January 16, 2018 / 1:53 PM / 9 months ago

BRIEF-Trustees of the GKN Pension Scheme Comment On Proposed Melrose Deal

Jan 16 (Reuters) - GKN Plc:

* GKN PENSION SCHEME TRUSTEES - “TRUSTEES ARE CONCERNED THAT ANY POTENTIAL PURCHASER OF GKN SHOULD BE AWARE OF RECENT FUNDING POSITION OF SCHEMES”

* GKN PENSION SCHEME TRUSTEES - “SCHEMES HAD AN AGGREGATE DEFICIT ON A GILTS FLAT BASIS OF £1.1BN, AGGREGATE DEFICIT ON A SOLVENCY BASIS OF £1.9BN”

* GKN PENSION SCHEME TRUSTEES - “ANY MATERIAL CHANGE TO CORPORATE AND CAPITAL STRUCTURE OF GKN WOULD LEAD TRUSTEES TO REASSESS STRENGTH OF COVENANT GOING FORWARD”

* GKN PENSION SCHEME TRUSTEES- “EXPECT FULL ENGAGEMENT WITH MANAGEMENT AND WITH ANY RELEVANT THIRD PARTIES”

* GKN PENSION SCHEME TRUSTEES - “SCHEMES ARE VERY SUBSTANTIAL STAKEHOLDERS IN BUSINESS WITH SIGNIFICANT LEVEL OF RELIANCE ON THE STRENGTH OF GKN COVENANT” Further company coverage:

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