News blog
Dawson International
- BY: Andrew Hore |
- POSTED: 09/05/2008 |
Textiles manufacturer and distributor Dawson International says its pension deficit has been substantially reduced.
An actuarial review has cut the estimate of the net pension fund liability from £19.8m to £4.7m at the end of 2007. An estimated £11.3m of the reduction relates to increases in corporate bond rates, which are used to discount future liabilities.
The shares rose 1.25p from a three-year low to 1.5p. Results for 2007 will be published at the end of May or in early June.
The bid talks with the company’s cashmere supplier Lingwu Zhongyin Cashmere Company, which were revealed last August, are continuing. The news about the pension deficit will make Dawson a more attractive target.
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