Indian government is targeting to add 66,463MW of new power capacity and an investment of INR 20,000 crores in the power transmission sector during the XI Plan period of 2007-12. Out of the total targeted capacity in the XI Plan, around 46,000 MW would come from thermal power projects, 17,200 MW from hydropower projects and 3,200 MW from nuclear plants.

Mr RV Shahi power secretary informed that fresh power capacity of 43,000 MW was currently under various stages of implementation involving investment of Rs.3 trillion.

As per reports, During the X Plan period, up to 31 October 2006 the actual power capacity addition is 17,743 MW and the government expects that during the remaining five months power capacity of 12,898 MW will be added. This will result in a total power capacity addition of around 30,600 MW in X Plan period as against the original target of 41,110 MW.

It is reported that several international companies including Mitsubishi Corporation, Itochu, Bombardier Transportation, Siemens, GE, and Alstom have shown interest on being a part of the special purpose vehicle for Indian railways INR.22,000 crore dedicated freight corridors for eastern and western routes.

As per reports, these companies are in talks with Indian government for picking up of a stake in the SPV or supply of infrastructure items and are also keen on manufacturing diesel and electric locomotives and wagons, along with signaling communication equipment for the projects.

At present, Indian Railway is in the process of completing a survey for the project and the modalities for private sector participation are not yet finalized. However, investment will be required in areas like laying of rail lines, manufacture of locomotives, supply of wagons and signaling communication equipment.

It is reported that Indias finance ministry is considering petroleum ministrys proposal to grant infrastructure status to natural gas pipelines and city gas distribution networks, which will grant a host of benefits including exemption of import duty on equipment bought for setting such projects.

Indian government is in the process of finalizing the policy for development of gas pipelines and city distribution networks in consultation with all stakeholders and proposes to set up a regulatory board as a monitoring mechanism to ensure uninterrupted supply of gas and oversee aspects like marketing and storage.

The broad objective of the policy is to promote investment in natural gas pipelines and city or local natural gas distribution networks.

Indian Government will not implement any price regulation mechanism in the steel industry to ensure competitive pricing.

Dr Akhilesh Das minister of state for steel in a written reply in the Rajya Sabha informed that the government does not propose to bring any law for creation of a regulatory authority for controlling price of steel as in a liberalized scenario the price of steel is determined by the interplay of the market forces.

Dr Das said "Government does not propose to bring in any law for creation of a regulatory authority for controlling prices of steel."

It is reported that the Union government has approved the proposal of Orissa Industrial Infrastructure Development Corporation to set up a Greenfield metal based SEZ, the first of its kind in the country.

The OIIDC official said that the project will come up on 101.15 hectares at Kalinganagar Industrial Complex ant it will be developed as a sector-specific SEZ for metallurgy-based engineering ancillary and downstream industries.

Mr Sushil Kumar Shinde Power Minister informed in the Lok Sabha that the government would soon announce a new power policy for the development of hydel power sector in the country.

Mr Shinde said there was a huge potential for hydel power development in the Himalayan states and PSUs alone cannot accomplish the task in view of huge investments involved. He said "We need private sector also in the development of hydel power and with the new policy I am sure there will be coordination among all stakeholders for the development of hydel power in the country.

Mr Shinde further assured that full transparency will be maintained in allocating projects to either private developers or PSUs and that the matter has been taken with Arunachal government for reimbursement of costs incurred by NHPC for the preparation of Detailed Project Reports of two projects 1000 MW Siang Middle and 1600 MW Siang subsequent to Arunachal Pardesh government's decision to handover two hydel projects to private developers Jai Prakash Associates and Reliance Energy.

Indian government has announced that Bharat Heavy Electrical Ltd and NTPC Ltd have reached an understanding to jointly bid for Ultra Mega Power Projects in the country.

Mr Sushilkumar Shinde power minister further informed Lok Sabha that government has agreed to waive the ceiling of Rs 1000 crore for equity investment by NTPC for enabling it to establish financial joint ventures for participating in the bidding of UMPPs.

Mr TR Baalu minister for shipping, road transport and highways while speaking in Lok Sabha informed that 12 major ports have been identified for private sector participation and 21 private sector projects have been approved.

Mr Baalu said The process of identification and award of specific projects for up gradation and modernization is ongoing, keeping in view the demands of maritime trade. He said that these projects include construction or up gradation of berths, deepening of channels, rail and road connectivity, equipment up gradation and other back up facilities.

