| LPA GROUP PLC | ||||||||
| £1.5 million rail equipment contract from Bombardier
LPA Group PLC (“LPA” or the “Group”) is pleased to announce that its wholly-owned subsidiary, LPA Industries Limited (trading as “LPA Niphan Systems”), has been awarded a £1.55 million contract to supply stand-by power systems (Battery Rafts) and inter-car electrical interfaces (Jumpers) for a total of 93 Turbostar Diesel Multiple Units (“DMUs”) being manufactured by Bombardier Transportation UK Limited in Derby.
Delivery will commence during the first quarter of 2009 and extend in to 2010. LPA has been supplying similar equipment for Turbostar DMUs since 1998 and this contract brings the total number of such systems to be supplied since 1998 to nearly 500.
Peter Pollock, Chief Executive, comments:
“After a gap of more than three years in Turbostar production, this third significant rail contract we have won in the past two months is very welcome news, helping secure the future for LPA Niphan Systems, which now has a healthy order book extending several years in to the future. We are working hard to secure other near term opportunities for the Group and expect to announce further contract wins in due course.”
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£1.5 million rail equipment contract from Bombardier
Contract win from First Great Western
| LPA Group PLC (“the Company”) | ||||||||
| 6 November 2008
LPA Group PLC (“LPA” or “the Group”) is pleased to announce that LPA Niphan Systems has been awarded a £0.62m contract to upgrade the inter-car electrical interface (Jumpers) on 541 High Speed Train (“HST”) power cars and passenger carriages operated by First Great Western, the Train Operating Company owned by FirstGroup plc.
Peter Pollock, LPA Chief Executive, comments:
“This is great news for the Group and will give us a good boost at the start of the 2009 financial year. It is the latest in a series of contract awards we expect to receive and follows the contract from SNCF in France, announced on 28 October 2008.
“I am also delighted to announce that the technology of another of our subsidiary companies, Excil Electronics, has been recognised by an award for innovation in LED Lighting at this week’s Railway Interiors Show in Amsterdam.”
ENQUIRIES:
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LPA Group wins contract in France from SNCF
| LPA Group PLC (“the Company”) | ||||||||
| 28 October 2008
LPA Group PLC (“LPA” or “the Company”) is please to announce that its wholly-owned subsidiary, Excil Electronics Limited (“LPA Excil”), has been awarded a £0.2m contract to supply Société Nationale des Chemins de fer Français (“SNCF”), the National Railway of France, with LED down lights for the TGV East fleet. The TGV East fleet consists of 52 train sets of 11 cars per train set.
The TGV interior vestibule refurbishment, under which LPA Excil’s £0.2m contact has been awarded, includes new ceiling panels with an Internet WiFi Parabole in each car. Adopting LPA Excil’s LED lighting solution has increased the ceiling height available to accommodate the Internet WiFi Parabole and reduced maintenance costs. Other French regions are potentially interested in similar upgrades of their TGV fleets.
Following eight months of trials, SNCF have also approved the LPA Excil halogen replacement LED down light for use in the interior of their popular AGC fleet of trains. The LPA Excil LED drop in halogen replacement unit enables SNCF to save 3000W of energy per train set per year and dramatically reduces maintenance costs.
SNCF have entered into discussions with LPA Excil regarding plans to install LPA Excil’s LED drop in halogen replacement units on the existing fleet of approximately 1000 vehicles. Depending on configuration there are about 50 down lights per vehicle, constituting a potential demand of 50,000 down lights over the next few years. Further fleets of new AGC vehicles are planned generating further potential for the future.
LPA Excil has worked in partnership with SNCF to develop a new LED lighting scheme for their “Mooviter” regional train technology demonstrator. This train has been fitted with LPA Excil LED down lights. Mooviter was exhibited at Innotrans Berlin in September 2008, has featured on French national television and is currently under taking a “Tour de France” visiting and exhibiting in many towns and cities – lasting several months. LPA Excil’s involvement is acknowledged on the vehicle.
Peter Pollock, Group Chief Executive, comments:
“France is one of our target markets. We have supplied train builders in France with lighting and shore power supply equipment for vehicles exported to the UK and Singapore. This is the first time that we have succeeded in supplying the French domestic market. The acknowledgement of our technology and quality by SNCF, one of the world’s most rigorous train operators, is a huge endorsement and valuable reference .
Enquiries:
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Change of Nominated Advisor & Broker
| LPA Group PLC (“LPA” or the “Company”) |
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| 15 October 2008
The Company is pleased to announce the appointment of Blomfield Corporate Finance Limited as its Nominated Adviser and Religare Hichens, Harrison plc as Broker, with immediate effect.
