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Update on proposed sale of Technology division

13 Jun 2012 13:01

RNS Number : 2897F
Adventis Group PLC
13 June 2012
 



13th June 2012

 

ADVENTIS Group Plc ("ATG.L")

("Adventis" or the "Company")

 

Update on proposed sale of Technology division

 

Further to its announcement on 10 May 2012, Adventis provides the following update on the proposed sale of its Technology division.

 

The Company has now concluded a structured process to elicit offers, subject to contract, for the Technology division. Indicative terms, which are subject to contract and therefore not legally binding, have been agreed with the preferred bidder and the Board hopes to finalise and exchange conditional contracts for the sale of the Technology division within the next few weeks.

 

It is now clear that, even if conditional contracts are exchanged with the highest bidder in line with the indicative terms, the net proceeds will almost certainly not be sufficient to repay in full the Company's bank debt and other liabilities and therefore the Directors consider that it is probable that there is no value in the Company's ordinary share capital.

 

A sale of the Technology division would be subject to shareholder approval. Therefore, immediately following exchange of contracts, shareholders will be sent a circular containing notice of a General Meeting at which they will be invited to vote upon the disposal.

 

Following exchange of contracts for sale of the Technology division, the Board of Directors will reconsider the position taking account of the ability of the Company to pay all creditors which will include consideration of an insolvency process.

 

 

Announcement of 2011 results

 

The Company is working with its auditors to enable them to conclude the audit for the year ended 31 December 2011 and to finalise the form of their audit opinion and expects to release its final year results shortly.

 

 

 

Enquiries:

 

Adventis Group plc Tel: 01494 731600

Nick Winks, Chairman

Andy Pearson, Finance Director

 

Westhouse Securities Limited Tel: 020 7601 6100

Tom Griffiths

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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