Statement re disposal of business and assets
July 30 2008 - 11:04AM
UK Regulatory
RNS Number : 2458A
Greatfleet PLC
30 July 2008
For immediate release 30 July
2008
Greatfleet plc
("Greatfleet" or the "Company")
Statement re disposal of business and assets
The non executive directors of the Company (being Sir John Baker, Keith Lassman and Karl Monaghan) (together the "Non Executive
Directors") have become aware today that, following the appointment of Michael Healy of Leonard Curtis and Paul Boyle of Harrisons as
administrators (the "Joint Administrators") on 29 July 2008, the Joint Administrators have subsequently agreed to the disposal of certain
businesses and assets of Greatfleet. The Non Executive Directors have sought to verify this information with the Joint Administrators but
the Joint Administrators have not yet responded to this request. Shareholders should be aware that, subsequent to the appointment of the
Joint Administrators, the obligations, duties and responsibilities of the Board have been assumed by the Joint Administrators, and that all
decisions relating to the sale of the Company's business or assets have vested with the joint administrators.
The Non Executive Directors understand that the purchaser is a company connected with Colin Gerstein, Chief Executive Officer of the
Company.
This being the case such a disposal constitutes a related party transaction under the AIM Rules for Companies. The Board have played no
part in the decision-making process to sell the business and assets of the Company and their views have not been sought by the Joint
Administrators. As a consequence, the Non Executive Directors are unaware of the terms of the transaction and unable to offer any opinion on
whether these are fair and reasonable insofar as shareholders are concerned.
Further announcements will be made as appropriate.
For further information please contact:
Greatfleet plc
Sir John Baker, Chairman Tel: 0845 881 0700
Noble & Company
Nick Naylor and Nick Athanas Tel: 0207 763 2353
AVS Publicity (PR adviser to the Joint Administrators)
Alison Sutherland Tel: 0207 373
4427
This information is provided by RNS
The company news service from the London Stock Exchange
END
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