows:

'Petrol companies and supermarkets are expected to be urged by
the Office of Fair Trading to call a ceasefire in their price war
to prevent the closure of thousands of rural filling stations .
Mr Bridgeman will tell oil companies and supermarket to stop
selling petrol at a loss simply to win market share.'

We, at Save, have tried to maintain the highest standards:  to be
the most professional in our field and in the most adverse of
conditions to survive.  Every person connected with Save over the
past 2 1/2 years has had to make sacrifices so that we may remain a
sound and healthy company in the future.  I believe that we have
achieved this and achieved this honourably.  Save - one policy
from the forecourt to the boardroom, is our aim.

If Mr Overton thinks that he has a case, he should either take
the Company to an Industrial Tribunal or issue proceedings.
Either will be vigorously defended in fairness to other employees
and shareholders."

Enquiries:

James Frost - Chairman, Save Group PLC - Tel:  01296 436661

END


BOAUBUBCGBGRGPQ

Starvest (LSE:SVE)
Historical Stock Chart
From Jun 2024 to Jul 2024

Starvest (LSE:SVE)
Historical Stock Chart
From Jul 2023 to Jul 2024