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.
Davy Corporate Finance Des Carville or Nicholas O'Gorman+ 353 1 679 6363
FTI Consulting Jonathan Neilan+353 1 6633686 / +353 86 231 firstname.lastname@example.org