Business
Placing of Ordinary Shares
Placing of Ordinary Shares.
About this update from Volvere Plc
[{"type":"text","content":"\n \nRNS Number : 4366G Volvere PLC 11 May 2011 \n \n\n \n \nVolvere plc (\"Volvere\" or the \"Company\")\n \n \nPlacing of Ordinary Shares\n \n \n11 May 2011\n \nVolvere announces that, further to today's announcement of a proposed secondary placing (\"Placing\"), the Placing has been successfully completed. \n \nLord Kalms, Chairman of Volvere, Neil Ashley, a non executive director, the Ashley Grandchildren's 2003 Settlement (of which Neil Ashley is a trustee) and Mr Richard Kalms, who retired from the Board of the Company in July 2010, (together the \"Selling Shareholders\") have sold in the Placing 1,505,284 ordinary shares of 0.00001 pence each in the Company (\"Shares\"), representing 25.6% of the Company's voting rights, at a price of 280 pence per Share (before taking into account the costs of the Placing).\n \nPursuant to the authority granted at the General Meeting of the Company held on 22 February 2010 to make market purchases of the Company's own shares (the \"Share Purchase Authority\"), the Company has purchased 695,284 Shares in the Placing at a price of 280 pence from the Selling Shareholders. In addition the Company has today purchased 10,000 Shares, separate to the Placing. Following these purchases the Company holds 1,022,618 Shares as treasury shares. \n \nThe Company's purchase of Shares from the Selling Shareholders, and additional purchase, was funded using the Company's current cash resources. \n \nFollowing today's purchase of Shares by the Company, the number of Shares in issue (excluding treasury shares), and the figure to be used as the denominator for calculations of interests in the Company's total voting rights, is 5,187,748 Shares. The Company also has in issue 455 A Shares of GBP0.49999995 each and 455 B Shares of GBP0.49999995 each, none of which are admitted to trading on AIM.\n \n \nAdditionally, as detailed in today's earlier announcement, Jonathan Lander, Nicholas Lander and Barry Pincus now comprise, for the purposes of the City Code on Takeovers and Mergers, a concert party (\"Concert Party\"). Jonathan Lander, CEO, today purchased 270,000 Shares at 280 pence and Nicholas Lander, CFO and COO, today purchased 90,000 Shares at 280 pence, both transactions being carried out as par...