A total of 276 projects in 12 major ports for private sector participation have been identified under the National Maritime Development Program. Some of the projects are already under implementation and others will be implemented by 2011-12.

Maharashtra government has invited expressions of interest to construct 3 ports at Jaigad, Vijaydurg and Ratnagiri on build operate transfer basis. Mr DK Sankaran chief secretary of Maharashtra said "We have already invited EoIs for these three ports and we hope things move forward at a quick pace now.

Maharashtra has decided to build five new ports at Rewas, Dighi, Jaigad, Ratnagiri and Vijaydurg along the Konkan coastline to cater to the growing needs of automobile &manufacturing industries and special economic zones coming up in the state. Work on Rewas and Dighi port has already begun.

Steel Strips Wheels reported that it has achieved record production of 400,824 and sales of 410,086 wheel rims for the month of November, 2006 as against 268,555 and 303,802 respectively during November 2005 thereby registering a growth of 49% YoY in production and 35% YoY in sales.

Steel Strips Wheels has achieved record production and sales of wheel rims during the April to November 2006 in comparison to production and sales of wheel rims of the YoY. For the period April to November 2006, production grew by 28% YoY to 2,908,669 YoY and sales for April to November 2006 rose by 27% YoY to 2,898,609 rims.

Steel Strips Wheels, established in 1985, is a part of the Steel Strips Group headquartered in Chandigarh. The company is engaged in the manufacturing of single piece steel wheel rims for scooters, passenger cars, utility vehicles and tractors.

Mr R Velu minister of state for railways informed the Lok Sabha that. Final Location Survey for rail line project connecting Hazira port was completed and bankability under Special Purpose Vehicle structure established with viability gap funding.

Mr Velu informed that the project is yet to be processed for sanction, as there are no definite plans for development of container port at Hazira.

Mr Velu said that as per the techno economic feasibility survey, the new line is proposed parallel to the existing KRIBHCO siding. The construction will be taken up on completion of the project development, agreement of strategic partners in financial participation and sanction of the project. The construction of the project is expected to take about 3 years after sanction.

National Thermal Power Corporation Ltd has announced that its 500 MW Unit-I at Vindhyachal Super Thermal Power Project Stage-III will commence commercial operation from 1st December 2006.

With the commercial operation of this unit, the total installed and commercial capacity of Vindhyachal Super Thermal Power Project would be 2760 MW.

Brazilian miner Companhia Vale do Rio Doce still sees space for an upward adjustment to iron ore prices in 2007 price talks. Mr Roberto Castello Branco CVRDs investor relations director told the Estado news agency that "While the market continues tight, there exists space for an increase to iron ore prices.

Mr Branco said that demand is increasing at roughly the same rate as supply and global iron ore output should rise between 50 million and 55 million metric tons in 2007, about the same amount that demand is expected to increase.

In order to meet this demand, CVRD expects to ramp up annual production through a series of expansion projects to 300 million tonnes in 2007. In 2006, the company expects to close the year with production of 265 million metric tonnes, an increase of 10% over 2005 output of 240 million tonnes.

CVRD had previously forecast the seaborne iron ore market to reach 725 million tonnes in 2006 and rising by 6% in 2007 to 770 million tonnes.

Most analysts expect iron ore prices to rise between 5% and 10% in 2007, in large part because of the continued heated demand from China. In the first 10 months of 2006, China has imported 269.12 million tonnes of iron ore up by 22% from the same period of 2005.

Baoshan Iron & Steel, the listed arm of China's biggest steel titan BaoSteel, has stated that it has always seeking for the right timing for overseas IPO, and introducing strategic investors are possibly part of its plan, in response to Thursday report about its overseas IPO and cross-shareholding plan with Nippon Steel and POSCO carried on Nihon Keizai Shimbun.

The paper quoted Baosteel chairwoman Ms Qi Hua Xie as saying that Baosteel may make requests of Nippon Steel and POSCO to buy its shares if it lists on overseas markets.

(Sourced from Mysteel.net)

The newly installed board of directors for Wheeling-Pittsburgh Corporation has announced that Mr James P Bouchard has been elected chairman and CEO of Wheeling-Pittsburgh Corporation effective immediately. The board of directors has also named Mr Craig T Bouchard president and vice chairman of Wheeling-Pittsburgh Corporation.

