Interserve : in Administration) (“...

Following the extraordinary general meeting ('EGM') of the Company held on 15 March 2019 and the rejection by the Company's shareholders of the resolution required to implement the Company's deleveraging plan on a consensual basis, the Company entered administration and Robert Hunter Kelly and Alan Michael Hudson were appointed as Joint Administrators, on 15 March 2019. The appointment was made by the High Court of Justice of England and Wales under the provisions of paragraph 12 of Schedule B1 to the Insolvency Act 1986.

Prior to the administration, on 5 February 2019, an EGM of the Company's shareholders had been requisitioned, under section 303 of the Companies Act 2006, for the purpose of voting on a resolution seeking the removal of all of the Company's directors except for Debbie White. This EGM was due to be held on 26 March 2019.

Following the appointment of the Joint Administrators, the powers of the directors of the Company have been suspended. In addition, no decision of any shareholders' meeting regarding the removal or appointment of directors of the Company may be effective without the consent of the Joint Administrators.

As such, we would respectfully suggest that, as the business of the meeting is incapable of being dealt with and the meeting will not be chaired, the proposed resolution has become irrelevant and so shareholders should not seek to attend the meeting. Shareholders should be aware that the Joint Administrators do not intend to make arrangements for the meeting to be held.

In addition, the directors are currently in the process of preparing a Statement of Affairs for the Company, which provides an analysis of the assets and liabilities of the Company and likely recoveries to its various stakeholders. It is currently expected that the Statement of Affairs will show that there will be a deficiency as regards the creditors of the Company. Consequently, it is not expected that there will be any funds available for distribution to shareholders and it appears that the Company's shares have no value. I regret that no funds are available to maintain the register of members and it is not possible to register any transfers of shares or changes in shareholder details.

Should you have any queries please do not hesitate to contact us at [e-mail]

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For further information please contact:

Jonathan Refoy
[phone]
Interserve Group Limited

Martin Robinson
Lisa Jarrett-Kerr
[phone]
Tulchan Communications

About Interserve

Interserve is one of the world's foremost support services and construction companies. Everything we do is shaped by our core values. We are a leader in innovative and sustainable outcomes for our clients and a great place to work for our people. We offer advice, design, construction, equipment, facilities management and frontline public services. We are headquartered in the UK. We have consolidated revenues of £2.9bn and a workforce of circa 68,000 people worldwide.

www.interserve.com
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