Business
Issue of Equity
Issue of Equity.
About this update from Diales Group Plc
[{"type":"text","content":"\n Driver Group plc\n07 April 2006\n\n 7 April 2006\n\n DRIVER GROUP PLC\n\n ('Driver' or 'the Company')\n\n Issue of Equity and Holdings in Company\n\nThe Company announces that in order to satisfy institutional demand and further\nstrengthen the shareholder base, a placing of 500,000 new ordinary shares of\n0.4p each ('Ordinary Shares') at 73p per share to ISIS Equity Partners plc ('\nISIS') has been completed. Following the placing, funds under the management of\nISIS will increase to an aggregate of 2,400,000 Ordinary Shares, representing\n9.70% of the Company's enlarged issued Ordinary Share capital.\n\nApplication has been made for the new Ordinary Shares to be admitted to trading\non AIM and dealings are expected to commence on 13 April 2006. The new Ordinary\nShares will rank pari passu with the existing Ordinary Shares in issue and\nincrease the number of Ordinary Shares in issue to 24,732,874.\n\nAt the same time, the Company's Employee Benefit Trust has agreed to acquire\n1,527,397 Ordinary Shares at 73p per share from the following employee\nshareholders:\n\nShareholder Number of Ordinary Shares\nR.Peter Davison 1,277,397\nPaul Battrick 100,000\nGary Kitt 100,000\nJason Stephens 50,000\n\n\nDriver has agreed to advance £1,114,999.81 to the Employee Benefit Trust in\norder to facilitate the purchase of shares by the trust.\n\nFollowing this transaction, the shareholding in the Company of R.P. Davison will\nfall to 7.98% and the shareholdings of P. Battrick and G. Kitt will each fall to\n4.65%. The Employee Benefit Trust will own 6.88% of the issued share capital of\nthe Company. J. Stephens does not have a material interest in the ordinary\nshare capital of the Company.\n\nThe Directors of Driver are committed to attracting new senior level staff and\nrewarding existing employees and accordingly these shares will be held and\noptions in respect of them will be granted to employees in the future.\n\n\nFor further information, please contact:\n\nDriver Group plc: Steve Driver, Chief Executive Tel: 0870 873 7878\n\nWH Ireland Limited: David Youngman Tel: 0161 832 2174\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange EUBRBRNNRSRAR \n ","length":2823,"tagName":"div"}]