Bouchard, 45, was appointed immediately after certification of the vote of the annual meeting of shareholders was received late yesterday.

On November 17th, shareholders voted to oust Wheeling-Pitt's sitting board of directors, supporting a hostile takeover by the Chicago Heights-based steel distributor. The directors nominated by Esmark Incorporated received an overwhelming majority of more than 67% at the annual meeting of shareholders. The United Steelworkers sided with Esmark in the takeover, rejecting former CEO Mr James G. Bradley's plan to merge with Brazilian steelmaker Companhia Siderurgica Nacional SA.

The newly installed board of directors includes
1. Mr C Frederick Fetterolf, former President of Alcoa
2. Mr James A Todd, former CEO of Birmingham Steel
3. Mr Albert G Adkins, former CFO of Marathon Oil and treasurer of US Steel
4. Mr Clark Burrus, former Controller of the City of Chicago;
5. Mr George Munoz, former CFO of the United States Treasury and CEO of Overseas Private Investment Corporation
6. Mr James V Koch, President Emeritus of Old Dominion University and former president of The University of Montana
7. Mr Joseph Peduzzi, a highly regarded investor and risk manager
8. Mr James Bowen, former president of the West Virginia AFL-CIO
9. Mr Lynn R. Williams, former President Emeritus of United Steelworkers.

Mr Bouchard said he was honored to lead the management team charged with rebuilding Wheeling-Pitt into a financially-sound, well-diversified and profitable steel company. He said "It's my personal mandate to provide the leadership and commitment to re-energize our employees and work with the shareholders of Wheeling-Pitt, our employees, the United Steelworkers and the Ohio Valley communities to position Wheeling-Pitt for future growth and prosperity. I greatly look forward to that challenge."

BNamericas citing the latest report of Brazilian iron ore trade group Sinferbase has reported that Brazilian iron ore exports during January to October 2006 rose by some 10% to 202 million tonnes as compared to 183 million tonnes during January to October 2005. The exports brought in $9.45 billion in the first 10 months of this year as compared to $7.40 billion in the 2005 period.

The report mentions that the domestic sale volumes of iron ore also increased to 31.4 million tonnes during January to October 2006 as compared to 27.8 million tonnes in January to October 2005.

Sinferbase report mentions that iron ore exports from Brazil in October 2006 totaled 20.7 million tonnes worth $1.02 billion as compared to 19.9 million tonnes valued at $900 million in October 2005 and the domestic iron ore sales amounted to 3.41 million tonnes in October 2006 down from 3.58 million tonnes in October 2005.

Sinferbase's data is based on reports and estimates from Brazilian mining companies such as CVRD, MBR and Samarco.

Germany's largest steelmaker ThyssenKrupp AG has reported a fourth quarter profit after a loss a year earlier. Its net income, derived by subtracting the it's 9 month earnings from the full year results published, is EUR 518 million euros in the three months ended September 30th 2006 as compared with a loss of EUR 573 million during July to September 2005.

Pretax profit rose more than five fold to EUR 619 million in the latest quarter from EUR 122 million a year earlier. Its sales increased by 12% to EUR 12.3 billion.

Mr Ekkehard Schulz CEO of ThyssenKrupp showed confidence that Thyssenkrupp will exceed the performance' of the past 12 months this year and next. He said that the company is confident it will achieve earnings before tax of more than EUR 2.5 billion next year and in 2008. Mr Schulz said in the statement We have now moved up a gear and are on a clear, profitable growth track.

South African industrials giant Barloworld announced that it has sold its steel tube business Barloworld Robor to a consortium comprising of its current management, a black economic empowerment investor and staff for up to R480 million. Barloworld said it would use the estimated R480 million for its general corporate purposes. It said all conditions for the successful conclusion of the transaction had been met, including Competition Commission approval.

In terms of the deal, Robor's current management team led by its CEO Mr Mike Coward would have 44% of the new company, black economic empowerment group RBR Investments including Yard Capital 18%, RBR Investments which represented Robor's senior black management and staff 10% and private equity business RMB Ventures 28%.

