EGM Statement

10 May 2005 12:14

Mavinwood PLC10 May 2005 Mavinwood Plc ("Mavinwood" or "the Company") Result of EGM and Placing and Clawback Offer The Board of Mavinwood announces that its proposal to acquire ReStore GroupHoldings Limited ("ReStore"), a document storage and record management company,was today approved by shareholders at an EGM. ReStore presently manages thearchiving, storage, retrieval and other document management services for a widerange of clients, including substantial law firms, banks, insurers and foodmanufacturing, engineering, property and construction companies. Theacquisition, which the Company expects to complete this afternoon, constitutes areverse takeover under the AIM Rules and application will be made, followingcompletion, for the Company, with its enlarged share capital of 59,750,000ordinary shares, to be readmitted to trading on AIM tomorrow. The Company also announces that it intends, in connection with the acquisition,to issue 35,850,000 New Ordinary Shares at 11p per share, raising £3,943,500(before expenses). These funds were raised through a placing and clawback offerto shareholders on the basis of 3 new ordinary shares for every 2 existingordinary shares. 3,652,250 new ordinary shares were applied for by shareholdersunder the terms of the clawback offer and the remaining 32,197,750 were placedwith Geraldton Services Inc. ("Geraldton"), of which Lord Ashcroft KCMG is theultimate beneficial owner. All of the other resolutions proposed at the EGM were also passed, includingapproval of the waiver by the Panel on Takeovers and Mergers for Geraldton tomake a general offer pursuant to Rule 9 of the City Code as a result of theallotment and issue of 32,197,750 new ordinary shares which, when aggregatedwith the shares already held by Geraldton, will result in Geraldton holding39,197,750 ordinary shares and therefore controlling 65.6 per cent. of thevoting rights in the Company. Contacts: Kevin Mahoney, Chief Executive 020 7661 9650 Michael Vincent, Finance Director 020 7661 9651 John Coles, Weber Shandwick 020 7067 0749 Louise Carpenter, Seymour Pierce Limited: 020 7107 8000 This information is provided by RNS The company news service from the London Stock Exchange