Remaining 25% stake in Africa Oil Week

RNS Number : 1646G

ITE Group PLC

25 May 2017

 

25 May 2017

ITE Group plc

Acquisition of remaining 25% stake in Africa Oil Week by ITE

ITE Group plc (ITE.L) (the "Company") today announces that the minority shareholders of Africa Oil Week Limited ("AOW"), GPP Energy Advisors Limited ("GPP"), have exercised a put option (the "Put Option") in relation to its remaining 25% shareholding in AOW, pursuant to the terms of the acquisition agreement entered into between GPP and the Company in 2015. The Put Option provides for the issue of new ordinary shares of one pence each in the Company (the "Shares") to be issued to GPP in consideration for the shares in AOW to be transferred to the Company in accordance with the Put Option. Consequently the Company will be issuing 2,791,120 Shares to GPP.

The Company confirms that applications have been made for the Shares to be admitted to listing on the premium segment of the Official List and to trading on the Main Market of the London Stock Exchange ("Admission"). Admission of the new shares is expected to take place at 8.00am on 31 May 2017.

Following Admission, the total number of voting rights in the Company will be 268,835,985. There are no shares held in treasury. This figure should be used by shareholders as the denominator for the calculations by which they determine whether they are required to notify their interest in, or a change to their interest in, ITE Group plc, under the Disclosures and Transparency Rules.

For further information, please contact:

ITE Group plc	[phone]
Mark Shashoua, Chief Executive Officer
Andrew Beach, Chief Financial Officer
Numis Securities Limited	[phone]
Nick Westlake, Toby Adcock

 

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