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Interserve heading for administration

15 March 2019

Having failed to gain support for its Deleveraging Plan at a meeting of its shareholders earlier today, Interserve looks likely to enter administration.

Within the press released issued after the meeting, the company stated that its board of directors were engaged in an "urgent board meeting to consider its options".

The most likely outcome was deemed to be an application for administration which, if granted, would see the "immediate sale of the company's business and assets to a newly-incorporated company".

It was further stated that the new company is expected to be owned by the existing Interserve lenders.

"This transaction would achieve substantially the same balance sheet and liquidity outcomes for the group as the Deleveraging Plan," said the statement.

It was expected that the "alternative transaction will be implemented very quickly and via a carefully-managed process".

The company also expects that the administration and sale process will be completed by "this evening".

Interserve has suspended its ordinary shares from trading on the London Stock Exchange with immediate effect.

Details of the vote were included in the company's statement, which showed that nearly 41% of shareholders were in favour, but more than 59% voted against the Deleveraging Plan.

Interserve has further stated that the administration and sale process will see it "continue to operate as normal for customers and suppliers".

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