Outsourcery PLC Update (2486B)

TIDMOUT

RNS Number : 2486B

Outsourcery PLC

15 June 2016

OUTSOURCERY PLC

Update

Outsourcery plc (AIM: OUT, 'Outsourcery' or 'the Company') today provides an update on the previously announced sale process instigated as a condition of the working capital facility provided by its secured lender.

Agreement has been reached to sell substantially the entire business and assets of the Company's trading subsidiary Outsourcery Hosting Limited to GCI Network Solutions Limited. In order to complete the sale, it will be necessary to appoint Administrators, and the Board of Outsourcery has resolved to appoint partners from EY as Administrators for this purpose. The appointment is expected to be made today, and the sale is expected to complete shortly thereafter.

ENDS

For further information please contact:

 
 Outsourcery plc 
  Piers Linney, Co-CEO 
  Simon Newton, Co-CEO             +44 (0)330 313 0077 
 
   Investec 
   Andrew Pinder / Patrick Robb      +44 (0)20 7597 5100 
 
   FTI Consulting 
   Matt Dixon / Dwight Burden 
   / Rob Mindell                     +44 (0)20 3727 1000

Ends

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

June 15, 2016 03:37 ET (07:37 GMT)

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