COVID-19 and AGM Update
Ibstock plc ('Ibstock' or the 'Group'), a leading manufacturer of clay bricks and concrete products in the United Kingdom, today issues a further update on its response to the COVID-19 pandemic and further information in relation to the upcoming AGM.
As announced on 24 March 2020, in support of the UK Government effort to bring the pandemic under control, and to protect the health and well-being of our colleagues, we took a decision to suspend all manufacturing operations.
Subsequently, during the shutdown period, the Group furloughed a significant proportion of its employees and has developed new working practices and protocols, including social distancing and enhanced hygiene measures, which reflect the latest guidance from the Government, public health authorities and industry bodies.
We welcome recent guidance from the Government that has allowed the housebuilding and construction sector to return to work over recent weeks. Activity levels in the industry have started to increase, and we have started to bring some of our manufacturing colleagues back into the business as we commence a phased restart of production. Initially, the Group will recommence operations at approximately one third of its manufacturing sites, where we see demand for specific products and have lower levels of inventory. Activity in this initial phase has started in some of our concrete plants, and is being followed by certain brick manufacturing sites from mid-May. The Group entered the COVID-19 shutdown period with healthy brick inventories and is in a good position to meet customer need.
The Group will keep levels of demand under close review and has plans in place to restart operations at further manufacturing sites over the coming months, in response to customer demand.
AGM update - Change of venue and further information
Further to the publication of the Notice of Annual General Meeting on 6 April 2020, the Annual General Meeting ('AGM') of the Company will no longer be held at Ibstock's offices in London but will now take place at the Company's registered office Leicester Road, Ibstock, Leicestershire, LE67 6HS at 11.00 a.m. on Thursday 21 May 2020.
As previously announced, due to the current issues surrounding COVID-19 and the public health guidance in the UK the AGM will be a closed meeting, and shareholders will not be able to attend in person. Shareholders are asked not travel to the meeting, as they will not be permitted to enter the building.
The Company will ensure that all legal requirements of the meeting, in accordance with its Articles of Association, are satisfied. The format of the meeting will be purely functional, the Company's advisors will not be present and the AGM will comprise only the formal votes for each resolution set out in the Notice of AGM and no other business.
For the avoidance of doubt this approach does not impact shareholders' ability to vote on the resolutions being proposed and shareholders are strongly encouraged to submit a proxy vote in advance of the meeting and information regarding the voting procedure can be found in the Notice of AGM. Given the current restrictions on attendance, shareholders are urged to appoint the chair of the meeting as their proxy to ensure their vote will be counted (rather than a named person who will not be permitted to attend the meeting).
The results of the AGM will be published on the Company's website as soon as possible after the conclusion of the meeting.
Joe Hudson, CEO
Chris McLeish, CFO
Robert Coates, Investor Relations Director
| || |
Citigate Dewe Rogerson
020 7638 9571
About Ibstock Plc
Ibstock plc is a leading manufacturer of clay bricks and a diversified range of clay and concrete products, from its operations in the United Kingdom. Its principal products are clay bricks, brick components, concrete roof tiles, concrete substitutes for stone masonry, concrete fencing and pre‐stressed concrete products.
The Group's two divisions are:
Ibstock Clay: The leading manufacturer by volume of clay bricks sold in the United Kingdom. With 19 manufacturing sites Ibstock Brick has the largest brick production capacity in the United Kingdom. It operates a network of 23 active quarries located close to its manufacturing plants. Ibstock Brick has recently commissioned a new soft mud brick manufacturing plant in Leicestershire that added approximately 100 million bricks to its brick production capacity per annum. Ibstock Kevington provides masonry and pre-fabricated component building solutions, operating from 5 sites across the UK.
Ibstock Concrete: A leading manufacturer of concrete roofing, walling, flooring and fencing products, along with lintels and general concrete building products, with 16 manufacturing plants in the United Kingdom.
This announcement contains "forward-looking statements". These forward-looking statements include all matters that are not historical facts and include statements regarding the intentions, beliefs or current expectations of the directors. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are difficult to predict and outside of the Group's ability to control. Forward-looking statements are not guarantees of future performance and the actual results of the Group's operations. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Group undertakes no obligation to update or revise publicly any forward-looking statements.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact email@example.com or visit www.rns.com.