Business
Issue of Equity and Directors Dealings
Issue of Equity and Directors Dealings.
About this update from Symphony Environmental Technologies Plc
[{"type":"text","content":"\n \nRNS Number : 6170G Symphony Environmental Tech. PLC 16 May 2011 \n \n\n \n \n\n\n\n\n\n\n\n16 May 2011\n\n\n\n\n \nSYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC\nIssue of Equity, Directors Dealings and Total Voting Rights\n \nSymphony Environmental Technologies plc (\"Symphony\", the \"Company\" or the \"Group\"), the specialist in advanced plastics technologies including controlled life and anti-microbial products, is pleased to announce that it has placed a total of 9,200,000 new ordinary shares of 1 pence each (the \"Placing Shares\") with Hong Kong based investment group Quam Limited at a price of 20 pence per share (the \"Placing Price\") to raise £1,840,000 before expenses (the \"Placing\"). In addition, and to meet institutional demand, a further 1,184,800 Placing Shares have been issued at the Placing Price to raise a further £236,960 before expenses. The Placing is conditional upon admission of the Placing Shares to trading on AIM.\n \nThe net proceeds of the Placing will be used to repay loans of £510,000 and strengthen the working capital of the business.\n \nThe Placing will consist of a total of 10,384,800 million new ordinary shares being issued, 8,736,300 of which are being issued pursuant to existing authorities granted at the last Annual General Meeting. In order to satisfy the demand, certain directors, being Michael Laurier and Michael Stephens, have given notice to exercise and sell options in respect of 1,648,500 shares in aggregate. The options will be exercised at 4.5 pence each and sold at a price of 20 pence each as follows:\n \n\n\n\n\nDIRECTOR\n\n\nNUMBER OF OPTIONS EXERCISED\n\n\nEXERCISE PRICE PER SHARE\n\n\nTOTAL HOLDING POST EXERCISE AND SALE\n\n\nPERCENTAGE HOLDING POST EXERCISE AND SALE\n\n\n\n\nMichael Laurier (Chief Executive)\n\n\n648,500\n\n\n4.5pence\n\n\n15,063,600\n\n\n11.8%\n\n\n\n\nMichael F Stephens (Technical Director)\n\n\n1,000,000\n\n\n4.5pence\n\n\n311,294\n\n\n0.2%\n\n\n\n\n \n \nApplication has been made for the admission ('Admission') of the Placing Shares to trading on the AIM market of the London Stock Exchange. It is expected that Admission will become effective and that dealings will commence on 23 May 2011. Upon issue, the Placing Shares will rank pari passu in all respects with the Company's existing Ordinary Shar...