16 Apr 2009 11:45
GSH Group Plc
("GSH" or the "Company")
De-listing Update and Notice of Interim Results
Further to the announcement by the Company on 19 March 2009 ("March Announcement"), the Board continues to work towards the posting of a circular relating to the De-Listing, as requisitioned by the major shareholder, Mr Scarr-Hall. The Board still believes it is appropriate to effect a Tender Offer at 190 pence per share, which continues to have the full support of Mr Scarr-Hall.
Whilst the Company has sufficient existing resources to satisfy the Tender Offer in full on the terms announced, in the light of the current economic climate the Company is taking the precautionary step of negotiating an increase in its banking facilities. This will ensure that the Company has sufficient headroom for its ongoing working capital needs on the most prudent basis, over and above the cash required to undertake the Tender Offer.
Given that the Company is currently debt free, the Board anticipates that a new facility will be in place, and as a result, the circular will be posted, by 14 May 2009 at the latest.
The Company will announce its interim results for the six month period ended 31 January 2009 on Thursday 30 April 2009.
Words and expressions in this announcement have the same meaning as the March Announcement.
For further information, please contact:
GSH Group plc
Rob Painting Tel: 01782 200 457
Bell Pottinger Corporate & Financial
Ann-Marie Wilkinson / Nick Lambert Tel: 020 7861 3232
KBC Peel Hunt
Julian Blunt, Nominated Advisor Tel: 020 7418 8900