Commenting on the appointments, Peter Pollock, Chief Executive, said:
“We are excited about this change and believe that Blomfield Corporate Finance Limited and Religare Hichens, Harrison plc will provide the Company with advisers appropriate for its current and future needs.”
Enquiries:
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Change of Advisor
| LPA Group PLC (“the Company”) | ||||
| 9 October 2008
Change of Adviser Name
Following its change of name from Landsbanki Securities (UK) Limited to Teathers Limited on 7 October 2008, the name of the Company’s nominated adviser and broker is now Teathers Limited of:
Beaufort House
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Resignation of Director
| LPA GROUP PLC | ||||||
| As anticipated in the Chairman’s Statement of 29 January 2008, John Goodger today retires as non-executive director after 12 years on the Board. He will be succeeded in his role as chairman of the Audit and Remuneration Committees by Per Staehr.
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£2.5m Australian rail contract
| LPA Group PLC | ||||||
| LPA Group PLC (“LPA”), the lighting, power and electronics system manufacturer and distributor, is delighted to announce its subsidiary, LPA Niphan Systems, has been selected by Downer EDI Rail, an Australian-based rail vehicle builder, to supply the Intercar Electrical Connection Equipment (Jumpers and Receptacles) for Sydney’s new fleet of double-deck passenger transport rail vehicles.
This fleet, which is being supplied under a Public Private Partnership, known as the Peter Pollock, Chief Executive, comments: “Following on from our recently-announced contract to supply lighting equipment for a fleet of more than 1,700 London Underground carriages, this latest contract demonstrates once again the international demand for our range of safety-critical electrical equipment. I remain confident that further significant rail contracts will follow in the coming months.”
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£0.85m London Underground contracts won
| LPA Group PLC | ||||||||
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10 July 2008 LPA Group PLC (“LPA” or “the group”), the lighting, power and electronics system manufacturer and distributor, announces contracts totalling £0.85m for the supply of Step Lights for Victoria Line Upgrade on London Underground and the sub-surface (District, Circle and Metropolitan) lines.
LPA Excil Electronics, based at Normanton in West Yorkshire, has been awarded contracts worth a total £0.85m to supply Step Lights for a total of 1,755 London Underground passenger carriages on the Victoria Line and on the sub-surface (District, Circle and Metropolitan) lines. The Step Lights comprise three power Light Emitting Diode Lights, driven by a dedicated LPA Excil LED Power Supply, and are used to illuminate the train door threshold and station platform interface.
LED lighting is a health and safety requirement to aid the visually impaired. It offers an environmentally friendly and low life cycle cost alternative to other forms of lighting, providing long life at a fraction of the power consumption, particularly of halogen lamps. LPA Excil Electronics is a specialist supplier of all types of lighting for rail vehicle interiors, and has specialised in the development of LED lighting for these applications.
Peter Pollock, Chief Executive, comments:
“This latest contract demonstrates the quality of safety-critical electrical equipment produced by companies within the group, and our ability to supply key components for the huge and costly upgrading of London’s underground rail system. I am confident that we are well placed to win further rail industry supply contracts over the coming months.”
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Interim results
AGM Trading update
| LPA GROUP PLC | ||||||
| LPA Group PLC is an AIM-quoted manufacturer and distributor of lighting, power and electronics systems. At today’s Annual General Meeting (“A.G.M.”), Michael Rusch, Chairman made the following comments on current trading:
“In the Annual Report I stated that whilst the current year had started strongly, the second quarter would be weaker and, therefore, progress in the year would be limited. However, I am pleased to report that, so far, trading is robust.
“Routine orders are currently significantly ahead of the same period last year and cash flow has been particularly strong. Projects for which we have either been selected, are well placed, or for which we are awaiting adjudication, are at very high levels.
“2008 is the 100th anniversary of the founding of Light and Power Accessories by Ernest Joseph Lott. I hope to be able to mark this event in a tangible way and to give a positive update with the interim figures due in June.
“Whilst we expect the remainder of the year to be challenging, I am encouraged by prospects for our rail business in particular, and I am hopeful that we will have major orders to announce during the current year.”
11 March 2008
ENQUIRIES
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Result of AGM
| LPA Group Plc | ||||||
| LPA Group PLC is an AIM-quoted manufacturer and distributor of lighting, power and electronics systems.
At today’s Annual General Meeting of the LPA Group Plc all the resolutions put to the meeting were duly passed.
11 March 2008
ENQUIRIES
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Announcement of Letter to shareholders
| LPA Group PLC (“the Company”) | ||||
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05 March 2008 Letter to Shareholders The Company announces that copies of the above document have been posted to shareholders yesterday. A full copy of this document will shortly be available on the Company’s website www.lpa-group.com. For further information, please contact:
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Letter to shareholders
Dear Shareholder,
You may have received a letter from Andrew Perloff, in which he recommends you to vote against the re-election of the Chairman Michael Rusch and the election of Per Staehr, our newly appointed non-executive director. The Board has asked me to respond.
