30 Jun 2009 16:16
GSH Group Plc
("GSH" or the "Company")
De-listing Update
Further to the recent announcements relating to the De-listing and Tender Offer, the Board of GSH still believes it is appropriate to effect a Tender Offer at 190 pence per share. The Company continues to negotiate an increase in its banking facility to ensure it has sufficient headroom for its ongoing working capital needs post the share buy-back.
Mr Scarr-Hall the major shareholder (who controls 83.9% of the total voting rights in GSH) has today requisitioned that the Company proceed with the De-listing. As a result, it is likely that the De-listing will now take place prior to the Tender Offer being made. Although there is no guarantee that the Tender Offer will proceed as planned, Mr Scarr-Hall still supports the Company's plans to make a tender offer to its shareholders to acquire their shares as previously announced, when the revised banking facility is in place.
The Board intends to apply for its shares to be admitted to an off-market trading facility post De-listing to offer shareholders a forum to trade their shares in GSH.
The Company currently intends to post a circular to shareholders shortly convening a general meeting of the Company to approve the De-listing.
Words and expressions in this announcement shall have the same meaning as the announcement by the Company on 19 March 2009.
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