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Interserve receives mystery 'proposal' from Coltrane

By Oliver Haill

Date: Friday 22 Feb 2019

Interserve receives mystery 'proposal' from Coltrane

(Sharecast News) - Interserve said it has received and is considering an "outline proposal" from major shareholder Coltrane Asset Management.
Earlier this month, the construction and support services group said key terms of a plan to cut its £625m of debt has been agreed with all of its lenders, bonding providers and pension trustee.

Interserve said in a statement on Friday that it now expects that to publish shareholder documents next week, including the notice of a general meeting where it will seek shareholder approval for the debt plan as well as the documents setting out the full terms of the plan.

But the company also said that Coltrane, the New York-based hedge fund that has built a 17% stake and has been calling for a an extraordinary general meeting of the company where it wants to remove the group's chairman, finance director and most of the rest of the board in an effort to derail the rescue plan.





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