Update on proposed sale of Technology division

RNS Number : 2897F

Adventis Group PLC

13 June 2012

 



13^th 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: [phone]

Nick Winks, Chairman

Andy Pearson, Finance Director

Westhouse Securities Limited                        Tel: [phone]

Tom Griffiths

 

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