Business
Purchase of own shares and directors' dealings
Purchase of own shares and directors' dealings.
About this update from James Halstead Plc
[{"type":"text","content":"\n \nRNS Number : 0439Y James Halstead PLC 20 January 2014 \n \n\n20th January 2014\nJames Halstead plc (\"James Halstead\" or the \"Company\")\nPurchase of own shares and directors' dealings\nBackground\nFor many years James Halstead has had an employee share incentive plan whereby the UK employees are gifted free shares annually which are held in trust for 5 years offering a tax free benefit to employees. On the fifth anniversary of the gift, the shares are transferred to employees who are then free to sell these shares.\n \nAt 30 June 2013, 1,337,398 shares were held in trust, representing 0.65% of the issued share capital with 532 participating employees.\n \nThe Company, this year, has offered to purchase the 2008 allocation of shares due to pass from the Trust to employees (the total number allocated at that time was 499,996 shares). The Company, having regard to its cash balances and the yield on the shares, believes that this is beneficial to those employees that wish to sell shares and, in addition, would minimise the number of small share sales over a short period.\nAnnouncement of transaction in the Company's own shares\nJames Halstead announces that on 20th January 2014 it acquired 135,000 Ordinary Shares of 5p each in the Company (\"Ordinary Shares\") from certain directors and employees at a price of £3.21 per Ordinary Share, being 5p above the average market price of an Ordinary Share on the five dealing days from 13 to 17 January 2013 inclusive. The following directors of the Company have taken up this offer:\n\n\n\n\nDirector\n\n\nNumber of Ordinary Shares\n\n\nPrice per Ordinary Share\n\n\n\n\nMr M Halstead\n\n\n2,500\n\n\n£3.21\n\n\n\n\nMr G Oliver\n\n\n2,500\n\n\n£3.21\n\n\n\n\nIn summary, 136 employees and directors holding 135,000 Ordinary Shares have taken up the offer. All such Ordinary Shares have been cancelled and the Company does not hold any Ordinary Shares in Treasury.\nFollowing this announcement and the cancellation of the shares, the Company's capital consists of the following:\n· 207,004,008 ordinary shares of 5p each with voting rights;\n· 200,000 5.5% cumulative preference shares with no voting rights (except in the case that payment of a dividend is over six months in arrears); and\n· 16,042,530 'B' shares of 1p each with n...