Result of EGM (9325A)

TIDMSSV

RNS Number : 9325A

Siteserv PLC

05 April 2012

Siteserv plc ("Siteserv" or the "Company")

RESULT OF EGM AND PROPOSED CANCELLATION

The Board of Siteserv announces that the required majority of Siteserv Shareholders voted in favour of the Proposed Disposal of the Siteserv Business at the EGM, held in Dublin earlier today.

Results of EGM

The Resolution put to the Extraordinary General Meeting, convened in accordance with the Notice of EGM set out in the circular to Shareholders dated 20 March 2012 (the "EGM Circular") was passed, the details of the votes being as follows:

 
            Number of Shares     Number of Shares   Number of Shares   Number of Shares 
             voted                voted for the      voted against      in respect 
                                  Resolution         the Resolution     of which a 
                                                                        vote was withheld 
---------  -------------------  -----------------  -----------------  ------------------- 
 Totals     86,203,215           86,091,237         111,978            105,480 
---------  -------------------  -----------------  -----------------  ------------------- 
 Percentage of Shares voted      99.87%             0.13%              N/A 
------------------------------  -----------------  -----------------  ------------------- 
 

Completion and Proposed Cancellation

As set out in the EGM Circular, the Proposed Disposal remains conditional on a number of conditions, including receipt of approval from the Irish Competition Authority.

Assuming Completion occurs, the Company will not have any revenue generating operating businesses. As outlined in the EGM Circular, the Board has determined that it is in the best interests of Shareholders as a whole to return the net proceeds of the Proposed Disposal (after repaying the amount agreed with IBRC and covering professional and closure costs) to Shareholders as efficiently and expediently as possible and to wind up the Company to facilitate the distributions to the Shareholders in a tax efficient manner.

The Board believes that it would be appropriate to cancel the trading of the Ordinary Shares on AIM and ESM ("Cancellation"). Under the AIM Rules and ESM Rules, it is a requirement that cancellation of admission to trading on AIM and ESM must be approved by not less that 75 per cent. of shareholders voting in general meeting.

Accordingly, the Board intends to shortly send a circular to Shareholders convening a meeting at which shareholder approval of the proposed Cancellation will be sought. Approval for the appointment of a liquidator to the Company, subsequent to Cancellation, will also be sought.

Subject to Completion and Shareholder approval, it is expected that Cancellation would take place on or around the same date as Completion which is currently anticipated to occur in late May 2012.

A further announcement will be made in due course.

Definitions used in the EGM Circular have the same meaning when used in this announcement, unless the context requires otherwise.

Contacts

 
 
  Siteserv plc 
 Brian Harvey, Chief Executive 
  Niall Devereux, Group Finance 
  Director                          Tel:     + 353 1 6011 550 
 
  Davy Corporate Finance 
 Des Carville, Director 
  Nicholas O'Gorman                 Tel:     + 353 1 679 6363 
 
  FD KCapital Source 
  Jonathan Neilan                   Tel:     [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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