Result of General Meeting

 

TIDMNSV 
 
RNS Number : 1169M 
NetServices PLC 
18 May 2010 
 

18 May 2010 
 
NetServices PLC 
("NetServices", the "Company" or the "Group") 
 
RESULT OF GENERAL MEETING 
 
At the Company's General Meeting held earlier today, the resolutions were put to 
the meeting and passed. 
 
These resolutions were to approve: 
 
1.  the Company's proposed disposal of WAN Services Limited and the trade and 
assets of NetServices plc; 
2.   the adoption of the Company's proposed investing policy;  and 
3.   the proposed change of name of the Company to Accumuli plc. 
 
Following completion of the proposed disposal, which is expected to take place 
later today, NetServices will be treated as an investing company in accordance 
with AIM Rule 15.  The Company confirms that it will seek to identify further 
ways to create value for Shareholders through acquisitions in the Information 
Communication Technology market.  The Board believes that there are attractive 
near term opportunities to acquire assets, either quoted or non quoted, and 
through combining aligned businesses, to create value through a combination of 
revenue growth and synergistic cost savings. 
 
In future, it is expected that Accumuli will operate as a holding company, 
providing strategic and financial management to individual operating divisions. 
These divisions will continue to be run independently with separate management, 
thus enhancing future disposal potential.  In order to achieve this, it is 
anticipated that Ian Smith, non-Executive Director, will increasingly play a far 
more active role in this strategy utilising his experience and contacts, with 
support provided by Graham Norfolk, who will continue to operate as 
non-Executive Chairman and Ian Winn who will remain as Finance Director in a 
day-to-day executive role. 
 
The investing strategy of the Company will be to acquire controlling stakes, 
either through the issue of securities or for cash, in quoted and non-quoted 
companies operating in the IT services, technology and communications sectors. 
The acquisition strategy will be focused on a limited number of 'buy and build' 
opportunities, with the intention of realising value for Shareholders through a 
future exit. 
 
As a result of the Disposal and in accordance with AIM Rule 15, the Company must 
implement the investing policy within 12 months of Completion, otherwise trading 
in the Company's Ordinary Shares on AIM will be suspended in accordance with AIM 
Rule 40.  If following suspension of the Ordinary Shares in accordance with AIM 
Rule 40, the Ordinary Shares have not been re-admitted to trading on AIM within 
six months, the admission of the Ordinary Shares to trading on AIM will be 
cancelled. 
 
Defined terms used in this announcement have the same meaning as in the 
Company's announcement released on 4 May 2010. 
 
For further information, please contact: 
 
+-------------------------------+-------------------------------+ 
| NetServices PLC               | Tel No: 0870 753 0900         | 
+-------------------------------+-------------------------------+ 
| Mark Vickers, Chief Executive |                               | 
+-------------------------------+-------------------------------+ 
| Ian Winn, Finance Director    |                               | 
+-------------------------------+-------------------------------+ 
|                               |                               | 
+-------------------------------+-------------------------------+ 
| Arbuthnot Securities Limited  | Tel No: 020 7012 2000         | 
+-------------------------------+-------------------------------+ 
| Tom Griffiths/Alasdair Younie |                               | 
+-------------------------------+-------------------------------+ 
|                               |                               | 
+-------------------------------+-------------------------------+ 
| TS Communications             | Tel: [phone]            | 
+-------------------------------+-------------------------------+ 
| Melanie Miotte                | Mob: [phone]            | 
|                               | [e-mail]       | 
+-------------------------------+-------------------------------+ 
 
END 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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