At the WH Smith PLC Annual General Meeting, being held today at 11:30am, Richard Handover, Chairman, will make a statement to shareholders including reference to the following developments: -
Completion of Sale of US Hotels Business
Further to the announcement on 18 September 2003 of the sale of its US Hotels business, WH Smith PLC today announces the completion of the sale to Travel Traders LLC, with the final closure of the head office of WHSmith USA in Atlanta scheduled for 31 March 2004.
Following the sale of its US retailing businesses, WH Smith PLC also announces that it will commence a review of its strategic options for WHSmith Asia Pacific.
Board Changes
As previously stated in the Annual Report 2003, following today's AGM, Michael Orr retires from the Board. WH Smith PLC also announces today that Patrick Lupo, Non-Executive Director, will retire from the Board in March 2004 following 10 years service.
WH Smith PLC is pleased to announce the appointment of Walker Boyd as a Non-Executive Director. Walker Boyd is Finance Director of Signet Group plc. His appointment is effective from 3 March 2004.
Richard Handover, Chairman of WH Smith PLC, commented:
"On behalf of the entire Board, I would like to thank both Michael and Patrick for their contributions to WHSmith. They have brought a wealth of business experience to the Board and they leave with our thanks and good wishes for the future. I am delighted that Walker Boyd has agreed to join WHSmith. He brings with him extensive retail experience and he will be an excellent addition to the Board.Walker Boyd, Finance Director of Signet Group plc, said:
"Following the completion of the final part of the sale of WHSmith USA Travel Retail, we will now turn our attention to the search for a new chairman to succeed me."
"I look forward to joining the WHSmith Board and contributing to the future of the Group."
Christmas Trading Statement
Kate Swann, Group Chief Executive, will give a brief explanation of Christmas trading in response to a number of questions from smaller shareholders. This explanation summarises the information that has already been shared with analysts and the media. Details will be available to view online at www.whsmithplc.com/grp/media_1.htm
Interim Results 2004
The Group intends to announce the interim results for the 6 months to 29 February 2004 on 22 April 2004.
Notes to Editors:
AGM
WH Smith PLC will hold its AGM today at 11:30am at The Lincoln Centre, 18 Lincoln's Inn Fields, London WC2A 3ED.
US Hotels Transaction
The total consideration of $12.5m will be satisfied by way of an interest bearing loan note with a 5% coupon. WHSmith will hold a 15 per cent equity interest in the company formed to acquire the business. WHSmith will also provide a loan facility of up to $7m to the new company. The US Hotels Business consists of 280 stores in Hotels across continental USA, the Caribbean and Hawaii.