SILVERMINES GROUP PLC
11 October 1999
Silvermines Disposal Resolutions Passed at EGM
Silvermines Group plc ('Silvermines') is pleased to announce that, at the
extraordinary general meeting of the Company held earlier today, the
resolutions approving the following disposals were passed by shareholders:
* The disposal of UK Aerospace Division to Esterline Technologies Ltd for
£12.8 million;
* The disposal of Electrical Division to its management for £5.5 million.
Silvermines' Chairman Bob Morton commented on the approval: 'I am delighted
that our shareholders have backed the Board's strategy which demonstrates
the commitment of our new Chief Executive and the Board to restore the
growth and creditability of the Group, and with it, shareholder value.
The Board accordingly looks forward to the future with confidence.'
For further information please contact:
Ian Scott-Gall
Chief Executive, Silvermines
0207 353 1500
Andrew Sharkey / Emmanuel Kenning
Luther Pendragon
0207 353 1500