Barloworld had earlier in May had announced that it would exit its steel tube business. Mr Tony Phillips CEO of Barloworld said that the transaction was an extremely satisfactory conclusion to the strategy of exiting the business. He said "The decision to exit the business was made as part of our strategy to create sustainable value by focusing on a core group of market leading businesses. Once again we have been able to create a significant empowerment transaction while at the same time unlocking value for our shareholders."

It is reported that Brazilian steelmaker CSN, amid the ongoing due diligence process and fund raising exercise for the proposed acquisition of Corus, is planning to raise over $1.5 billion through listing of its Casa de Pedra iron ore mine on the Brazilian Stock Exchange through an IPO and is also mulling over a proposal to borrow against the cash flow of the mine

As per reports, CSN is planning to list up to 20% of the mine, which is estimated to be valued at around $8 billion.

Access to Casa de Pedra has been disputed between CSN and Cia Vale do Rio Doce since 2000. CVRD has preferential rights to the surplus ore from the mines. A CSN led consortium holds about 42% stake in CVRD. The steelmaker directly holds about 13% in CVRD. The dispute is currently before the countrys Justice Ministry Antitrust Division and Centers, who have the right to sell excess iron ore from the mine. CVRD has said it wont give up the right without compensation from CSN. The report mentions that CSN has already begun talks CVRD for the listing of Casa de.

The listing could also help CSN trim down its debt rating after a Corus acquisition. The Brazilian company's total debt is estimated to be more than three times of its equity in the event of a successful acquisition of Corus.

Fortescue Metals Group Ltd has announced that a further iron ore off take agreement has been signed with Wuhan Iron & Steel Group through its trading arm International Economic & Trading Corporation. FMG has contracted for 4.4% of Fortescue's initial planned production of 45 million tonnes per annum up to a maximum off take of 2 million tonnes per annum. The off take covers all of Fortescue's product range being both high grade lump and fines and super value fines ores.

The off take agreement also contemplates additional sales tonnages of up to a further 5 million tonnes per annum should Fortescue expand its production base beyond the initial 45 million tonnes level. Such expansion by Fortescue would only be done when timing was appropriate, consents and approvals had been received and financing was agreed.

The agreement term is 10 years with pricing based on the industry standard of annual benchmark price setting with adjustments made for product type and volumes.

WISCO produced 20 million tonnes of steel in 2005 and is forecast to reach 30 Mt of steel production by 2010. It currently ranks as the third largest steel producer in China and the 16th largest in the world.

Anhui province based Maanshan Iron & Steel has produced a total of 10.03 million tons of steel during January to November 2006, making its debut in the 10 million tonnes per year Chinese steel producer club. Its main plant accounted for 9.469 million tonnes with the remaining contributed by its Hefei plant.

Maanshan has increased the output by 1.15 million tonne per annum for five consecutive years, giving its current daily steel output well above 30,000 tons.

(Sourced from Mysteel.net)

Turkeys largest steel maker Erdemir Group has declared YTL 402 million net profits in the first nine months of 2006, which is almost double of its net profit in first nine months of 2005.

The Group's operating profit for the first nine months of the year has tripled from the same period last year to YTL 658 million. The group's pre tax profit has also increased 60% compared to the same period in 2005 to YTL 919 million.

Mr Jon Bergtheil of JP Morgan expects the global coal trade to witness 6.4% growth during 2006. In a research note published recently the analyst mentions that the anticipated growth of 6.4% during the year is expected to be driven by favorable and robust economic growth trends during 1H06.

Mr Bergtheil said that the significant decline experienced by China in its net exports from 2003 to 2006 points towards a rapidly expanding base for coal production, which is lagging behind a more rapid expansion in the consumption base.

Further, JP Morgan expects growth in the global coal trade during 2007 and 2008 at an average of 5% per annum.

Pursuant to two decisions issued last week by the Vietnamese Prime Minister last week, Vietnam Steel Corporation has been reorganized under the parent subsidiary model. The State owned steel maker would become the parent company of 12 subsidiary companies and would hold shares in additional 21 joint stock companies as well as interests in JVs.

VSC will hold the major share of stock in its subsidiary companies, 8 of which have already been equitised. Equitisation of the remaining four is scheduled to be completed during 2007-08.

VSC would also continue to hold stakes in 21 joint ventures and joint stock companies include VinaKyoei Steel Ltd, Viet Nam Pipe Corporation, International Business Centre Corporation, VSC-POSCO Steel Corporation, the VINAUSTEEL JV and Petrolimex Insurance Co. Viet Nam Steel Corporations stake in each of these enterprises would represent a less than 50% interest.

