28th Feb 2007 17:00
SMG PLC28 February 2007 For immediate release 28 February 2007 SMG plc Termination of merger discussions and Board changes On 11 December 2006, SMG plc ("SMG") announced that it had received an approachfrom UTV plc ("UTV") regarding a possible nil premium merger of SMG and UTV,based on relative market values. It also announced that, as a result, it hadentered into discussions with UTV which may or may not lead to a merger. Inview of the Board changes set out below and as a result of differing views overthe level of SMG's pension liabilities, the discussions between SMG and UTV inconnection with the proposed merger have now been terminated. Shareholdersshould note that SMG announced on 29 January 2007 the details of its new fundingagreement with the trustees of its pension schemes. Following the termination of these merger discussions and in response to arequest from Hanover Investors Management LLP who has the support of a group ofshareholders, Chris Masters has agreed to step down as Chairman and the Boardhas appointed Richard Findlay as the new Chairman of SMG with immediate effect. In addition, David Dunn, Steve Maine, Martyn Smith, MT Rainey and Tim Gardamhave resigned with immediate effect. An announcement in respect of theappointment of new non-executive directors will be made shortly. Separately, SMG reports that the processes continue for the disposals ofPrimesight and Pearl & Dean. Further announcements will be made in due course. SMG's bank syndicate has been kept informed of developments. PRESS ENQUIRIES:SMG 0141 300 3640Callum Spreng This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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