24 Feb 2006 08:17
BB Holdings Ltd24 February 2006 BB HOLDINGS LIMITED ANNOUNCES COMPLETION OF DEMERGER OF ONESOURCE SERVICES INC. Belize City, Belize, February 24, 2006 - Further to the announcement by BBHoldings Limited (NASDAQ: BBHL, London: BBHL) ("BB Holdings") on February 7,2006 of the proposed demerger (the "Demerger") of facilities services businessesoperating in the United States (the "US Facilities Services Businesses") toshareholders of BB Holdings, through a dividend distribution of shares inOneSource Services Inc. (London: OSS) ("OneSource") (the "BB HoldingsDistribution"), the shares in OneSource were admitted to trading on AIM today.The BB Holdings Distribution is therefore now unconditional. Share certificates representing OneSource shares will be dispatched shortly toqualifying BB Holdings shareholders. Qualifying BB Holdings shareholders willreceive one share in OneSource for each sixteen BB Holdings shares registered intheir name at 4:00 p.m. New York time on February 17, 2006. For any qualifying BB Holdings shareholders whose holding of (or interest in) BBHoldings shares is not exactly divisible by sixteen, a fractional remainder willarise. All fractional remainders will be aggregated and sold in the market by BBHoldings. The aggregate net cash proceeds of the sale of such fractionalremainders will be contributed by BB Holdings to OneSource except where a BBHoldings shareholder holds less than sixteen BB Holdings shares. In this case,the aggregate net cash proceeds of the sale of such fractional entitlements willbe remitted to the relevant BB Holdings shareholders save that such amounts ofless than US$5 will not be distributed to BB Holdings shareholders and will becontributed by BB Holdings to OneSource. From today the OneSource shares are tradeable and will be eligible forelectronic settlement through CREST in the United Kingdom in the form ofdepository instruments. Forward Looking Statements Certain statements in this press release constitute 'forward looking statements'within the meaning of the Private Securities Litigation Reform Act of 1995. Inparticular, statements contained herein regarding the consummation and benefitsof future acquisitions, as well as expectations with respect to future revenues,operating efficiencies, net income and business expansion, are subject to knownand unknown risks, uncertainties and contingencies, many of which are beyond thecontrol of BB Holdings, which may cause actual results, performance orachievements to differ materially from anticipated results, performance orachievements. Factors that might affect such forward looking statements includeamong others, overall economic and business conditions, the demand for BBHoldings' services, competitive factors, regulatory approvals and theuncertainty of consummation of future acquisitions. Additional factors which mayaffect BB Holdings' businesses and performance are set forth in submissions byBB Holdings with the United States Securities and Exchange Commission (the SEC)which are available without charge from the SEC at: www.sec.gov. For further information contact: BB Holdings Makinson CowellBelize: +501 227 7178 +1 (212) 994 9044UK: +44 (0)20 7248 6700 Note: This and other press releases are available at the Company's web site: http://www.bbholdingslimited.com This information is provided by RNS The company news service from the London Stock Exchange