The second decision gives further detail about the restructuring of the Viet Nam Steel Corporation, the Southern Steel Corporation the Phu My Steel Corporation and related units and branches.

Viet Nam Steel Corporation produces and exports steel and explores for such minerals as iron, coal and other raw materials needed for steel production.

Total Coal South Africa and Xstrata Coal have announced the settlement of the long term arrangements of TCSAs 50% interest in Arthur Taylor Colliery and Arthur Taylor Colliery Open Cast Mining operations.

The settlement follows the termination of a JV between Xstrata Coal and Total Coal South Africa in 2004. Under the terms of the settlement agreement, Xstrata Coal will continue to supply Total Coal South Africa with coal at a rate of 1.8 million tonnes per annum for 3 years with effect from 1st January 2007 on terms similar to the former JV. Operations will continue as usual and customers who take the coal under current arrangements will not experience any changes during the handover period.

Mr Peter Coates CEO of Xstrata Coal said The purchase of Total Coals half share of ATC and ATCOM mines will provide significant benefits for the Xstrata Coal South African operations and enable us to mine a single large complex in the Witbank coalfields. We will also benefit from synergies across various Xstrata Coal sites. We are pleased to have resolved the previously outstanding issues and to be able to provide greater certainty for customers of ATC and ATCOM product.

Located in South Africas Witbank region, the ATC and ATCOM operations produce a nominal 3.6 Million tonnes of export thermal coal per year.

It is has reported that South Korean SK Corp and Korea Resources Corp have agreed to pay A$80 million for a 50% stake in Centennial Coals Angus Place mine. Future investments at Angus Place will be met jointly by the venture. The sale is due to be completed by the end of March.

Centennial said that the sale of the stake in Angus Place will improve marketing opportunities for coal from the mine and reduce costs. It said Common ownership of Angus Place and Springvale will create an opportunity to maximize synergies, including increased participation in export market opportunities.

SK Corp, South Korea's largest refiner and Korea Resources, a state run resource developer already have stake in Centennial Coal Ltd's Springvale mine in Australia's New South Wales state.

Australia's Lafayette Mining announced that it has suspended operations at its Rapu Rapu zinc-copper mine after typhoon Reming slammed into the Philippines.

Its the second closure due to typhoons in the current storm season. Rapu Rapu was also knocked briefly out of action in October by typhoon Milenyo.

The troubled mine is already running one year late due to problems with two toxic spills from what were then precious metals operations last year. The mine has since been allowed to ramp up to production but under strict controls from the Philippines authorities. At full capacity it is capable of producing 15,000 tonnes per year of contained zinc and 10,000 tonne per year of contained copper in concentrates.

Bohai Bay Online Steel Forward Trading Platform, the first of its kind in North China, has recently opened with low profile in Beijing, going against hard stance repeatedly stated by China Iron & Steel Association. The platform has yet to kick off real transaction, with the on going work focused on promoting and attracting customers, told by the company source who is painting a bright picture for forward trading of steel products on account of numerous steel producers, traders and buyers in the region.

When asked about comments on CISA's attitude towards steel futures, the source suggests that CISA officials are seemingly softening their opposing stance in recent days.

However, this view has been denied by Mr Qi Xiangdong, secretary general of CISA, who insists that current market conditions are immature for launching steel futures yet for lack of clear legislative regulations to guarantee quality and standardize transaction procedure.

Mr Qi is also concerned that the intentional speculation in steel futures trading could inflict loss on steel producers, which in turn could undermine the benefits of the national economy as whole. Those steel mills who have involved in steel forward trading should take that with a pinch of salt, he added.

(Sourced from Mysteel.net)

Canadian steel maker Ipsco Inc announced that it has completed the purchase of NS Group Inc in a cash and stock transaction worth about $1.46 billion.

Ipsco financed the acquisition through a combination of cash on hand and debt obtained under a $1.1 billion syndicated credit facility led by Bank of America, JP Morgan and TD Securities.

With the acquisition of NS Group, a tube making company, IPSCO now operates four steel mills, eight pipe mills, scrap processing centers and product finishing facilities in 25 geographic locations across the United States and Canada.

