4imprint Group PLC Pension Buy-in Transaction (8164E)

TIDMFOUR

RNS Number : 8164E

4imprint Group PLC

04 July 2023

4 July 2023

4imprint Group plc

Pension Buy-in Transaction

4imprint Group plc, (the " Group "), the leading direct marketer of promotional products, is pleased to provide an update on the further de-risking of the Group's legacy defined benefit pension plan (the "Plan").

At the end of June 2023, the Trustee of the Plan, with the full support of the Group, entered into an agreement with Legal and General Assurance Society Limited to insure substantially all remaining pension benefits of the Plan through the purchase of a bulk annuity policy. This was an investment decision for the Plan, consistent with both the Trustee's overriding objective to enhance the security of the benefits payable to members and the Group's long-term commitment to the full de-risking of its legacy defined benefit pension obligations. The Trustee was advised by Mercer Limited and Arc Pensions Law .

The transaction took the form of a 'buy-in' arrangement, with the fair value of the bulk annuity policy matching the liabilities being insured, thus eliminating inflation, interest rate and longevity risks and removing volatility from the Group's balance sheet. In order to crystallise the buy-in transaction in the current insurance market the Group agreed to accelerate most of the previously agreed schedule of recovery contributions due to end in September 2024, equating to a cash lump sum 'top-up' contribution to the Plan assets of approximately $4m, to be paid in early July 2023.

Further details regarding this pension buy-in transaction will be provided with the Group's Half Year Results Announcement to be released on 9 August 2023.

For further information, please contact:

 
 4imprint Group plc            MHP Group 
  Tel. + 44 (0) 20 3709 9680    Tel. + 44 (0) 7884 494112 
                                Email: 4imprint@mhpgroup.com 
 
 
 Kevin Lyons-Tarr           Katie Hunt 
  Chief Executive Officer    Eleni Menikou 
  David Seekings 
  Chief Financial Officer

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 rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

POSFLFLRDVIVIIV

(END) Dow Jones Newswires

July 04, 2023 02:00 ET (06:00 GMT)

4imprint (AQSE:FOUR.GB)
過去株価チャート
から 11 2024 まで 12 2024