1 September 2010 – AGM statement/takeover approach
At today’s AGM, the company has confirmed that trading has continued to be in line with management’s expectations, benefiting from the increased focus of the group on markets which have strong underlying regulatory and environmental drivers. An improved performance is expected in the second half of the year as the group benefits from higher activity levels and the ongoing benefits of cost reduction measures.
Spice has also revealed that following the conditional cash offer from Cinven worth between 62p and 65p per share, it has now received another approach from another party. Talks are ongoing although there is no certainty that an offer will be forthcoming. This underlines the prospects for the group going forward and the shares are at least a FIRM HOLD.