Issue of Equity & Directors' Dealings

RNS Number : 2313D

Gresham Computing PLC

26 March 2014

 



Gresham Computing plc

(the "Company")

Issue of Equity and Directors' Dealings

Gresham Computing plc announces that on 25 March 2014, 2,235,000 ordinary shares of 5 pence each in the capital of the Company ("Ordinary Shares") were issued and allotted following an exercise of employee share options under the Company's Unapproved Share Option Plan 2010 and the Enterprise Management Incentive Plan 2010.

The Company advises that application has been made for 2,235,000 Ordinary Shares to be admitted to the Official List of the UKLA and to trading on the Main Market of the London Stock Exchange. The 2,235,000 new Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares.  Dealings in the new Ordinary Shares are expected to commence at 8 a.m. on 31 March 2014. The total number of Ordinary Shares with voting rights in issue following the issue of these new Ordinary Shares is 62,958,478. The Company currently holds no Ordinary Shares in treasury.

The above figure (62,958,478) 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.

Chris Errington, Chief Executive Officer of the Company, exercised options over 1,750,000 Ordinary Shares at an exercise price of 28.05 pence per Ordinary Share. The Company was also notified that on 25 March 2014 Mr Errington subsequently sold 970,000 Ordinary Shares at a price of 128 pence per Ordinary Share to cover the exercise price due to the Company and certain tax liabilities which fall due as a result of the exercise of options. Following these transactions, Mr Errington has a beneficial interest in 782,268 Ordinary Shares representing 1.24% of the current issued share capital of the Company.

Rob Grubb, Chief Financial Officer of the Company, exercised options over 300,000 Ordinary Shares at an exercise price of 28.05 pence per Ordinary Share. The Company was also notified that on 25 March 2014 Mr Grubb subsequently sold 75,000 Ordinary Shares at a price of 128 pence per Ordinary Share to cover the exercise price due to the Company and certain tax liabilities which fall due as a result of the exercise of options. Following these transactions, Mr Grubb has a beneficial interest in 231,405 Ordinary Shares representing 0.37% of the current issued share capital of the Company.

Furthermore the Company has received notification from Kestrel Opportunities, a cell of Guernsey Portfolios PCC Limited ("Kestrel Opportunities") that on 25 March 2014 it acquired 90,000 Ordinary Shares in the Company at a price of 128 pence per share. Kestrel Partners LLP, which Max Royde (Non-executive Director of the Company) is a partner of and holds a beneficial interest in, is the investment manager to Kestrel Opportunities. Mr Royde is also a shareholder in Kestrel Opportunities. Following this transaction, Kestrel Opportunities holds 5,307,854 Ordinary Shares representing 8.43% of the current issued share capital of the Company.

- Ends -

For further information please contact:

Gresham Computing plc Chris Errington, CEO Rob Grubb, CFO	[phone]
N+1 Singer Shaun Dobson, Head of Corporate Finance Nick Donovan, Corporate Finance	[phone]

 

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