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<\/a><\/div>\n<\/div>\nBut in a further\u00a0twist today, a\u00a0key shareholder has issued a call to oust eight main board directors, while remaining in support of chief executive White.<\/p>\n
Coltrane Master Fund, which holds over 5% in the group, has called for the general meeting with the aim of removing key directors: Glyn Barker, Mark Whiteling, Russell King, Anne Fahy, Nick Salmon, Gareth Edwards, Dougie Sutherland and Nicholas Pollard.<\/p>\n
In a complex deal to slash debts by over half to \u00a3275m, key lenders, including RBS, HSBC and BNP Paribas, have agreed to release \u00a375m to fund working cash and taking \u00a3480m new equity in the group<\/p>\n
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This will almost wipe out existing shareholders with the new shares accounting for 97.5% of the enlarged Interserve stock.\u00a0Existing shareholders will then have the option to claw that \u00a3480m back through an open offer, likely to be discounted.<\/span><\/p>\n Bonding providers have also agreed to provide the additional facilities required by Interserve’s business plan.<\/span><\/p>\n The profitable RMD Kwikform business will remain within the Interserve\u00a0group despite earlier reports that it may be sold off. As part of the deal,\u00a0\u00a3350m of existing debt will be shouldered by RMD.<\/span><\/p>\n This will be non-recourse debt effectively ring-fencing the support services business within the Interserve Group.<\/p>\n \n
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