Statement re disposal of business and assets

    RNS Number : 2458A
  Greatfleet PLC
  30 July 2008
   

    For immediate release                                                                                                          30 July
2008

    Greatfleet plc
    ("Greatfleet" or the "Company")

    Statement re disposal of business and assets

    The non executive directors of the Company (being Sir John Baker, Keith Lassman and Karl Monaghan) (together the "Non Executive
Directors") have become aware today that, following the appointment of Michael Healy of Leonard Curtis and Paul Boyle of Harrisons as
administrators (the "Joint Administrators") on 29 July 2008, the Joint Administrators have subsequently agreed to the disposal of certain
businesses and assets of Greatfleet. The Non Executive Directors have sought to verify this information with the Joint Administrators but
the Joint Administrators have not yet responded to this request. Shareholders should be aware that, subsequent to the appointment of the
Joint Administrators, the obligations, duties and responsibilities of the Board have been assumed by the Joint Administrators, and that all
decisions relating to the sale of the Company's business or assets have vested with the joint administrators.

    The Non Executive Directors understand that the purchaser is a company connected with Colin Gerstein, Chief Executive Officer of the
Company.

    This being the case such a disposal constitutes a related party transaction under the AIM Rules for Companies. The Board have played no
part in the decision-making process to sell the business and assets of the Company and their views have not been sought by the Joint
Administrators. As a consequence, the Non Executive Directors are unaware of the terms of the transaction and unable to offer any opinion on
whether these are fair and reasonable insofar as shareholders are concerned.

    Further announcements will be made as appropriate.

    For further information please contact:

    Greatfleet plc
    Sir John Baker, Chairman                                                                                             Tel: [phone]

    Noble & Company
    Nick Naylor and Nick Athanas                                                                                     Tel: [phone]


    AVS Publicity (PR adviser to the Joint Administrators)
    Alison Sutherland                                                                                                         Tel: [phone]
4427







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