Business
Directors' Share Purchase & Concert Party Disposal
Directors' Share Purchase & Concert Party Disposal.
About this update from Cordel Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9858Z\n Maestrano Group PLC\n 24 September 2020\n \n \n \n \n 24 September 2020\n \n \n Maestrano Group PLC\n \n \n Purchase of Shares by Directors and\n \n \n Concert Party disposal of Shares \n \n \n Maestrano Group PLC (AIM: MNO), the Artificial Intelligence platform for transport corridor analytics (the \"Company\" or \"Maestrano\"), announces that the following directors have on 23 September 2020 each acquired Maestrano ordinary Shares of £0.01 each (\"Ordinary Shares\") at a price of 10 pence per Ordinary Share:\n \n \n \n \n \n \n \n \n Directors\n \n \n \n \n Shares acquired\n \n \n \n \n Resultant holding\n \n \n \n \n Percentage of the Company's voting rights\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n John Davis\n \n \n \n \n 150,000 \n \n \n \n \n 650,000 \n \n \n \n \n 0.4%\n \n \n \n \n \n \n Jonathan Macleod\n \n \n \n \n 150,000 \n \n \n \n \n 475,007 \n \n \n \n \n 0.3%\n \n \n \n \n \n \n Nicholas McInnes\n \n \n \n \n 150,000 \n \n \n \n \n 150,000 \n \n \n \n \n 0.1%\n \n \n \n \n \n \n \n \n The purchases were part of a parcel of 1,650,000 Ordinary Shares sold by David Israel, a member of the Concert Party, as defined in the circular to shareholders dated 15 October 2019.\n \n \n \n \n \n Concert Party holdings\n \n \n On 3 March 2020 Maestrano announced that a company associated with Ian Buddery purchased an aggregate of 1,650,000 Ordinary Shares thereby increasing his holding of voting rights in the Company to 5.8%. On the basis that these purchases increased the aggregate holding of voting rights in the Company by the Concert Party from 46.7% to 47.8%, the purchase had the effect of triggering an obligation for the Concert Party to make a mandatory offer for the entire issued share capital in the Company under Rule 9.1 of the Takeover Code. \n It should be noted that Mr Buddery followed the Company\n '\n s share dealing code including all relevant consultations prior to making these purchases. The Company has sought legal advice in relation to its share dealing code and is making amendments to reduce the risk of inadvertent breaches of the Takeover Code in the future. \n \n \n \n The Takeover Panel has accepted that the obligation fo...