Capital Management and Investment plc (?CMI?)
23 December 2009
Financial Restructuring of Algeco Scotsman
Algeco/Scotsman Holding Sarl (?the Company?), the Luxembourg based parent
company of Algeco ? Europe?s leading modular construction business and Williams
Scotsman, the largest mobile storage company in the USA - has successfully
completed a financial restructuring that has resulted in a significant reduction
in debt held by third parties in the Company and an agreement by the
shareholders to invest up to an additional EUR125 million into the capital of the
Company.
Following the restructuring CMI?s existing equity shareholding in the Company
has been reduced from approximately 28% to around 1%.
CMI has entered into an option agreement with the principal shareholder of the
Company, TDR Capital, to invest up to EUR10 million of new equity into the Company
on broadly the same terms as the TDR investment on or before 30 April 2010,
which would allow CMI to significantly increase its equity shareholding. The
Board wishes to exercise this option and is currently investigating ways of
funding this exercise price. Further details of this option agreement, and the
Board?s proposals and recommendations, will be set out in a circular which CMI
expects to send to its shareholders in January 2010.
The carrying value of CMI?s holding in the Company, as reported in the interim
results to 31 July 2009, was £17.5 million.
For further information contact:
Capital Management & Investment plc
Tim Woodcock, Finance Director 020 7725 0800
Brewin Dolphin Limited - Nominated Adviser
Neil Baldwin 0113
241 0130
ENDS
[HUG#1366987]