Pension Liability Settlement

RNS Number:6649Y
Driver Group plc
20 June 2007



DRV.L

                                Driver Group plc
                       ("the Company" or "Driver Group")

                        Settlement of Pension Liability


As set out in the Company's Admission Document dated 7 October 2005 and
subsequently referred to in the Annual Report and Accounts for the year ended 30
September 2006, the Company and Driver Consult Limited ("Driver Consult"), a
subsidiary of Driver Group, participated in the Baker Wilkins & Smith Retirement
Benefit Scheme ("the Scheme") which is in the process of being wound up.

As a member of the Scheme, the Company and Driver Consult are required to pay a
debt to the Scheme under pensions legislation which provides that if the assets
of the Scheme are less than the liabilities of the Scheme, the shortfall should
be treated as a debt due from the participating employers. However, the actual
amount of any such deficit and the amount of the Company's contribution could
only be calculated when the trustees of the Scheme ("the Trustees") confirmed
the date upon which they wish to calculate such liabilities. The Trustees have
now stated that they intend to select 17 November 2006 as the date at which the
liabilities of the Scheme should be calculated.

At the time of Admission to AIM in 2005, the Company advised that the total
Driver Group liability could be approximately #860,000 although the actual
amount could be higher or lower. In the Annual Report and Accounts for the year
ended 30 September 2006 the Company advised that this liability was likely to
have increased as a result of the time taken to wind up the Scheme. The Actuary
of the Scheme has now indicated that the liability of Driver Group and BWS
International Limited (a former subsidiary of the Company) ("BWS International")
will be from #240,000 to #1,294,000.

The Company is pleased to announce that on 19 June 2007 the Company and BWS
International entered into an agreement with the Trustees of the Scheme under
which the Trustees of the Scheme have agreed with Driver Group and BWS
International to accept an aggregate sum of #550,000 in full and final
settlement of all claims under the Scheme. Driver Group's proportion of the
settlement is #450,230.

In addition, the Company has received tax advice that its contribution should be
deductible as a business expense for tax purposes which should result in a tax
saving to the Company of approximately #135,069 leaving the net cash position
payable by the Company of approximately #315,161.



For further information, please contact:

Driver Group plc     Steve Driver, CEO         T: 020 7448 1000 (today)
                                               T: 01706 244 172

WH Ireland           David Youngman            T: 0161 832 2174

Biddicks             Katie Tzouliadis          T: 020 7448 1000



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
MSCILFFTRVIALID

Driver (LSE:DRV)
過去株価チャート
から 6 2024 まで 7 2024