12 March 2019 | Herpreet Kaur Grewal
The Interserve Board has confirmed that it has been in discussions with Coltrane and its lenders have sought to establish the basis on which the latter would support the company's restructuring proposal.
A statement said: "Although the board is seeking to improve the position of all shareholders, there is no certainty that it will be able to do so in the very limited time available.
"The only proposal which is currently capable of being implemented is the recommended deleveraging plan through which, inter alia, shareholders will retain 5 per cent of the equity of the restructured Interserve with the ability to acquire further equity through the open offer."
This announcement contains "forward-looking statements in respect of Interserve, its group and its deleveraging plan", according to the Interserve board.
The board added that "by their nature, these statements involve uncertainty, known and unknown risks and other factors and therefore assurance cannot be given that any particular expectation will be met".
Last week, the board of Interserve rejected the Coltrane proposal.
Shareholders are due to vote on the deleveraging plan on Friday 15 March.