MWB Mwb Group

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RNS Number : 0934U

MWB Group Holdings PLC

20 December 2012

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

20 December 2012

MWB Group Holdings Plc (in administration) ("MWB")

Commencement of Sale Process of Shares in MWB Business Exchange Plc ("BX")

Further to the announcement today by Regus plc of a firm intention to make an offer for the entire issued and to be issued share capital of BX (the "Regus Offer"), the Joint Administrators are pleased to announce that they are now commencing a sale process for some or all of the 75.22% of the shares of BX (the "BX Shares") held by MWB Property Limited ("MWBPL"), an indirect wholly owned subsidiary of MWB. In accordance with their statutory duties, the Joint Administrators are seeking to sell such shareholding and realise the best price reasonably obtainable. Deloitte Corporate Finance has been appointed to assist the Joint Administrators with the sale process.

Under the terms of an irrevocable undertaking entered into by MWBPL in relation to the Regus Offer (the "Irrevocable"), the key terms of which are detailed in the Regus Offer announcement, interested parties now have an eight week period, commencing tomorrow (the "Marketing Period"), during which to submit a higher offer for the BX Shares.

The sale process will be conducted in the following manner:

-- Parties interested in acquiring some or all of the BX Shares are invited to contact Anup Shah or James Lewis of Deloitte Corporate Finance, on the telephone number below, to request a confidentiality agreement

-- It is currently anticipated by Deloitte Corporate Finance that following the receipt of a signed confidentiality agreement, a process letter and information pack would be made available to participants

-- The process letter will set out the requirements of the sale process and details as to what interested parties will need to provide to the Joint Administrators for any proposal to be acceptable to the Joint Administrators and consistent with the requirements under the terms of the Irrevocable

-- Interested parties will also be asked to enter into a confidentiality agreement with BX in connection with any information that BX may make available

"Joint Administrators" refers to Neville Kahn and Philip Bowers of Deloitte LLP, who were appointed as joint administrators of MWB on 16 November 2012 and joint administrators of MWB Serviced Office Holdings Limited on 10 December 2012.

For further information, please contact:

 
Deloitte Corporate Finance       Tel: +44 (0) 
 Financial Adviser to the Joint   207 936 3000 
 Administrators and MWBPL 
 Anup Shah / James Lewis 
 

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise. The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

Deloitte Corporate Finance, a division of Deloitte LLP, is acting for the Joint Administrators and MWBPL and no-one else in connection with the sale process and will not be responsible to anyone other than the Joint Administrators and MWBPL for providing the protections offered to clients of Deloitte LLP or for providing advice in relation to the sale process. Deloitte LLP is authorised and regulated in the United Kingdom by the Financial Services Authority in respect of regulated activities. Deloitte LLP can be contacted at its principal office: 2 New Street Square, London EC4A 3BZ.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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