In his letter, Mr. Perloff makes a number of inaccurate and potentially misleading interpretations of the Company’s Annual Report and Accounts, which have been prepared in accordance with UK Generally Accepted Accounting Practice and audited by Grant Thornton UK LLP, a leading firm of Chartered Accountants. Mr. Perloff’s implication that your Board has incorrectly presented financial information is as dangerous a one for him to make as it is a false one.
A potentially misleading claim made by Mr. Perloff is that the profit includes a £200,000 benefit from the pension scheme. In fact, in accordance with accounting rules, the full service cost of the pension scheme of £204,000 is taken against operating profit and the pension return, also of £204,000, is credited against interest costs. Mr. Perloff has conveniently identified the credit to make his point while ignoring the corresponding debit.
Our results for the year show a significant improvement in the Company’s financial position with an increase in operating profit of £483,000. But for Mr. Perloff’s so-called shareholder activism, profits would have been higher: the Company has incurred expenses employing independent professionals to advise on ensuring all shareholders best interests are served. These expenses will continue and future profits will be reduced, while Mr. Perloff continues to claim to be acting in shareholders interests, rather than his own, and the Board is compelled to ensure shareholders are not misled.
Mr. Perloff complains that executive remuneration increased £74,000 in the year. Executive directors received performance related bonuses totaling £46,000. On reaching the age of sixty in September 2006, as required under the rules, I left the Company’s pension scheme and a contribution of £18,000 was made to a money purchase scheme and separately identified in directors’ remuneration. The balance of the increase is accounted for by inflation increases in expenses and salaries.
The £1.2m profit made ten years ago, to which Mr. Perloff refers, included a £0.6m exceptional profit on disposal of property in London.
Shareholders should note that the Board is proposing a 20% increase in dividends for the past year. Furthermore, as an indication of their commitment to the Company, the executive directors have exercised options and bought a total of 405,000 shares in the Company during the past year, of which I exercised and continue to hold 330,000 shares. My option over a further 420,000 shares time lapsed in the year and I was granted options over 575,000 shares. Non-executive directors, including Per Staehr, have bought 55,000 shares.
Mr. Perloff says that the future is not bright and makes much of the cautious statements in the Chairman and Chief Executive’s reviews. His view is strangely at odds with his recent approach to a major shareholder offering to buy their shares.
Mr Perloff claims that the directors “hid” the value of the Group’s property. Under existing accounting rules property may be carried at cost or revaluation. If the directors wished to adopt a policy of revaluation, to reflect the site’s potential for redevelopment, the Company would incur the considerable expense of having regular external valuations. In addition realisation of the full value would require the Company to vacate the site totally, at considerable cost.
Mr. Perloff’s offer to acquire the Saffron Walden property included a lease back option but was some 30% lower than the offer received from a national house builder. Mr. Perloff claims that his offer was “unconditional”. It was not: like the other offer it was subject to contract and had it been progressed, presumably to negotiation. Mr. Perloff’s offer also came with the suggestion that if the Company sold the property to him, he would be amenable to the Company buying his shares. In view of the inadequacy of the offer it has not been pursued.
Your Board is focusing on the future development of the business. The volume of outstanding tenders, projects for which we have been selected and the order book for 2009 and beyond is probably stronger than it has ever been. Your Board is determined to consolidate the business, develop our exciting LED technology and maximise shareholder value. Since the Board and their families speak for 26.6% of the Company, their interests are clearly aligned with those of all shareholders.
The Board do not find Mr Perloff’s involvement with the Group constructive. His approach is inconsistent and disruptive. On the one hand, he has suggested that we have discussions with another company in which he is a major investor about the sale of all or parts of the Group, while at the same time suggesting we might look for acquisitions. He has suggested that the Company might buy back his shares whilst offering to buy more shares in the Group. Overall his approach is bizarre and unhelpful.
Michael Rusch has shown exceptional courage and leadership through several years of extremely difficult trading conditions. He and his family are major shareholders and have the most to gain from the Board’s determination to maximise shareholder value. Per Staehr has a wealth of relevant experience to benefit the Company, which, for reasons that are not clear, Mr Perloff would seek to deny the Company.
We strongly recommend that shareholders vote in favour of all resolutions at the AGM, including those relating to the re-election of Michael Rusch and Per Staehr. I enclose a new proxy form for you to use, which will over-ride any earlier proxy form you may have sent in.
Your Board will maintain its commitment to deliver you value for your shares as its overriding priority.
