11 June 2019
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No. 596/2014
Mpac Group plc
(''Mpac'', "Company" or "Group")
Pension scheme valuation update
Mpac Group plc, a global leader in 'Make, Pack, Monitor and Service' high speed packaging solutions, is pleased to announce that it has concluded negotiations with the Trustee of the legacy 'Molins U.K. Pension Fund' in relation to the June 2018 triennial actuarial valuation and associated deficit recovery plan.
The actuarial deficit in the scheme has reduced from £69.9m at 30 June 2015 to £35.2m at 30 June 2018 on a technical provisions basis. The actuarial deficit is now expected to be eliminated in July 2024, compared to August 2029 under the previous valuation. The current annual deficit recovery payments have been maintained but will now cease more than five years earlier than was agreed under the previous valuation.
All other aspects of the deficit plan remain unchanged.
Will Wilkins, Group Finance Director, commented:
"I am pleased to report that since joining the Mpac Board in June 2018, the Company and the Trustee of the pension fund have worked well together to reach a positive conclusion to the June 2018 valuation which has significantly reduced both the deficit and recovery period compared to the June 2015 valuation. There remains a significant amount of work to be done, but there are genuine reasons to be confident that with continued sound governance, management of the scheme and cooperation between the Trustee and the Company, we can meet our long-term objectives regarding the pension scheme."
For further information, please contact:
Mpac Group plc
Tony Steels, Chief Executive
Will Wilkins, Group Finance Director
Tel: +44(0)24 7642 1100
Panmure Gordon (UK) Limited (Nominated Adviser & Broker)
Dominic Morley - Corporate Advisory
James Stearns - Corporate Broking
Tel: +44(0)20 7886 2500
Tel: +44(0)20 7796 4133
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