Publication of Shareholder Ci

RNS Number : 0713L

Spice PLC

29 April 2010

 



29 April 2010

Spice plc ("Spice" or the "Company")

PUBLICATION OF SHAREHOLDER CIRCULAR

Spice, the provider of Outsourced Utility Support Services, announces that it has today published a circular in relation to the disposal of its Telecoms Business (the "Circular").  As previously announced, Spice has entered into a conditional agreement to dispose of its Telecoms Business (and a related property) for a gross consideration of £32.8 million.

In view of the size of the Disposal, which constitutes a Class I transaction pursuant to the Listing Rules, the Disposal is conditional on Shareholder approval at the General Meeting.  The Circular published today sets out further details of the Disposal and contains the notice convening the General Meeting.  The General Meeting is to be held at the offices of Eversheds LLP, Bridgewater Place, Water Lane, Leeds LS11 5DR at 10.00 a.m. on 17 May 2010.  Subject to obtaining Shareholder approval at the General Meeting, Completion of the Disposal (unless extended by the Company) is also expected to take place on 17 May 2010. 

On 17 May 2010 Spice will also announce a trading update following the end of the Company's financial year to 30 April 2010.

The Circular will be posted to Shareholders today and copies of the Circular will shortly be available for inspection at the UKLA's Document Viewing Facility, which is situated at The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.

In addition, the Circular will shortly be available to view on the Company's website (www.spiceplc.com), and will be available for inspection at the offices of Eversheds LLP, One Wood Street, London EC2V 7WS during usual business hours on any weekday (Saturdays, Sundays and public holidays excepted).

Enquiries:

Spice plc Martin Towers, Interim Chief Executive Oliver Lightowlers, Group Finance Director	Tel: [phone]
Financial Dynamics Billy Clegg Caroline Stewart	Tel: [phone]
KBC Peel Hunt Sponsor & Broker Julian Blunt David Anderson Simon Brown	Tel: [phone]
Hawkpoint Financial Adviser Christopher Kemball Chris Robinson Serge Rissi	Tel: [phone]

Capitalised terms used, but not defined, in this announcement have the same meanings as given to them in the Circular unless the context requires otherwise.

KBC Peel Hunt Ltd, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting for the Company and for no-one else in connection with the Disposal and will not be responsible to any person other than the Company for providing the protections afforded to clients of KBC Peel Hunt Ltd or for providing advice in relation to the matters described in this announcement and in the Circular.

NOTES TO EDITORS

Spice plc

Spice is a provider of infrastructure support services to the Utilities sector. The Group's operations were founded in 1996 and have their origins in the electricity industry, though the range of activities has since been expanded into the water and energy sectors. Spice's businesses have a common theme of delivering and co-ordinating infrastructure support services to customers, and the white collar element within the service mix has been built up significantly over recent years.

 

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