For and on behalf of the Board,
PETER POLLOCK
Chief Executive
LPA Group plc – Form of Proxy
For use at the annual general meeting to be held at 12.00 noon on Tuesday 11 March 2008 at the offices of College Hill Associates Limited, The Registry, Royal Mint Court, London EC3N 4QN.
I/We ………………………….…………………………………
of …..………………………….…………………………………
being a member/members of LPA Group plc hereby appoint (note 1)
………………………………………………………………………………………..
or failing him the Chairman of the meeting as my/our proxy to vote for me/us and on my/our behalf at the above mentioned meeting and at any adjournment thereof. I/We wish this proxy to be used as shown below:
Signed………………………………………………………………………………
Dated……………………………………………………………………………….
Please indicate with an “X” in the spaces below how you wish your votes to be cast. This proxy will be used only in the event of a poll being directed or demanded. If the form is returned without any indication as to how the proxy shall vote on any particular matter, the proxy will vote or abstain as he thinks fit.
| Resolution | For | Against |
| 1. To receive the accounts for the year ended 30 September 2007. | ||
| 2. To declare a final dividend of 0.40p per ordinary share for the year ended 30 September 2007. | ||
| 3. To re-appoint Michael Rusch as a director of the Company. | ||
| 4. To appoint Per Staehr as a director of the Company. | ||
| 5. To re-appoint the auditors and to authorise the directors to fix the auditor’s remuneration. | ||
| 6. To authorise the directors to allot shares (as defined in section 80 of the Companies Act 1985) in the Company. | ||
| 7. To authorise the directors (pursuant to section 95 of the Companies Act 1985) to allot shares in the Company for cash. | ||
| 8. To authorise the Company to make market purchases (as defined in section 163(3) of the Companies Act 1985) of its own shares. |
- If you wish to appoint as your proxy any person(s) other than the Chairman of the meeting, please insert the full name(s) of the proxy or proxies (in block capitals) in the space above. A proxy need not be a member of the Company and may attend the meeting in person but may not vote except on a poll. Please note that a proxy may not speak at the meeting except with the permission of the Chairman of the meeting.
- To be effective a form of proxy must be in writing and signed by the member or his duly authorised attorney or, if the member is a corporation under its common seal or signed by a duly authorised officer or attorney. A corporation may appoint a representative to attend and vote at the meeting.
- To be valid this proxy, together with any power of attorney under which it is signed, must be received at Capita Registrars, Registrars for LPA Group PLC, Proxy Department, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU not less than 48 hours before the time fixed for the meeting
- In the case of joint holdings the vote of the first-named holder in the register will be accepted to the exclusion of the other joint holders
Total Voting Rights
| LPA Group PLC (“the Company”) |
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29 February 2008
Total Voting Rights
In conformity with the FSA’s Disclosure and Transparency Rule 5.6 (DTR 5.6), the Company notifies the market of the following:
As at the date of this announcement, the Company’s issued share capital consists of 11,448,229 ordinary shares with a nominal value of 10 pence each (“Ordinary Shares”), with voting rights. The Company does not hold any Ordinary Shares in Treasury.
Therefore, the total number of Ordinary Shares with voting rights is 11,448,229.
The above figure of 11,448,229 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA’s Disclosure and Transparency Rules. |
Dealings by directors
| LPA GROUP PLC | ||
| The Company has been notified that on 15 February 2008 Per Staehr, a Non-Executive Director, purchased 10,000 ordinary shares of 10p each in the Company, at a price of 36 pence per share. Further to the purchase, Per Staehr is beneficially interested in 30,000 ordinary shares, being 0.26% of the Company’s issued share capital.
For further information, please contact:
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Dealings by directors
| LPA GROUP PLC | ||
| The Company has been notified that on 13 February 2008 Stephen Brett, an Executive Director, exercised an option to purchase 75,000 new ordinary shares of 10p each in the Company at an option price of 13 pence per share. Further to the purchase, Stephen Brett is beneficially interested in 85,000 ordinary shares, being 0.74% of the Company’s issued share capital.
The Company has applied for 80,000 ordinary shares of 10p each to be admitted to trading on AIM. The shares were issued pursuant to the exercise of share options, including the Director’s exercise noted above, at an option price of 13p. These shares will rank pari passu with the existing ordinary shares of the Company. Following admission the share capital of the Company will be 11,448,229 ordinary shares. Dealings in the new shares are expected to commence on 19 February 2008.
For further information, please contact:
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Dealings by directors
| LPA GROUP PLC | ||
| The Company has been notified that on 06 February 2008 John Goodger, a Non-Executive Director, purchased through his pension fund 25,000 ordinary shares of 10p each in the Company, at a price of 36 pence per share. Further to the purchase, John Goodger is beneficially interested in 126,540 ordinary shares, being 1.11% of the Company’s issued share capital.
For further information, please contact:
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Dealings by directors
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