Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Wace parts ways with chief executive and passes dividend

Sameena Ahmad
Thursday 18 December 1997 00:02 GMT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Wace, the stricken printing and imaging company, whose shares have crashed from 280p to 24p in less than two years, announced yesterday that Trevor Grice, its chief executive, was leaving the group and that it would not be paying a dividend this year. Wace's shares fell 1.5p to 2p.

Peter Brown, Wace's chairman, said the company was also reviewing whether it would pay dividends on its preference shares. He said that although there were concerns from investors about the board's decision to review the preference dividend, investors were relieved that Wace had renegotiated its debt with its banks.

Wace angered investors earlier in the year, when the heavily borrowed group failed to inform them, but subsequently had to admit that it had breached its banking covenants. Mr Brown said the company had stemmed losses in the US and was rapidly reducing debt through disposals, including the long-awaited sale of Chicago Photo Lab for pounds 800,000. He said the company was repositioning itself as a leading player in the digital imaging market. "We are one of the few companies set up to handle this market, which is becoming a global industry," he said.

Analysts said the company still had a lot to prove and that the departure of Mr Grice, who will continue to act as a consultant on the group's printing division on a three year contract, was overdue.

One analyst said: "The question still remains whether this tinkering is just putting off the evil day when the company goes belly-up. Wace has to prove it can create a long term business. This company still has no interest cover and is making trading losses."

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in