Allotment of shares in subsidiary

RNS Number : 5291N

Fulcrum Utility Services Ld

01 October 2012

 

FULCRUM UTILITY SERVICES LIMITED

Allotment of shares in subsidiary

Fulcrum Utility Services Limited (the "Company") announces that 1,000,000,000 A Shares in the capital of Fulcrum Utility Investments Limited ("FUIL"), a subsidiary of the Company, that had been allotted and issued to directors and management of the Company in July 2010 and July 2011 have been cancelled pursuant to an order of the Grand Court of the Cayman Islands (dated 30 July 2012) in which the issue of such shares was declared void (the "Cancelled A Shares"). The Cancelled A Shares were due to an administrative technicality regarding their original issuance under Cayman Islands law. The effect of the cancellation is as if the Cancelled A Shares were never originally issued.

Following the cancellation, the Company announces that 5,000,132 new A Shares with a nominal value of £0.001 each (the "New A Shares") in FUIL have been allotted to directors and management of the Company. On 28 September 2012 the following New A Shares were allotted to directors and management of the Company at a subscription price of £0.001 per share.

	No. of New A Shares allotted
John Spellman	2,000,053
Philip Holder	500,013
Other management personnel	2,500,066
	5,000,132

In addition, the holders of the New A Shares have been awarded a deferred bonus (the "Deferred Bonus") to compensate them for any value that would have accrued to the Cancelled A Shares from the date of their issue to the date of issue of the New A Shares.

The rights, conditions and economics attaching to the combined New A Shares and the Deferred Bonus are the same as those that attached to the Cancelled A Shares, as detailed in the Company's admission document dated 17 June 2010. The transaction has no impact on the rights of the ordinary shareholders in the Company.

Enquiries:

Cenkos Securities plc                            (nominated adviser and broker)                [phone]

Stephen Keys / Adrian Hargrave

College Hill                                                                                                        [phone]

Toby Bates / Del Jones

 

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