Result of EGM (9325A)
April 05 2012 - 8:09AM
UK Regulatory
TIDMSSV
RNS Number : 9325A
Siteserv PLC
05 April 2012
Siteserv plc ("Siteserv" or the "Company")
RESULT OF EGM AND PROPOSED CANCELLATION
The Board of Siteserv announces that the required majority of
Siteserv Shareholders voted in favour of the Proposed Disposal of
the Siteserv Business at the EGM, held in Dublin earlier today.
Results of EGM
The Resolution put to the Extraordinary General Meeting,
convened in accordance with the Notice of EGM set out in the
circular to Shareholders dated 20 March 2012 (the "EGM Circular")
was passed, the details of the votes being as follows:
Number of Shares Number of Shares Number of Shares Number of Shares
voted voted for the voted against in respect
Resolution the Resolution of which a
vote was withheld
--------- ------------------- ----------------- ----------------- -------------------
Totals 86,203,215 86,091,237 111,978 105,480
--------- ------------------- ----------------- ----------------- -------------------
Percentage of Shares voted 99.87% 0.13% N/A
------------------------------ ----------------- ----------------- -------------------
Completion and Proposed Cancellation
As set out in the EGM Circular, the Proposed Disposal remains
conditional on a number of conditions, including receipt of
approval from the Irish Competition Authority.
Assuming Completion occurs, the Company will not have any
revenue generating operating businesses. As outlined in the EGM
Circular, the Board has determined that it is in the best interests
of Shareholders as a whole to return the net proceeds of the
Proposed Disposal (after repaying the amount agreed with IBRC and
covering professional and closure costs) to Shareholders as
efficiently and expediently as possible and to wind up the Company
to facilitate the distributions to the Shareholders in a tax
efficient manner.
The Board believes that it would be appropriate to cancel the
trading of the Ordinary Shares on AIM and ESM ("Cancellation").
Under the AIM Rules and ESM Rules, it is a requirement that
cancellation of admission to trading on AIM and ESM must be
approved by not less that 75 per cent. of shareholders voting in
general meeting.
Accordingly, the Board intends to shortly send a circular to
Shareholders convening a meeting at which shareholder approval of
the proposed Cancellation will be sought. Approval for the
appointment of a liquidator to the Company, subsequent to
Cancellation, will also be sought.
Subject to Completion and Shareholder approval, it is expected
that Cancellation would take place on or around the same date as
Completion which is currently anticipated to occur in late May
2012.
A further announcement will be made in due course.
Definitions used in the EGM Circular have the same meaning when
used in this announcement, unless the context requires
otherwise.
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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