RNS Number:8424X
Corus Group PLC
2 February 2006
New contribution and benefit framework agreed to reduce the future costs and
risks of the British Steel Pension Scheme
Corus Group plc (Corus) together with the National Trade Union Steel
Co-ordinating Committee (NTUSCC) has jointly considered the longer-term
challenges facing the company's main UK defined benefit pension fund, the
British Steel Pension Scheme (BSPS). This has included a comprehensive
consultation process during which the Scheme Trustees have been kept fully
informed.
As a result of these discussions, the BSPS contribution and benefit framework
will be revised to secure a 3.5 percentage point reduction in the headline rate
of future service costs and a 1 percentage point increase in employee
contributions. Taken together these changes will result in a c.20% reduction in
the underlying cost to the company of providing pension benefits.
The main features are:
• Revised early retirement terms will be applied for future service
accrual;
• Inflation related pension increases on future service accrual will now
be capped at 4% per annum;
• Employee ordinary contributions will increase from 5% to 6% of
pensionable earnings;
• A joint company and NTUSCC working group over the next 12 months will
review pension options for new entrants.
Corus is due to recommence cash contributions to the main section of the BSPS
from April 2006. This rate has been set at 10%.
David Lloyd, Executive Director, Finance said, "Whilst the BSPS remains well
funded, in making these changes today, we are recognising the increasing costs
and risks affecting UK pension schemes and balancing the interests of all
stakeholders."
For further information, please call:
Emma Tovey, Investor Relations: Tel: +44(0) 20 7717 4514
Annanya Sarin, Corporate Relations: Tel: +44(0) 20 7717 4532
Supplementary Notes:
1. Changes take account of new legislation and will be effective from
April 2006.
2. Existing deferred pensions and payments to current pensioners are
unaffected by this review.
3. The outcome of the BSPS triennial valuation will be reported on 16 March
2006 as part of Corus' 2005 Preliminary Results announcement.
4. Internal Trade Union consultation has been completed for the majority of
Trade Union members. The remainder will be completed by mid February.
This information is provided by RNS
The company news service from the London Stock Exchange
END
RNS Number:8470X
Corus Group PLC
02 February 2006
Corus Group plc
SECTION 198 COMPANIES ACT 1985 - DISCLOSURE OF INTEREST IN SHARES
Corus Group plc received notification today from Brandes Investment Partners,
L.P. in accordance with part VI of the Companies Act 1985 (the "Act"), as
amended by Section 134 of the Companies Act 1989, that:
(i) at the close of business on January 31, 2006, Brandes Investment Partners,
L.P. ("Brandes") was interested for purposes of the Act in 8.4% of Corus Group
plc ordinary shares and American Depository Receipts, each comprised in the
relevant share capital, as defined in section 198(2) of the Act, of Corus Group
plc;
(ii) at the close of business on January 31, 2006, Brandes was interested for
purposes of the Act in 258,528,414 ordinary shares and in 11,581,620, American
Depository Receipts, each comprised in the relevant share capital, as defined in
section 198(2) of the Act, of Corus Group plc (the "Relevant Shares");
(iii) the registered holders of all of the Relevant Shares in which Brandes has
an interest for purposes of the Act are approximately 280 custodian banks
unaffiliated with Brandes;
(iv) none of the shares referred to in sub-paragraphs (i) or (ii) are shares
in which Brandes is interested by virtue of section 208(5) of the Act.
This information is provided by RNS
The company news service from the London Stock Exchange
END
RNS Number:8624X
Corus Group PLC
02 February 2006
Corus Group plc ("The Company")
SECTION 198 COMPANIES ACT 1985 - DISCLOSURE OF INTERESTS IN SHARES
This notification relates to the ordinary shares of the Company ("the shares")
and is given in fulfilment of the obligations imposed under section 198 of the
Companies Act 1985 ('the Act").
The Company received notification today that on 31 January 2006, following
acquisitions, the Credit Suisse ("CS") companies listed below (together the "CS
companies") held the following interests in the issued share capital of the
Company:
1. Credit Suisse Securities (Europe) Limited ("CSSEL"): 158,661,743 shares.
CSSEL is interested in 53,906,059 of these shares under section 208(5) of the
act by virtue of the right to redelivery of equivalent securities under stock
lending arrangements.
2. Credit Suisse International ("CSi"): 24,813,599 shares,
3. Credit Suisse Securities (USA) LLC 168,100 shares.
The CS companies now hold a total interest of 183,643,442 shares being
equivalent to approximately 4.12% of the issued share capital of the Company.
Those Credit Suisse companies which are direct or indirect holding companies of
CSSEL, CSi and CSS (USA) LLC are, under the terms of section 203 of the Act,
each interested by attribution in any shares in which CSSEL, CSi and CSS (USA)
LLC are interested.
END
bericht op 3/2/2006 om 20.18 uur,
RNS Number:8745X
Corus Group PLC
02 February 2006
Corus Group plc
SECTION 198 COMPANIES ACT 1985 - DISCLOSURE OF INTEREST IN SHARES
Corus Group plc received notification today from Brandes Investment Partners,
L.P. in accordance with part VI of the Companies Act 1985 (the "Act"), as
amended by Section 134 of the Companies Act 1989, that:
(i) at the close of business on February 1, 2006, Brandes Investment Partners,
L.P. ("Brandes") was interested for purposes of the Act in 7.7% of Corus Group
plc ordinary shares and American Depository Receipts, each comprised in the
relevant share capital, as defined in section 198(2) of the Act, of Corus Group
plc;
(ii) at the close of business on February 1, 2006, Brandes was interested for
purposes of the Act in 226,004,238 ordinary shares and in 11,505,490, American
Depository Receipts, each comprised in the relevant share capital, as defined in
section 198(2) of the Act, of Corus Group plc (the "Relevant Shares");
(iii) the registered holders of all of the Relevant Shares in which Brandes has
an interest for purposes of the Act are approximately 265 custodian banks
unaffiliated with Brandes;
(iv) none of the shares referred to in sub-paragraphs (i) or (ii) are shares
in which Brandes is interested by virtue of section 208(5) of the Act.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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