TIDMSSV

RNS Number : 9911B

Siteserv PLC

24 April 2012

Siteserv plc (the "Company")

Further re: Proposed Cancellation

Further to the Company's announcement of 16 April 2012 confirming the posting of a circular to Shareholders in connection with the proposed conditional cancellation of the Company's trading facility on AIM and ESM, the Company hereby confirms that the earliest possible date for such Cancellation to occur is 18 May 2012. An extraordinary general meeting to consider the proposed Cancellation is convened to be held on 10 May 2012 (the "EGM").

Reasons for the Proposed Cancellation

Following Completion, which, at the date of this announcement remains conditional on, inter alia, Irish Competition Authority approval, the Group will not have any revenue generating operating businesses. The Board has determined that it is in the best interests of Shareholders as a whole to wind-up the Company and distribute the net proceeds of the Proposed Disposal to Shareholders. The Board believes that, conditional on Completion, it would be appropriate to cancel the trading of the Ordinary Shares on AIM and ESM. The Board believes that the Cancellation will assist the Company in effecting the distribution of the net proceeds of the Proposed Disposal.

Timing of Proposed Cancellation

It is expected, subject to Completion occurring and shareholder approval of the resolution at the EGM, that Cancellation will take place on the business day following Completion which is expected to occur towards the end of May 2012 but in any event Cancellation will occur no earlier than 18 May 2012. A further announcement around timing will be made in due course.

Assuming Completion occurs, a further extraordinary general meeting will be convened in order to approve, inter alia, the appointment of a liquidator to effect the winding up of the Company and distribution of net proceeds to Shareholders. In the period from Cancellation, if it occurs, up to the date on which the Liquidation becomes effective, Shareholders should seek to effect transactions in the Company's shares in accordance with the relevant provisions of the Company's articles of association.

Contacts

 
 
 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

NOTES

Unless the context otherwise requires, defined terms used in this announcement shall have the meanings ascribed to them in the Company's circular to Shareholders dated 16 April 2012.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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