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Governance
Directors’ report
continued
Directors’ interests
The Directors’ interests in the share capital of the Company,
as defined by the Companies Act 1985, on the relevant
dates were:
28 Oct 26 Oct 26 Feb
Ordinary Shares 2007 2008 2009
D P J Ross 3,989,296 3,989,296 3,989,296
M R Peacock 3,565,453 2,907,953 2,907,953
R H E Powell 5,000 5,000 5,000
J A B Kelly 9,241 11,241 13,241
Non-beneficial 2,000 2,000 2,000
N R Carrick 2,067 2,067 2,067
D W Hobdey 1,521 1,521 1,521
M Lejman – 36,425 36,425
M R Reynolds – – –
Y Ophir – – –
All shareholdings are beneficial unless otherwise stated.
Details of Directors’ options may also be found in the report
by the Remuneration Committee on page 34.
Substantial shareholdings
At 26 February 2009 HSBC Global Custody Nominees Limited
holds 5,888,569 (22.30%) ordinary shares. The Rappaport
family Trusts controls the exercise of the voting power relating to
these interests, Mr D P J Ross (Director) holds 3,989,296
(15.11%) ordinary shares, Hanover Investors Limited holds
2,907,953 (11.01%) ordinary shares, Aberdeen Asset
Management holds 1,192,658(4.52%) ordinary shares, the
Melville family holds 2,586,916 (9.80%) ordinary shares and
Henderson Global Investors holds 805,286 (3.05%) ordinary
shares.
Other shareholdings
Mr F W Wood and Mr N R Carrick are trustees of a Trust
which has powers to acquire 7.50% preference shares of the
Company. These shares, of which there are 50,250 in issue,
are unquoted. At 26 February 2009 the Trust has acquired
a total of 27,436 and will continue to acquire these shares
as and when they are offered.
Community support and charitable donations
Charitable donations made by the Group during the year
amounted to £13,000.
Employees
Details of the number of Employees by business are shown
in note 8 on page 54.
By various means, efforts are made to encourage Employee
involvement in the Group and to disseminate information to
increase awareness of its activities and the decisions taken
which affect Employees’ interests.
The Group has for many years employed disabled persons
whenever appropriate and has made special efforts in respect
of existing Employees who have become disabled during their
service. Full consideration is given to the career development
of such individuals.
30 Cosalt plc Annual report & financial statements 2008
Directors’ report
Supplier payment policy
It is the policy of the Company and its UK subsidiaries to
establish terms of payment with suppliers when agreeing
the terms of business.
The aim is to despatch cheques to settle undisputed accounts
on the due date, or where other means of payment are used,
to deliver funds as if payment had been made by cheque.
The number of days’ purchases outstanding at the end of
the financial year was 97 days for the Group and 75 days
for the Company.
Forward-looking statements
This Annual Report may contain forward-looking statements
based on current expectations of, and assumptions and
forecast made by, Group management. Various known and
unknown risks, uncertainties and other factors could lead
to substantial differences between the actual future results,
financial situation development or performance of the Group
and the estimates and historical results given herein. Undue
reliance should not be placed on forward-looking statements
which speak only as of the date of this document. The Group
accepts no obligation to publicly revise or update these
forward-looking statements or adjust them to future events or
developments, whether as a result of new information, future
events or otherwise, except to the extent legally required.
Disclosure of information to Auditors
The Directors who held office at the date of approval of this
Directors’ report confirm that, so far as they are aware, there is
no relevant audit information of which the Company’s Auditors
are unaware; and each Director has taken all the steps that he
ought to have taken as a Director to make himself aware of any
relevant audit information and to establish that the Company’s
Auditors are aware of that information.
Auditors
The Auditors, KPMG Audit Plc, have expressed their willingness
to continue in office. In accordance with Section 384 of the
Companies Act 1985, a resolution for their appointment will
be proposed at the Annual General Meeting.
By order of the Board
N R Carrick
Secretary
Fish Dock Road, Grimsby
26 February 2009