INS.L Regulatory News (INS)

15 Feb 2008 11:34

International Nuclear Solutions PLC15 February 2008 International Nuclear Solutions PLC Proposed sale of INS Innovation Limited and proposed cancellation of theadmission of INS Shares to trading on AIM 15 February 2008 International Nuclear Solutions PLC announces that all resolutions were dulypassed at the General Meeting held earlier today in respect of the proposed saleof INS Innovation Limited and the proposed cancellation of the admission of INSShares to trading on AIM. Completion of the Disposal is expected to take place on or around 18 March 2008.If Completion occurs, the Board intends to pay a Special Dividend which isexpected to be approximately 58.83 pence per INS Share which represents theproceeds of the Disposal less an amount (equal to not more than 6.7 per cent. ofthe gross proceeds of the Disposal) to be retained by the Company to meet theongoing costs and liabilities of the Company, payable on 19 March 2008 to allShareholders on the Register on 29 February 2008. The Board expects to declarethe Special Dividend on or before 21 February 2008. The admission of INS Shares to trading on AIM will be cancelled with effect from25 February 2008. The Board anticipates that following Completion of the Disposal the Company(which, at such time, will be a company with no trading subsidiaries or tradingbusinesses) will consider its options which include seeking Shareholders'approval to place the Company in members voluntary liquidation. Terms defined in this announcement shall have the same meaning as terms definedin the RNS announcement dated 22 January 2008. Further information: International Nuclear Solutions plcChris Brown, Chairman +44 (0) 161 777 2043 Collins StewartChris Wells/Mark Connelly +44 (0) 20 7523 8350 Collins Stewart, which is regulated in the UK by the Financial ServicesAuthority, is acting exclusively for INS and no-one else in connection with thisannouncement and will not be responsible to anyone other than INS for providingthe protections afforded to clients of Collins Stewart or for providing advicein relation to the matters set out in this announcement. This information is provided by RNS The company news service from the London Stock Exchange