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Interserve issues statement regarding deleveraging plan

The Interserve Board has confirmed it has been in discussions with majority shareholder, Coltrane Asset Management, and its lenders, which have sought to establish the basis on which Coltrane would support the company’s restructuring proposal.

On Monday (4 March) Interserve announced it had received a proposal  from Coltrane, who are opposed to the Company’s deleveraging plan, following a review with its advisors, which was subsequently rejected.

In a statement released on 11 March by the Interserve Board, it said “although the Board is seeking to improve the position of all shareholders, there is no certainty that it will be able to do so in the very limited time available. 

“The only proposal which is currently capable of being implemented is the recommended Deleveraging Plan through which, inter alia, shareholders will retain five per cent of the equity of the restructured Interserve with the ability to acquire further equity through the open offer.”

The announcement made by the Interserve Board contains forward-looking statements in respect of Interserve, its group and its Deleveraging Plan.

The Deleveraging Plan that was launched on 27 February is subject to shareholder approval on 15 March 2019.

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