Statement by Siteserv Holdings Limited in response to recent media reports
Siteserv Holdings Limited is disappointed that Catherine Murphy T.D. continues to make repeated unfounded public accusations in relation to the circumstances surrounding the sale of Siteserv PLC (in liquidation). Siteserv PLC (in liquidation) publically denied these accusations in 2012. It is extremely disturbing that Deputy Murphy continues to repeatedly try and discredit the reputation of Siteserv Holdings Limited.
Any attempt to continually portray the transaction in such a negative manner is completely without foundation and is purely agenda-driven. The reason the Millington bid was successful was that it was viewed by the Board of Siteserv PLC as the one that was in the best interest of the company and its employees and by Irish Bank Resolution Corporation Limited (IBRC) as the best outcome for the State.
The transaction to acquire Siteserv PLC (in liquidation) by Millington in 2012 was conducted entirely in full compliance with best corporate practice and best corporate governance standards as already publically stated by the Directors of Siteserv PLC (in liquidation). The sale process on behalf of Siteserv PLC (in liquidation) was assisted by KPMG Corporate Finance and Davy Corporate Finance, overseen by a sub-committee of the Board of the company and was subject to an EGM of the company's shareholders. IBRC had a representative on the sub-committee and was advised by PwC Corporate Finance.
The Board of Siteserv PLC (in liquidation) in full consultation with IBRC concluded that the proposed disposal to Millington represented the best conditions and price attaching to the sale. As part of the transaction, IBRC agreed to accept payment of an amount which was less than the full amount owed by Siteserv PLC (in liquidation) in full and final discharge of the indebtedness of Siteserv PLC. It should be noted that at the time of the bids, that IBRC was willing to engage with all bidders along similar lines.
It is important to note that Millington’s offer was successful as there were no conditions attaching to it. Furthermore, Millington did not adjust its offer when certain new matters were disclosed at the end of the process that impacted negatively on Siteserv PLC’s then financial position and outlook. The Directors of Siteserv PLC (in liquidation) have previously publically stated that other offers had conditions attached to them.
In terms of media comment concerning a competitor, Altrad Group, Siteserv PLC (in liquidation) said at the time of the transaction, that neither it's Board or its advisors ever received any formal approach or offer from Altrad prior to accepting the Millington offer and that any claims regarding a proposed formal and executable offer for Siteserv PLC were spurious and vexatious.
Siteserv Holdings Limited acquired the assets of Siteserv PLC (in liquidation) in 2012 and the first positive impact of the transaction was to stabilise and consolidate the business and protect the jobs of its employees. Since then under new management, the company, with the help of considerable investment from its shareholders, has been transformed into a thriving business expanding internationally and investing heavily in its people, new products and services, technology and the community. At the time of acquisition in 2012, the company employed 1,635 staff and since then has substantially increased employment to 3,367.
