Statement re Media Comment
03 Abril 2012 - 6:26AM
UK Regulatory
TIDMSSV
Siteserv plc ("Siteserv") notes recent media comment regarding a
proposed offer for Siteserv from Altrad Group.
Neither Siteserv, its Board or its advisors ever received any
formal approach or offer from Altrad. Any claims regarding a
proposed formal and executable offer of EUR60m for Siteserv are
spurious and vexatious. Siteserv regards these claims as
opportunistic and unfounded.
An informal communication was received from the Belle Group, a
provider of wheel barrows and light construction equipment, and a
subsidiary of Altrad, at a very advanced stage in the sales
process. An informal communication was also received from this
subsidiary of Altrad in or around the completion of the transaction
with Millington.
Siteserv also notes that Altrad owns a competitor business
Beaver 84 in the UK and has recently announced the acquisition of
Generation Hire and Sales, which is also a competitor to Siteserv's
UK business Deborah Services Ltd.
Siteserv, assisted by Davy Corporate Finance and KPMG Corporate
Finance, as joint financial advisors, commenced a detailed
exercise, which began in 2011, to proactively market the Siteserv
business to a number of prospective buyers. A subcommittee of the
Board of Directors of Siteserv 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 Siteserv believes that the proposed disposal of the
Siteserv business to Millington represents the best conditions and
price attaching to a possible sale of the business. They are
satisfied that the process was conducted in the best interest of
the shareholders and stakeholders of Siteserv as a whole, and has
recommended shareholders to vote in favour of the proposed disposal
at the forthcoming EGM.
Contacts
Davy Corporate Finance Des Carville or Nicholas O'Gorman+ 353 1
679 6363
FTI Consulting Jonathan Neilan+353 1 6633686 / +353 86 231
4135jonathan.neilan@fticonsulting.com
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