Update on Disposal

21 Nov 2007 07:01

Billing Services Group Limited21 November 2007 BILLING SERVICES GROUP LIMITED (the "Company") Update on Disposal and Reduction of Capital Further to the shareholder meeting held on 23 April 2007 concerning the disposalof Billing Services Group Luxembourg Sarl and BSG Clearing Solutions AsiaLimited by the Company to Syniverse Technologies, Inc. (the "Disposal") and theresolution to reduce the Company's share capital, the board wishes to update theshareholders. The Disposal remains only conditional on European Commission approval, which isexpected by mid-December. The proposed reduction of capital was conditional onan underwritten facility being provided by Morgan Stanley Senior Funding, Inc.("Morgan Stanley"), which subsequently expired according to its terms. MorganStanley has and continues to work with the Company to syndicate a replacementfacility to enable the reduction of capital to be completed. The Company will make further announcements when appropriate. 21 November 2007 Enquiries: Evolution Securities Limited +44 (0) 20 7071 4300Fergus Marcroft The Hogarth Partnership +44 (0) 20 7645 3988Julian Walker This information is provided by RNS The company news service from the London Stock Exchange