date:Oct 24, 2012
d net funds to about 950M. Black and Shirley said that was clearly very good news because we believe it is solvency ratios that are key to rating expansion of the business.
Shores forecast did not include 200M proceeds from the sweet spreads and jellies disposal, which was expected to completed later this month.
Management predicted an extra 20M of cost savings next year, taking the total gross savings to 60M. Shirley and Black said there may be scope to upgrade 2013 trading profit by about 10