22nd Feb 2019 16:14
LONDON (Alliance News) - Interserve PLC on Friday said it remains committed to achieving a consensual deleveraging plan as it received an outline proposal from Coltrane Asset Management.
The company said it is considering Coltrane's proposal, but provided no further details.
At the beginning of February, Coltrane Master Fund LP, which holds "in excess" of 5% of the support services firm's shares, called a meeting to remove Chair Glyn Barker, Chief Financial Officer Mark Whiteling, Senior Independent Director Russell King, Executive Director Dougie Sutherland, as well as Non-Executive Directors Anne Fahy, Nick Salmon, Gareth Edwards, and Nicholas Pollard.
One name not on the list, however, was Chief Executive Debbie White. Coltrane "continues to support her", Interserve said.
Coltrane wants David Frauman and Stuart Ross elected to the board.
Furthermore, the company on Friday said it will publish shareholder documents next week, including the notice of a general meeting at which shareholder approval for the deleveraging plan will be sought.
On the same day at the beginning of February, Interserve agreed a plan to issue a significant amount of new equity, diluting existing shareholders significantly.
Interserve shares were trading up 60% at 16.44 pence each, late Friday.
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