Statement re press comment (6553A)
02 Abril 2012 - 11:00AM
UK Regulatory
TIDMSSV
RNS Number : 6553A
Siteserv PLC
02 April 2012
Siteserv plc ("Siteserv")
Statement re press comment
Dublin, 2 April 2012: Siteserv plc ("Siteserv" or the
"Company"), a leading support services group, notes the recent
media comment with regard to proposed disposal of Siterserv's
infrastructure, utilities support services and access and formwork
businesses ("Siteserv Business") to Millington, an acquisition
vehicle controlled by Denis O'Brien ("Millington Offer").
On 16 March 2012, the Company announced that it had signed a
share sale agreement with Millington which is conditional upon the
satisfaction of a number of conditions including the approval by
Siteserv shareholders at an extraordinary general meeting to be
held on 5 April 2012 ("EGM").
The Millington Offer was the outcome of a detailed exercise
conducted by the Company over a number of months, assisted by Davy
Corporate Finance and KPMG Corporate Finance as joint financial
advisors, to proactively market the Siteserv Business to a number
of prospective buyers. A subcommittee of the Board of Directors of
the Company was established to oversee the sale process.
Prospective buyers were selected for inclusion in the process based
on their likely capability to execute a transaction in respect of
the entirety of the Siteserv Business. A competitive process was
conducted in a controlled and confidential manner assisted by the
joint financial advisors and in consultation with Irish Bank
Resolution Corporation Limited ("IBRC").
The Board of the Company believes that the proposed disposal of
the Siteserv Business to Millington represents the best conditions
and price attaching to a possible sale of the Siteserv Business.
They are satisfied that the process was conducted in the best
interest of the shareholders and stakeholders of the Company as a
whole, and has recommended shareholders to vote in favour of the
proposed disposal at the forthcoming EGM.
At the date of this announcement the Company has received
84,709,389 (67.02%) votes in favour and 74,460 (0.06%) votes
against the resolutionvia irrevocable undertakings and returns of
proxy forms by shareholders ahead of the EGM.
For further information please contact:
Siteserv plc
Brian Harvey, Chief Executive
Niall Devereux, Group Finance
Director Tel: + 353 1 6011 550
Davy Corporate Finance
Des Carville, Director
Nicholas O'Gorman Tel: + 353 1 679 6363
FD KCapital Source
Jonathan Neilan Tel: +353 1 663 3686
This information is provided by RNS
The company news service from the London Stock Exchange
END
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