Interserve PLC Notice of GM (4896K)
April 11 2018 - 1:01AM
UK Regulatory
TIDMIRV
RNS Number : 4896K
Interserve PLC
11 April 2018
11 April 2018
PUBLICATION OF CIRCULAR
NOTICE OF GENERAL MEETING
Interserve Plc ("Interserve" or the "Company") announces that it
is today posting a circular to shareholders (the "Circular")
containing a notice convening a general meeting of the Company (the
"General Meeting"), along with an accompanying proxy form. The
General Meeting will be held at 8.00 am on Friday, 27 April 2018 at
the offices of Ashurst LLP, Broadwalk House, 5 Appold Street,
London EC2A 2AG.
The purpose of the General Meeting is to obtain shareholder
approval to increase the borrowing limit of the Group contained in
the Company's Articles and to ratify any possible existing breach
of the borrowing limit. The increase in the current borrowing limit
is required as significant balance sheet write-downs are expected
to be contained in the 2017 Financial Statements. These write-downs
are expected to comprise an impairment on goodwill as well as a
number of other non-underlying items, the significant majority of
which are either non-cash or were reflected in the net debt
guidance that the Company provided in its update announcement on 10
January 2018, in which the Company stated that it anticipated that
net debt at year-end 2017 would be approximately GBP513 million.
Further details on these matters, including the recommendation of
the Interserve directors as to voting, are contained in the
Circular.
The Company has been informed that its two major shareholders,
Farringdon Capital Management and Coltrane Asset Management, L.P.,
who hold, in aggregate, 51,069,037 ordinary shares, amounting to
35.05 per cent of the Company's issued share capital as at the date
of this announcement, intend to vote in favour of the resolutions
at the General Meeting.
As announced on 21 March 2018, discussions with the Group's
lenders and other financial stakeholders have continued to progress
well, with agreement in principle on major commercial terms of the
Group's proposed refinancing now reached. These commercial terms
remain subject to credit approval from all providers before the new
facilities are finalised. With the addition of the new facilities
the Group will have cash borrowing facilities of GBP834 million
immediately following the refinancing completion and through to
September 2021, subject to certain step-downs in the new facilities
over the period. It is currently anticipated that the proposed
refinancing will be completed on or before 30 April 2018, and that
the 2017 Financial Statements will be published on 30 April
2018.
The Circular will be available to view on the Company's website
at www.interserve.com, and will be available for inspection at the
registered office of the Company during normal business hours on
any weekday (public holidays excepted) from the date of the
Circular until the close of the General Meeting.
The Circular is being submitted to the National Storage
Mechanism and will be available for inspection at:
http://www.morningstar.co.uk/uk/NSM.
Capitalised terms used but not defined in this announcement
shall have the meaning given to them in the Circular.
Ends
Contact details:
Robin O'Kelly, Director of Communications +44 (0) 7786 702526
Martin Robinson, Tulchan Communications +44 (0) 20 7353 4200
LEI No: 549300MVYY4EZCRFHZ09
About Interserve
Interserve is one of the world's foremost support services and
construction companies. Our vision is to redefine the future for
people and places. Everything we do is shaped by our core values.
We are a leader in innovative and sustainable outcomes for our
clients and a great place to work for our people. We offer advice,
design, construction, equipment, facilities management and
frontline public services. We are headquartered in the UK and
listed in the FTSE. We have gross revenues of GBP3.7 billion and a
workforce of circa 80,000 people worldwide.
www.interserve.com
For news follow @interservenews
This information is provided by RNS
The company news service from the London Stock Exchange
END
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