News blog
Dawson International
- BY: Andrew Hore |
- POSTED: 08/08/2012 |
Shares in Dawson International have been suspended at 0.3p a share because the actuary of the company’s pension funds has served Notices of a Determination of Contribution on the holding company and its UK trading subsidiary.
The board will consider the notices and whether it will have to put Dawson International and its UK trading subsidiary into administration.
This follows the Pensions Regulator’s decision to reject Dawson’s proposals regarding its pension schemes. Dawson has been negotiating with the Pension Protection Fund (PPF) and the Pensions Regulator about the entry of its UK defined benefit pension plans into the PPF but this move has been rejected. The plan was for the PPF to take responsibility for the pension plans in return for a cash payment, loan note and a shareholding in Dawson. Management argues that its offer was significantly better than the insolvency value of the business but it was not deemed sufficient.
US knitwear business Dawson Forte will not need to go into administration because it has enough funds.
At the suspension price, Dawson is valued at £680,000.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2012_34.pdf
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