22nd Jun 2005 07:01
Kingston Communications(Hull)PLC22 June 2005 22 June 2005 KINGSTON COMMUNICATIONS (HULL) PLC (KCOM.L) DEMAG HOLDING PLACING OF KINGSTON SHARES Kingston Communications (HULL) PLC ("Kingston") has been informed of the sale byDemag Holding ("Demag"), which is controlled by Kohlberg Kravis Roberts ("KKR"),of 114.3 million (22.2%) Kingston shares to UBS Investment Bank. Demag retains aholding of 7.6 million (1.5%) shares in Kingston following the disposal. Commenting on the disposal, Johannes Huth, Head of KKR's European activities,said: "Since the acquisition of Omnetica by Kingston, we have been delighted bythe progress made in exploiting the clear strategic fit and differentiatedservice proposition of the combined businesses. Our decision to sell themajority of our investment reflects the current needs of Demag's generalfinancing strategy." Malcolm Fallen, Chief Executive of Kingston, said: "We understand KKR's decisionand welcome the opportunity to broaden Kingston's share register and at the sametime, to improve liquidity in our shares. As announced at the time of ourpreliminary results, the financial year has begun in line with our expectationsas we start to see early benefits from the initial stages of the integration ofOmnetica. We look forward to delivering further improvement in the Group'soverall performance in the year ahead." Johannes Huth has also informed the Board of his intention to resign as adirector the company following the disposal of KKR's shareholding. ENDS For further information, please contact: Kingston Communications (HULL) PLCGroup Director of CommunicationsAnita PaceTel: 01482 602666Mobile: 07770 744322 The Maitland ConsultancyColin BrowneTel: 020 7379 5151Mobile: 07733 103800 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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