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Generation Change in Ownership & Management Re-organisation

31st January 2017

Dear Customers and Suppliers,

It is with great pride that I write to inform you of our celebrations last year for Canning Conveyor’s 50th year in business, where, in recognition of Frank Canning (81), the founder and Chairman of the Company, we arranged a surprise corporate event to honour his achievements.

I also officially announce that, following joint collaborations last year, in December 2016 we successfully completed the change of ownership of the company from first to second generation family members. Ownership also includes some non-family board members.

In this arrangement the full shareholdings of Frank Canning and other long standing first-generation shareholders were converted into deferred shares and will be bought back from reserves over an extended period by the Company. Frank Canning has resigned as Chairman of the board of directors, but is retained as a consultant. I have now taken over the role of Chairman of the board, in addition to my current role of Managing Director to which I was appointed some 25 years ago.

At the same time, Jay Canning completed the same arrangement in which the company would buy his shareholding, following his decision to resign as a director and relinquish all ties with the company, retiring from the business.

The remaining current board members remain unchanged, namely Jeremy Hibbert, Finance Director; Steve Hill, Engineering Director and Robert Ilett, non-executive Director.

I have great pleasure to announce that my youngest brother Christopher Canning has this month joined the board as a non-executive director, not taking any management post.

I would like to thank each member of the existing management team and work force for their co-operation, understanding and support during this change.  The directors are satisfied that the Company remains in a very good position going forwards with a strong balance sheet.

We continue to provide an excellent range and hold large stocks of conveyor belting, rollers and ancillary components, with “off the shelf” availability and have a first class engineering facility to allow  our innovative, entrepreneurial team of employees – backed by excellent support of these new arrangements from the Company’s bankers and advisors – to profit and grow.

The Company is in a good competitive position and our policy remains simple: to provide our customers with the highest standard of products, equipment and services at the most economical and cost-effective price. I and my team look forward to working with you in the future to our mutual benefit.

Andrew Canning
Chairman of the Board and Managing Director