TIDMSYG

RNS Number : 1754T

Speymill PLC

10 December 2012

For Immediate Release 10 December 2012

Speymill plc

("Speymill")

Proposed Administration of Speymill Contracts Limited

Speymill (AIM:SYG), the multinational property services group, announces that it has completed a comprehensive strategic review to maintain shareholder value in the light of current trading conditions. This review included an expert analysis of the current and future prospects for its subsidiary Speymill Contracts Limited ("Contracts"). As a result, the Board has regrettably concluded that the Contracts business is not viable and represents an unsupportable burden on Speymill. Thus the Board of Contracts, acting by its sole shareholder, has today lodged with the Court a 'Notice of Intention to Appoint Administrators'.

Contracts, valued at nil in the Company's accounts, suffered a loss of GBP1.76 million for the first six months of the current financial year and, despite Speymill advancing in excess of GBP2 million cash in additional support via the principal shareholders during the year, the continued deteriorating results and difficult economic environment has resulted in the Board being forced to take this decision.

The remainder of Speymill, consisting of its property investment portfolio, continues to trade in line with expectations and the other elements of its business are not directly affected by the proposed administration of Contracts. The Board will make further announcements concerning its intentions in due course.

-END-

For further information, please contact:

 
 Speymill plc                          Tel: +44 (0) 1624 640860 
 Denham Eke                            www.speymill.com 
 Beaumont Cornish Limited (Nominated   Tel: +44 (0)20 7628 3396 
  Adviser) 
 Roland Cornish and James Biddle

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

END

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