Issue of Equity

RNS Number : 3576Z

Creightons PLC

10 December 2014

 



CREIGHTONS PLC ("THE COMPANY")

ISSUE OF EQUITY 

The Chairman's letter to the shareholders of the Company dated the 3rd July 2014 informed shareholders that the Board was considering using its existing powers to issue up to 5%  of the company's issued share capital to establish an ''employee shareholder scheme'' in accordance with the rules introduced under the Growth and Infrastructure Act in April 2013, as a separate incentive scheme for group employees.  The Directors believe that encouraging employees to become employee shareholders in return for accepting more responsibilities would provide an incentive for them linked with the performance of the Group and the Company's share price.

 Under the employee shareholder scheme an employee who becomes an employee shareholder is given fully paid up shares in the Company (paid up by the company) and in return would surrender certain statutory employment rights, including unfair dismissal claims (except where it relates to discrimination) and  rights to statutory redundancy. The Company will make amendments to these employees' contracts of employment to re-instate these rights as contractual rights.

The Board of Creightons plc is pleased to announce that nine senior employees have agreed to accept more responsibilities and, after taking independent legal advice, to become employee shareholders in accordance with this scheme.  Accordingly the Company has issued 1,181,817 fully paid new ordinary shares under this scheme.  These additional shares represent 1.99 per cent. of the enlarged issued share capital. Application has been made for the 1,181,817 new ordinary shares to be admitted to the Official List of the UK Listing Authority.  Application has also been made to the London Stock Exchange plc for such new ordinary shares to be admitted to trading on its market for listed securities.  It is expected that listing and trading will be effective from 16 December 2014.

For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules, the total number of ordinary shares in issue following admission of the new ordinary shares will be 59,537,243, each carrying the right to one vote.  The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules. 

NDJ O'Shea
Director
Peterborough

10 December 2014
For further information, please contact Mr. NDJ O'Shea at the company's offices on 01733 281000.

 

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