Acquisition of own shares/Dir

RNS Number : 0775F

Maintel Holdings PLC

03 October 2008

 

Maintel Holdings Plc ('Maintel' or 'the Company')

Acquisition of own shares/Directors' shareholdings/Total voting rights

The Company announces that, pursuant to its general authority granted by shareholders of the Company on 25 April 2008 to make market purchases of its own shares, the Company made on market purchases of 1,100,000 Ordinary Shares of 1 pence each ('Ordinary shares') at 103 pence per Ordinary Share on 3rd October 2008 (to be cancelled). The effect of the share buy back will be to decrease the Company's cash balances by £1,133,000. The transaction will be earnings enhancing.

The total number of Ordinary Shares in issue following the purchase and cancellation of such Ordinary Shares is 10,871,800 Ordinary Shares.

A total of 750,000 shares were purchased from Tim Mason, a director of the Company who sold a further 250,000 shares, also at 103 pence, on the same day. Following the disposal by Mr Mason and the cancellation of the shares purchased, he retains a beneficial interest in 1,045,862 shares, 9.62% of the Company's issued share capital.

The purchase of shares from Mr Mason is a related party transaction as described by Rule 13 of the AIM Rules. The Directors of Maintel (excluding Tim Mason) consider, having consulted with its Nominated Adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

Mr Mason is a trustee of the Company's Share Incentive Plan, and the aggregate of his combined beneficial and non-beneficial holdings in the Company following his disposal is 1,071,953 shares, 9.86% of the Company's issued share capital, as shown below:

Name of Director	Shares sold - beneficial	Disposal as a % of pre-disposal issued share capital	Holding following disposal
			Beneficial	Non-beneficial	Total of beneficial and non-beneficial
T T Mason	1,000,000	8.35%	1,045,862	26,091	1,071,953
% of issued share capital after transaction			9.62%	0.24%	9.86%

For the purposes of the Financial Services Authority's Disclosure and Transparency Rules, the total number of Ordinary Shares of 1p of the Company in issue after the purchase and cancellation reported above is 10,871,800, with each share carrying the right to one vote.

There are no shares held in treasury.

The total number of voting rights in the Company is therefore 10,871,800. This 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 Disclosure and Transparency Rules.

3 October 2008

Enquiries:

Tim Mason - Chief Executive 020 7401 4601

Dale Todd - Finance Director 020 7401 0562

 

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