INS.L Regulatory News (INS)

23 Jul 2007 13:30

International Nuclear Solutions PLC23 July 2007 International Nuclear Solutions ("INS" or the "Company") Annual General Meeting At the Company's Annual General Meeting, held today, Chris Brown, Chairman ofINS, made the following comments: "The Board wish to make shareholders aware of the latest situation concerningthe offer from Babcock International Group PLC. As at 3.00 p.m. on 20th July 2007, Babcock International Group PLC ("Babcock")had acquired or had received acceptances in respect of a total of 34,334,293ordinary shares, representing 55.1 per cent. of the existing issued sharecapital of the Company. On Tuesday, 17th July 2007, Babcock wrote to the Board of the Company confirmingthat as the Company was not a wholly-owned subsidiary of Babcock, Babcock wouldbe unable to provide financial support to INS in the form of bonds andguarantees or any other form of financial instrument. In particular, Babcockwould not consider it appropriate to offer any form of guarantee to customers ofthe Company or any bank in respect of INS. However, if in the future INS was tobecome a wholly-owned subsidiary, Babcock would be in a position to offer suchfacilities. Whilst the Directors of INS do not consider that the absence of any financialsupport from Babcock will have a short term impact on the business, it willnevertheless limit the ability of INS to pursue some of the larger opportunitiesin the market place, as INS will only have access to these through thirdparties. Consolidation and re-structuring continues apace within the industry asdemonstrated by the recent sale of Nukem to a French conglomerate, theacquisition of BNFL's Magnox Reactor sites management company by US based EnergySolutions and the decision by the UK Government to sell the nucleardecommissioning division of UKAEA, which employs over 2,000 people. TheDirectors of INS believe that the UK nuclear industry is changing dramaticallyand that the larger nuclear focused companies and consortiums will become moredominant in the industry." All the resolutions proposed in the meeting as set out in the Company's annualreport were duly passed by a show of hands. 23 July 2007 Enquiries: International Nuclear Solutions plc 0161 222 5500Chris Brown, Non-executive ChairmanTony Moore, Chief Executive College Hill 020 7457 2020Matthew SmallwoodMatthew Gregorowski This information is provided by RNS The company news service from the London Stock Exchange