Mavinwood Plc
("Mavinwood" or "the Company")
Result of EGM, Placing and Acquisition
The Board of Mavinwood announces that all resolutions proposed at the Company's EGM held this
morning were duly passed.
Accordingly, the Company's acquisition of Independent Inspections Holdings Limited, a national
carpet and upholstery service business which offers a complete and seamless validation/restoration
and replacement service to the insurance industry throughout the United Kingdom, is expected to
complete tomorrow.
The Company also announces that it intends, in connection with the acquisition, to issue
100,000,000 new Ordinary Shares at 12p per share ("Placing Shares"), raising £12,000,000 (before
expenses).
Application has been made for the Placing Shares and 7,843,137 ordinary shares to be issued as part
consideration for the acquisition to be admitted to trading on AIM tomorrow.
Kevin Mahoney Chief Executive of Mavinwood said:
"This is an excellent acquisition for us and together with ANSA, a drainage insurance claims
specialist, makes us a major provider of services to the insurance industry. It also continues our
strategy of building a support services group with a focus on emergency insurance claims
management and document storage.
"As well as funding this acquisition, the Placing provides us with the capacity to pursue further
acquisition opportunities."
Contacts:
Mavinwood plc
Kevin Mahoney, Chief Executive 020 7661 9650
Michael Vincent, Finance Director 020 7661 9651
Threadneedle PR
John Coles 020 7936 9604
Seymour Pierce Limited
Jonathan Wright 020 7107 8000
Mavinwood plc