TIDMEDP
RNS Number : 9591T
Electronic Data Processing PLC
18 October 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN, INTO OR FROM, ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION.
18 October 2017
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Electronic Data Processing PLC ("EDP" or the "Company")
Pension Scheme Triennial Valuation
Strategic Review Update
Pension Scheme Triennial Valuation
On 6 March 2017 EDP announced the preliminary results of the
formal triennial actuarial valuation of its defined benefit pension
scheme at 31 July 2016. As detailed in that announcement, the
actuary's preliminary valuation report indicated a deficit in the
scheme as at 31 July 2016 of GBP490,000, representing a funding
level of 94%. The report suggested a 10-year deficit recovery plan
involving the payment of Company cash contributions of GBP75,000
per annum. The announcement also noted that these amounts were
provisional as the valuation was still in progress and that once it
was finalised, shareholders would be updated.
Since that announcement was made, further work has been
undertaken by the pension scheme actuary to finalise the valuation.
Part of this work focused on analysing the data held by the scheme
administrator for a number of deferred members who had been members
of the scheme for less than five years. On investigation, it was
determined that the liability for these members in the preliminary
valuation report had been overstated by GBP420,000.
The actuary's valuation report has now been finalised,
indicating a deficit on a scheme funding basis as at 31 July 2016
of GBP70,000, representing a funding level of 99%.
The expectation is that this deficit identified as at 31 July
2016 will have been cleared by the 2018/19 scheme year as a result
of the payment of terminal bonuses by the scheme insurer in respect
of member retirements over the next two years. The formal deficit
recovery plan does not therefore require the immediate payment of
cash contributions by the Company. However, the Company has agreed
with the trustees to make a one-off contribution of up to a maximum
of GBP118,000, payable on or before 31 July 2020, in the event that
the terminal bonus payments do not cover the deficit in full.
Strategic Review Update
The uncertainty over the pension scheme valuation since March
2017 has impacted on the strategic review process and caused it to
take longer than originally expected. Should the strategic review
process not result in an acceptable offer being made for the
Company the Board intends to consider returning an amount of cash
to shareholders subject to any constraints on distributable
reserves and the rules of the Takeover Code. The Company will
update shareholders further when it is in a position to do so.
The Company expects to announce its preliminary results for the
year ended 30 September 2017 during December 2017.
-ENDS-
Enquiries:
Julian Wassell James Storey BDO LLP (Financial
Adviser)
Chief Executive Finance Director John Stephan/Susan
Jarram
0114 262 2010 0114 262 2010 0207 486 5888
About Electronic Data Processing PLC
Electronic Data Processing PLC is a supplier of software
solutions to the Merchanting and Wholesale Distribution Industry.
These include ERP and e-business solutions together with a
comprehensive range of customer support, implementation and
training services. EDP also offers a powerful, combined CRM and
business intelligence solution across a wide range of
industries.
EDP's solutions are offered through either on-site licenced
arrangements or on a cloud/hosted basis from its own data centre
located in Milton Keynes.
EDP has around 300 customers ranging from small owner-managed
businesses to multinationals.
Publication on Website
A copy of this announcement will be made available at
www.edp.co.uk no later than 12:00 noon (London time) on 19 October
2017 (being the business day following the date of this
announcement) in accordance with Rule 26.1 of the Code. The content
of the website referred to in this announcement is not incorporated
into and does not form part of this announcement.
BDO LLP, which is authorised and regulated in the United Kingdom
by the Financial Conduct Authority, is acting exclusively for
Electronic Data Processing PLC (as financial adviser) and no one
else in connection with the matters referred to in this
announcement and will not be responsible to anyone other than for
Electronic Data Processing PLC for providing the protections
afforded to clients of BDO LLP nor for providing advice in relation
to the matters referred to in this announcement.
The directors of Electronic Data Processing PLC accept
responsibility for the information contained in this announcement.
To the best of their knowledge and belief (having taken all
reasonable care to ensure that such is the case), the information
contained in this announcement for which they are responsible is in
accordance with the facts and does not omit anything likely to
affect the import of such information.
The distribution of this announcement in jurisdictions outside
the United Kingdom may be restricted by law and therefore persons
into whose possession this announcement comes should inform
themselves about, and observe such restrictions. Any failure to
comply with the restrictions may constitute a violation of the
securities law of any such jurisdiction.
Disclosure requirements of the Code
Under Rule 8.3(a) of the Code, any person who is interested in
1% or more of any class of relevant securities of an offeree
company or of any securities exchange offeror (being any offeror
other than an offeror in respect of which it has been announced
that its offer is, or is likely to be, solely in cash) must make an
Opening Position Disclosure following the commencement of the offer
period and, if later, following the announcement in which any
securities exchange offeror is first identified. An Opening
Position Disclosure must contain details of the person's interests
and short positions in, and rights to subscribe for, any relevant
securities of each of (i) the offeree company and (ii) any
securities exchange offeror(s). An Opening Position Disclosure by a
person to whom Rule 8.3(a) applies must be made by no later than
3.30 pm (London time) on the 10th business day following the
commencement of the offer period and, if appropriate, by no later
than 3.30 pm (London time) on the 10th business day following the
announcement in which any securities exchange offeror is first
identified. Relevant persons who deal in the relevant securities of
the offeree company or of a securities exchange offeror prior to
the deadline for making an Opening Position Disclosure must instead
make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes,
interested in 1% or more of any class of relevant securities of the
offeree company or of any securities exchange offeror must make a
Dealing Disclosure if the person deals in any relevant securities
of the offeree company or of any securities exchange offeror. A
Dealing Disclosure must contain details of the dealing concerned
and of the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree
company and (ii) any securities exchange offeror, save to the
extent that these details have previously been disclosed under Rule
8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies
must be made by no later than 3.30 pm (London time) on the business
day following the date of the relevant dealing. If two or more
persons act together pursuant to an agreement or understanding,
whether formal or informal, to acquire or control an interest in
relevant securities of an offeree company or a securities exchange
offeror, they will be deemed to be a single person for the purpose
of Rule 8.3.
Opening Position Disclosures must also be made by the offeree
company and by any offeror and Dealing Disclosures must also be
made by the offeree company, by any offeror and by any persons
acting in concert with any of them (see Rules 8.1, 8.2 and
8.4).
Details of the offeree and offeror companies in respect of whose
relevant securities Opening Position Disclosures and Dealing
Disclosures must be made can be found in the Disclosure Table on
the Takeover Panel's website at www.thetakeoverpanel.org.uk,
including details of the number of relevant securities in issue,
when the offer period commenced and when any offeror was first
identified. You should contact the Panel's Market Surveillance Unit
on +44 (0) 20 7638 0129 if you are in any doubt as to whether you
are required to make an Opening Position Disclosure or a Dealing
Disclosure.
This information is provided by RNS
The company news service from the London Stock Exchange
END
STRBGBDGRBBBGRI
(END) Dow Jones Newswires
October 18, 2017 06:18 ET (10:18 GMT)
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