Termination of Talks

RNS Number : 1702Z

Mavinwood PLC

16 September 2009

 



Mavinwood plc   ('the Company')

TERMINATION OF POTENTIAL OFFER TALKS

On 24 August 2009, the Board announced that it had received an expression of interest regarding a possible offer for the entire issued share capital of the Company and emphasised that the discussions were at a preliminary stage and there was no certainty that any offer would be made. The Board confirms that discussions with this party have now ended. Accordingly, the Company is no longer in an offer period for the purposes of the City Code on Takeovers and Mergers (the 'Code').

The Board is in discussion relating to the potential disposal of Peter Cox, the remaining business in the Emergency Repair Division. In addition, the Company is also considering acquisition opportunities in order to grow its document handling business. 

Further to the announcement made on 29 July 2009, in connection with the new financing arrangements, the Board is expecting the provision of the new capital investment of £6 million (gross) required by its banking arrangements to take place by 30 September 2009, to be effected by means of a subordinated debt facility from Geraldton Services Inc. ('Geraldton'), the Company's principal shareholder. 

Enquiries:

Mavinwood plc  Charles Skinner - Chief Executive	07966 234075
Collins Stewart Europe Limited Adrian Hadden	020 7523 8350
Threadneedle Communications
John Coles	02076539848

 

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