RNS Number : 6553A
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:
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
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