SSV Siteserv

TIDMSSV

RNS Number : 8565D

Siteserv PLC

22 May 2012

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

Receipt of Competition Authority Approval

The Board of Siteserv announces that the Company has received notification from the Irish Competition Authority that it has, subject to section 23(9)(a) of the Competition Act 2002 (the "Act"), approved the Proposed Disposal of the Siteserv Business to Millington Limited.

The Proposed Disposal was classified by the Irish Competition Authority as a media merger. Accordingly, as is the case with all transactions so classified and in compliance with the Act, the Minister for Jobs, Enterprise and Innovation (the "Minister") may, up to and including 31 May 2012, direct the Irish Competition Authority to carry out an investigation under the Act in relation to the Proposed Disposal. Siteserv does not envisage that such an intervention will occur in this case.

Receipt of Irish Competition Authority approval will, following expiry of the period referred to above, represent the satisfaction of one of the outstanding conditions precedent to Completion. It is further anticipated that, subject to no direction being made by the Minister and to the satisfaction or waiver of the remaining conditions precedent, Completion will occur on or before 8 June 2012. It is therefore intended that Cancellation, as approved by Shareholders at an EGM held on 10 May last, will take effect from 7.00 a.m. on Monday, 11 June 2012.

Liquidation and Distribution of Proceeds to Shareholders

As outlined previously a further extraordinary general meeting will be convened in order to approve, inter alia, the appointment of a liquidator to effect the winding up of the Company and distribution of net proceeds to Shareholders.

In the period from Cancellation up to the date on which the Liquidation becomes effective, Shareholders may seek to effect transactions in the Company's shares in accordance with the relevant provisions of the Company's articles of association a copy of which is available on the Company's website.

Definitions used in each of the circulars to Shareholders dated 20 March 2012 and 16 April 2012 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 
 
  FTI Consulting 
  Jonathan Neilan            Tel:     +353 1 663 3686 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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