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15 Jun 2016 08:37

RNS Number : 2486B

Outsourcery PLC

15 June 2016

OUTSOURCERY PLC

Update

Outsourcery plc (AIM: OUT, 'Outsourcery' or 'the Company') today provides an update on the previously announced sale process instigated as a condition of the working capital facility provided by its secured lender.

Agreement has been reached to sell substantially the entire business and assets of the Company's trading subsidiary Outsourcery Hosting Limited to GCI Network Solutions Limited. In order to complete the sale, it will be necessary to appoint Administrators, and the Board of Outsourcery has resolved to appoint partners from EY as Administrators for this purpose. The appointment is expected to be made today, and the sale is expected to complete shortly thereafter.

ENDS

For further information please contact:

Outsourcery plc

Piers Linney, Co-CEO

Simon Newton, Co-CEO

+44 (0)330 313 0077

Investec

Andrew Pinder / Patrick Robb

+44 (0)20 7597 5100

FTI Consulting

Matt Dixon / Dwight Burden / Rob Mindell

+44 (0)20 3727 1000

Ends

This information is provided by RNS

The company news service from the London Stock Exchange

END

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