RSM Tenon Group PLC Update on discussions with Baker Tilly (8597L)

TIDMTNO

RNS Number : 8597L

RSM Tenon Group PLC

16 August 2013

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

RSM Tenon Group PLC

Update on discussions with Baker Tilly

Further to the statement made by RSM Tenon Group plc ("the Company") on 25 July 2013, discussions with Baker Tilly UK Holdings Limited ("Baker Tilly") are continuing. However, it is now likely that, as a consequence of the Company's high debt level, if an offer is made by Baker Tilly, minimal value, if any, will be attributed to the issued share capital of the Company.

Lloyds Banking Group plc continues to be supportive of the business as the Company discusses with it ways to address its high level of borrowings.

This announcement is being made with the agreement and approval of Baker Tilly.

This announcement does not amount to a firm intention to make an offer and, accordingly, there can be no certainty that an offer will be made.

A further announcement will be made in due course as appropriate.

16 August 2013

Enquiries:

 
 College Hill    [phone] 
  Tony Friend     2020 
 

About RSM Tenon

RSM Tenon (LSE: TNO) is the 7th largest accountancy and business advisory firm in the UK, employing circa 2,500 people across 38 offices. RSM Tenon is an independent member of RSM Tenon International, the 7th largest network of independent accounting and consulting firms worldwide with more than 700 offices across more than 100 countries.

For more information visit www.rsmtenon.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCSFFSIMFDSEEA