TIDMSSV

RNS Number : 8758A

Siteserv PLC

05 April 2012

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

Statement re Altrad Group ("Altrad")

The Board of Siteserv confirms that it has received an indicative, non-binding proposal from Altrad to purchase Siteserv's subsidiaries for EUR60 million. This proposal was received subsequent to its announcement on 3 April 2012, which stated that, contrary to media speculation, Siteserv had not received a formal approach or offer from Altrad.

The Board of Siteserv (the "Board") has, in conjunction with its financial and legal advisers, carefully considered this proposal from Altrad.

The Board notes that the Altrad proposal is indicative, non-binding, governed by French law and conditional on an exclusivity period of 8 weeks. In addition, the Altrad proposal is subject to due diligence and legal contract. Consequently, and having regard to these factors and the preliminary nature of the proposal, the Board's considered view is that there is no certainty that a legally binding offer at a price and conditions capable of recommendation to shareholders and stakeholders as a whole will emerge.

The Board also notes that Siteserv has a contract with Millington for the sale of its subsidiaries which is conditional only on (i) shareholder approval; (ii) Competition Authority approval; and (iii) certain other conditions precedent which are capable of being waived by Millington or Siteserv.

Taking all of the above factors into consideration, the Board has unanimously concluded that, based on its clear legal and financial advice and the Board's commercial assessment of Altrad's non-binding indicative proposal, it should proceed with the extraordinary general meeting scheduled for today and maintain its recommendation of the Millington transaction.

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:     +353 1 663 3686

This information is provided by RNS

The company news service from the London Stock Exchange

END

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