Readmission to trading on AIM

 

TIDMPROV 
 
RNS Number : 5553X 
Proventec PLC 
08 December 2010 
 

 
 
 
+-------------------------------+-------------------------------+ 
| Press Release                 |               8 December 2010 | 
+-------------------------------+-------------------------------+ 
 
                                  Proventec plc 
 
                         ("Proventec" or the "Company") 
 
              Readmission to trading on AIM and Directorate Change 
 
The Board of Proventec plc (AIM: PROV, Alternext: ALPTC) is pleased to announce 
the readmission of its shares to trading on AIM and on Alternext this morning, 
following the completion of the Scheme of Arrangement ("the Scheme") that has 
clarified and strengthened the Company's financial position. Following the 
completion of the Scheme, there are a total of 39,788,886 ordinary shares in 
issue (all of which are admitted to trading). 
 
As previously advised, Peter Teerlink is stepping down as Chairman of the Board 
with immediate effect and Michael Hough, a non-executive Director of Proventec 
and Chairman of the Audit Committee, has become the new Chairman. 
 
David Chestnutt, Chief Executive Officer of Proventec said: "The readmission of 
Proventec's shares to trading today marks the end of a period of uncertainty for 
the Company. The Board has successfully coordinated the reconstruction of the 
Company's balance sheet, with the strong support of the Company's shareholders 
and note holders, to put Proventec in a stable financial position.  The 
management team can now focus on addressing the Company's considerable business 
opportunities. I would like to thank all of our stakeholders for their support 
during this process, the outcome of which enables the Company to look to the 
future with renewed confidence." 
 
On the appointment of Michael Hough as Chairman, David Chestnutt, commented: "I 
am delighted that Michael will be leading the Board going forward - he is deeply 
committed to Proventec as a non-executive Director and was also involved with 
the successful coordination of the Scheme.  I congratulate Michael on his new 
role and look forward to working with him as Chairman. 
 
"I would also like to thank Peter Teerlink for his contribution to Proventec 
over the last five years and he leaves with our very best wishes." 
 
                                    - Ends - 
For further information, please contact: 
 
+-----------------------------------+--------------------------+ 
| Proventec plc                     |                          | 
+-----------------------------------+--------------------------+ 
| David Chestnutt, Chief Executive  |    Tel: + 44 (0) 151 706 | 
|                                   |                     0626 | 
+-----------------------------------+--------------------------+ 
| [e-mail]       |     www.proventecplc.com | 
+-----------------------------------+--------------------------+ 
 
+-----------------------------------+--------------------------+ 
| Seymour Pierce Limited                                       | 
+--------------------------------------------------------------+ 
| Nicola Marrin                     |    Tel: + 44 (0) 20 7107 | 
|                                   |                     8047 | 
+-----------------------------------+--------------------------+ 
| Corporate Finance                 |   www.seymourpierce.com  | 
+-----------------------------------+--------------------------+ 
 
Media enquiries: 
+-----------------------------------+---------------------------+ 
| Abchurch Communications           |                           | 
+-----------------------------------+---------------------------+ 
| Henry Harrison-Topham / Simone    | Tel: [phone] | 
| Elviss                            |                           | 
+-----------------------------------+---------------------------+ 
| [e-mail]  |    www.abchurch-group.com | 
+-----------------------------------+---------------------------+ 
 
Notes to editors: 
 
Proventec manages a complementary portfolio of integrated businesses that 
specialise in hygienic solutions.  Headquartered in Liverpool, UK, the Company 
operates in global markets, pioneering developments within the healthcare, food 
manufacturing, hospitality industries, transportation, construction, and other 
sectors. Companies in Proventec's portfolio include: 
 
+-----------------+----------------------------------+-----------+ 
| Company         | Business area                    | Employees | 
|                 |                                  |           | 
+-----------------+----------------------------------+-----------+ 
| OspreyDeepClean | The world's leading provider of  | 34        | 
|                 | low pressure, chemical-free,     |           | 
|                 | specialist dry saturated steam   |           | 
|                 | cleaning technology.             |           | 
|                 |                                  |           | 
+-----------------+----------------------------------+-----------+ 
| Contico         | Provider of general cleaning     | 45        | 
| Manufacturing   | products and janitorial          |           | 
|                 | equipment and supplies.          |           | 
|                 |                                  |           | 
+-----------------+----------------------------------+-----------+ 
| Frank           | Manufacturer and distributer of  | 22        | 
|                 | automated cleaning systems and   |           | 
|                 | products including portable high |           | 
|                 | pressure washers, self-service   |           | 
|                 | vehicle wash stations and dry    |           | 
|                 | steamers.                        |           | 
|                 |                                  |           | 
+-----------------+----------------------------------+-----------+ 
 
Proventec Healthcare provides innovative solutions for infection control and 
effective cleaning in the healthcare sector. The Company's specialist steam 
cleaning technology has been successfully proven in clinical trials with 
University College London Hospitals to rid all areas and combat the spread of 
micro-organisms, including 'superbugs' such as MRSA and Clostridium difficile. 
The Company, which employs a team of five, has developed specialist, patented 
tooling, which has been designed to be used within hospitals on a daily basis 
and enable the user to clean difficult to reach areas including mattresses, bed 
frames and curtains without the use of antimicrobial chemicals that may 
contribute to microbial resistance. 
 
The Company joined the AIM Market in June 2002 and was dual listed on Alternext 
in May 2008. For further information please visit www.proventecplc.com 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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