Statement in Response to Recent Press Speculation

 

TIDMMCI 
 
RNS Number : 7437Q 
McInerney Holdings PLC 
09 August 2010 
 

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|                   Monday, 9th August 2010                    | 
|                                                              | 
|                                                              | 
|                   MCINERNEY HOLDINGS PLC                     | 
|      Statement in Response to Recent Press Speculation       | 
|                                                              | 
|  McInerney Holdings plc ("the Group") today states that, as  | 
|    part of an overall restructuring solution, it is at an    | 
| advanced stage of negotiations with a leading international  | 
|   equity partner regarding a substantial injection of new    | 
|  capital. This process has been ongoing since April 2010,    | 
|with the investor conducting due diligence over the past two  | 
|      months. These negotiations are being undertaken in      | 
|    conjunction with Goldman Sachs International who were     | 
| appointed as financial advisers to the Group in March 2010.  | 
|                                                              | 
|  The Group also states it is in advanced and constructive    | 
|  discussions with its UK lenders in relation to a proposed   | 
|                     restructuring plan.                      | 
|                                                              | 
|  The Group's Irish loans have not yet been transferred to    | 
|      NAMA and consequently NAMA have not had any formal      | 
|  discussions with the Group nor have any recapitalisation    | 
|  proposals by the Group been presented to the agency. The    | 
|   Group's Irish syndicated lenders and their advisers are    | 
| engaged in a review of the Group's restructuring proposals.  | 
| This review has yet to be completed and the Group continues  | 
|  to engage with its Irish lenders and their advisers on an   | 
|    optimal restructuring proposal for the Irish business.    | 
|                                                              | 
|                            ENDS                              | 
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|                                                              | 
|                      FOR INFORMATION:                        | 
|                                                              | 
|Siobhan Molloy/Mary McCarthy                       Tel: (01)  | 
|                          676 01 68                           | 
|Weber Shandwick                                          086  | 
|                  817 50 66 / 086 256 84 29                   | 
|                                                              | 
|                                                              | 
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This announcement has been issued through the Companies Announcement Service of 
                            the Irish Stock Exchange. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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