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Directors’ Report
39
Directors’ Report
Director
Number of Ordinary Shares
28.02.2011 28.04.2011
Rodney Baker-Bates
381,000
381,000
Andrew Tinkler*
28,572,749 28,572,749
Ben Whawell
67,906
173,266
William Stobart
10,000,231
7,640,599
David Irlam
2,546,620
2,546,620
Michael Kayser
40,000
40,000
Jesper Kjaedegaard
30,000
30,000
Nick Watts
73,135
73,135
Daniel Dayan
40,000
40,000
* 25,000 shares held in the name of Laura Tinkler, 25,000 shares held in
the name of Adam Tinkler and 42,990 shares held in the name of
Alison Schmutz.
The individual interests of the Directors in share options are
shown below with further details to be found in the
Remuneration Report on pages 44 to 47.
Director
Number of Share Options
Ben Whawell
125,000
Substantial Shareholdings
At 28 April 2011, the Directors were aware that the following
shareholders owned three per cent or more of the issued
ordinary shares of the Group.
Name Number of Percentage of
Ordinary Shares Ordinary Shares
Invesco Asset
Management Limited 65,738,700 24.79
Directors 29,197,015 11.01
M&G Investment
Management 27,086,182 10.21
Artemis Investment
Management Limited 24,140,973 9.10
Aviva Investors 13,095,037 4.94
Allan Jenkinson 11,278,195 4.25
Legal & General Investment
Management Limited 9,632,760 3.63
Share Capital and Reserves
Details of the authorised and issued share capital and reserves
of the Group are shown in Note 25 of the Financial Statements.
The Share capital of Stobart Group Limited at year end was
made up of 265,164,912 ordinary shares of 10p. The ordinary
shares are listed on the London Stock Exchange.
Going Concern
The Group’s business activities, together with factors likely to
affect its future performance and position, are set out in the
Chief Executive Officer’s Report and Chief Operating Officer’s
Report on pages 5 to 14.
The financial position of the Group, its cash flows and funding are
described in the Business Performance Reviewon pages 27 to 32.
In addition, Note 21 to the financial statements includes the
Group’s objectives, policies and processes for managing its capital,
its financial risk management objectives; details of its financial
instruments and its exposure to credit risk and liquidity risk.
The Group has considerable financial resources, together with
contracts with a number of customers and suppliers. The financial
forecasts show that borrowing facilities are adequate such that the
Group can operate within these facilities and meet its obligations
when they fall due for the foreseeable future. As a consequence,
the Directors believe that the Group is well placed to manage its
business risks successfully despite the current economic climate.
After making enquiries, the Directors have a reasonable
expectation that the Group has adequate resources to continue
in operational existence for the forseeable future. Accordingly, the
financial statements have been prepared on a going concern basis.
Responsibility Statement of the Directors in respect of
the Annual Report and Group Financial Statements
The Directors shown on pages 35 and 36 (excluding the
Directors appointed on 23 May 2011) confirm to the best
of their knowledge:
The financial statements, prepared in accordance with
International Financial Reporting Standards as adopted by the
EU, gives a true and fair view of the assets, liabilities, financial
position and profit or loss of the Group.
The Directors’ report includes a fair review of the development
and performance of the business and the balance sheet position
of the Group, together with the principal risks and uncertainties.
Auditors
Resolutions to re-appoint Ernst & Young LLP as auditors of the
Company and for the approval of their remuneration are to be
proposed at the 2011 AGM.
The Directors who held office at the date of the approval of
this Directors’ Report confirm that, so far as they are each
aware, there is no relevant audit information of which the
Group’s auditors are unaware; and each Director has taken all
the steps that he ought to have taken as Director to make
himself aware of any relevant audit information and establish
that the Group’s auditors are aware of that information.
By order of the Board.
Richard Butcher
Company Secretary, 23 May 2011
Stobart Group Limited
Stretton Green Distribution Park, Langford Way,
Appleton Thorn, Warrington WA4 4TZ.