Business
Issue of Circular and Option
Issue of Circular and Option.
About this update from Ekf Diagnostics Holdings Plc
[{"type":"text","content":"\n RNS Number : 9483D International Brand Licensing PLC 11 December 2009 \n\nInternational Brand Licensing plc\n(\"IBL\" or \"the Company\")\nIssue of Circular to Shareholders and Option Arrangements\nOverview\nOn 26 November 2009, the Company announced the appointment of David Evans, Julian Baines and Dr Kevin Wilson to the Board and a placing to raise approximately £1 million through the issue of 8,398,300 new ordinary shares at 12.75p per share. The Company also announced that it would be seeking Shareholder approval for the proposed change in the strategy of the Company, moving away from the exploitation of a portfolio of sports and lifestyle brands to building a business within the in vitro diagnostic devices (\"IVD\") market place.\nThe Company is pleased to announce that a Circular will be issued to Shareholders later today explaining the rationale behind the proposed change of strategy, as previously announced on 26 November 2009, and why the Directors unanimously consider this to be in the best interests of the Company and its shareholders as a whole and why they recommend that you vote in favour of the resolutions to be proposed at the General Meeting of the Company as they intend to do in respect of their own beneficial holdings of Ordinary Shares. \nShareholder approval is required under the AIM Rules for the proposed change of strategy. \nIn addition, in order to properly incentivise the new management team, the Company has adopted a Long Term Incentive Plan (\"LTIP\"). Under the terms of the LTIP, awards have been made to David Evans and Julian Baines, full details of which, together with changes in other option arrangements, are set out below and within the Circular.\nA General Meeting of the Company will be held at 12.00 noon on 4 January 2010 at the offices of Memery Crystal LLP, 44 Southampton Buildings, London WC2A 1AP. \nLong Term Incentive Plan\n \nIn order to properly incentivise the new management team, the Company has adopted a Long Term Incentive Plan. Under the terms of the LTIP, each of David Evans and Julian Baines, have received awards equal to 7 per cent. of the issued share capital of the Company (\"Issued Share Capital\") as at the date immediately following the commencement of dealings following the firs...