16 December 2016 – pensions update
The company has signed heads of terms with the Trustees of the UK Coats Pension Plan and Brunel Holdings Pension Scheme. It has also received written assurances from the UK Pensions Regulator that it will cease its regulatory action in relation to these two schemes under the Warning Notices that it issued to the Company in 2013 and 2014, subject to binding Settlement agreements being concluded on terms consistent with these heads of terms and which are satisfactory to the regulator. The settlement is due to be finalised early in 2017. The Coats Pension Plan and Brunel Holdings Pension Scheme represent approximately 90% of Coats Group’s UK pension liabilities and schemes’ members. This provides clarity and has seen the share price rise to a multi-year high. We would now SELL and lock in a significant profit.