Kin Group Regulatory News (KIN)

15 Jun 2006 07:02

Kiln PLC15 June 2006 Kiln plc Kiln plc reduces pension deficit to under £5 million* The management of Kiln plc has taken a number of steps in the last 18 months toaddress the challenge of its pension deficit which was recognised on its balancesheet on restatement of its 2004 financial statements under IFRS at the 2005year end. The most recent exercise was to offer an Enhanced Transfer Value tocurrent and former Kiln employees who are deferred members of the company'sfinal salary scheme. The exercise achieved a 90% take up in value terms. Through the series of initiatives, the company has reduced its pension schemedeficit substantially, taking it from £28 million (gross) at the end of 2004 tounder £5 million* (gross) now. Commenting on the completion of the Enhanced Transfer Value exercise, Kiln'schief executive officer Edward Creasy, said 'This was an innovative move that builds on our earlier work to mitigate ourpension deficit liability. We offered enhanced benefits to our deferredpensioners, achieving greater stability for our shareholders, and believe thatwe have arrived at a win-win solution for all concerned.' 15 June 2006 Enquiries: Kiln plc 020 7886 9000 Kate Rogers Peter Haynes College Hill 020 7457 2020 Roddy Watt * unaudited, values at 31 December 2005 corporate bond discount rates This information is provided by RNS The company news service from the London Stock Exchange