Massey Energy Co is considering acquiring other companies, merging with rivals and acquisitions beyond the coal industry as it searches for a way to increase the value of its stock and has hired investment banking firm Goldman Sachs to find ways to boost its stock price after months of pressure from rising costs and falling production.

Mr Don Blankenship CEO during a presentation at an investor conference in New York City recently said that "There are four or five things they're looking at." Mr Blankenship declined to reveal details about Goldman's suggestions. However he said that the firm has looked at factors such as whether Massey is mining its lowest cost reserves and flashier options. He said "Everything from acquisitions of synergistic properties to more broad acquisitions to mergers and so forth.

Massey's struggles come as declining prices have prompted a string of mine closures and production cutbacks in Appalachia's coal fields. Massey also has struggled with production problems caused by chronic labor shortages and a fatal fire that closed its Aracoma Alma No 1 Mine in Logan County for six months this year. Massey's stock has fallen from above $44 early this summer to below $19 this fall.

Massey is US's 4th largest coal company based on revenue. It operates 19 mining complexes in West Virginia, Virginia and Kentucky.

Xstrata has announced a program to develop a new nickel mine at the latters Sudbury complex in Ontario. The Fraser Morgan project is located just 2km from the existing Fraser mine and has an ore body containing 4.9 million tonnes of measured and indicated reserves grading 1.8% nickel and 0.65% copper, and 2.4 million tonnes inferred resources grading 1.8% nickel and 0.5% copper.

An initial C$18 million will be spent by March next year to complete a pre-feasibility study, definition drilling, equipment procurement and improvements to the existing Fraser shaft.

Subsequent development phases will be subject to approval in the second and third quarters of 2007. Mine production could begin in early 2009 with current projections for Fraser Morgan to produce 7,200 tonnes per year of refined nickel equivalent over a 7 year mine life.

Industrial Union of Donbasss Polish company ISD Polska, which bought Huta Czestochowa steel plant in Czech Republic and has received funds from parent company, celebrated its first anniversary.

Mr Konstanty Litwinow CEO of ISD Polska CEO said In the first year, we were supposed to invest PLN 44 million but we invested PLN 110 million (EUR 28.9 million). At the end of 2007, we will have invested over PLN 300 million and at least PLN 400 million at the end of 2008.

IUD which produces SBQ steel wants to cooperate with the Polish shipyards and is interested in investing in Stocznia Gdansk and Stocznia Gdynia shipyards of Poland.

Evraz Groups West Siberian Iron and Steel Integrated Works in Kemerovo Region of Russia announced that its net income under RAS during January to September 2006 totaled RUB 9.848 billion, which is almost 3 times more than RUB 3.421 billion in the same period of last year. Its sales profit totaled RUB 13.82 billion against RUB 5.92 billion. Pretax profit amounted to RUB 13.22 billion against RUB 4.74 billion. Gross profit grew to RUB 16.17 billion from RUB 8.38 billion.

During this period, ZSMKs revenues grew by 27.4% to RUB 53.09 billion from RUB 41.68 billion. The growth in revenues was accounted for by the increase in metal product sales and the growth of production, as well as by the rise in prices for finished steel products, 18% of which are shipped to the domestic market and 64% are exported.

Russian Nickel giant Norilsk Nickel has won the national prize in business "Company 2006" in the special nomination "For best corporate project" at the annual winners' award.

The contest organizer RIA Ros Business Consulting assessed the fact that Norilsk Nickel had made OJSC Polus Zoloto a separate division (The Polar Division) in March 2006. Polar Division put on stock exchange in mid-May 2006 became a tasty morsel at once. Norilsk Nickel made the division process easy and clear. As it had been expected, two shares of Norilsk Nickel and Polus rose higher than one Norilsk Nickel share before the division.

The prize is awarded to the brightest and the most dynamic companies at the Russian market, which form the new image of Russian business.

The Board of Directors of Energy Resources of Australia Ltd has announced that Mr Chris Salisbury GM Operations will assume the role of CEO of the company on 1st February 2007. He replaces Mr Harry Kenyon-Slaney who has led the company for the past three years during a period of major change in the uranium industry and who is returning to Rio Tinto.

This change in leadership, which is the culmination of an orderly succession plan, will take effect following the ERA Board meeting on 31 January at which Mr Harry Kenyon-Slaney will resign as a director and Mr Chris Salisbury will be appointed.