4th Mar 2019 18:19
LONDON (Alliance News) - Interserve PLC on Monday said it is considering an updated proposal from Coltrane Asset Management LP.
Shares in Interserve closed down 11% at 15.80 pence on Monday.
At the beginning of February, Coltrane Master Fund LP, which holds more than 5% of the support services firm's shares, called a meeting to remove the chair, chief financial officer, senior independent director, executive director, and a number of non-executive directors.
Coltrane Master Fund spared Chief Executive Debbit White, however, and continues to support her.
Then, on February 22, Interserve said it had received an outline proposal from Coltrane Asset Management. This has now been updated and is being considered.
"A further announcement will be made in due course. In the meantime, the board remains committed to achieving a consensual deleveraging plan," said Interserve.
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