Exercise of management incentive arrangements

RNS Number : 7164Y

Parkmead Group (The) PLC

28 January 2014

 

28 January 2014

THE PARKMEAD GROUP PLC

("Parkmead" or the "Company")

Exercise of management incentive arrangements

Parkmead reports that Tom Cross (Executive Chairman) has irrevocably undertaken to convert, pursuant to the terms of his share appreciation rights ("SARS"), 2,100,000 of his SARS which have now vested into equity. The exercise price is 23.25 pence. The conversion of his SARS into equity is conditional only on the admission of the placing shares to be issued pursuant to the terms of a placing announced earlier today by the Company. Application will be made for the 2,100,000 Ordinary Shares to be issued upon the conversion of the SARS by Tom Cross to be admitted to trading on AIM and it is expected that admission in respect of these shares will take place on 14 February 2014

Upon admission of the shares issued pursuant to the exercise of these SARS, Tom Cross, and affiliates connected to him, will have a beneficial holding of 18,767,446 Ordinary Shares in the Company representing approximately 21.5 per cent. of the then enlarged issued share capital of the Company.

In addition, Ryan Stroulger (Finance Director) has exercised 24,000 share options, at an exercise price of 23.25 pence each. Application has been made for the 24,000 shares issued and allotted to Ryan Stroulger to be admitted to trading on AIM and it is expected that admission in respect of these shares will occur on 31 January 2014. Following the exercise of these options and taking into account the 47,058 ordinary shares irrevocably subscribed for by Ryan Stroulger as part of the Placing, Ryan Stroulger will have a beneficial holding of 137,724 Ordinary Shares representing 0.16 per cent. of the then enlarged issued share capital of the Company.

The total issued share capital of the Company (as enlarged by the issue of the placing shares and the ordinary shares arising from the exercise of shares under the management incentive arrangements set out above) will be 87,412,344 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury and accordingly there are no voting rights in respect of any treasury shares. The aforementioned figure of 87,412,344 Ordinary Shares may be used by Shareholders following admission on 14 February 2014 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.

The new ordinary shares will rank pari passu with the existing shares of the Company.

Enquiries:

The Parkmead Group plc
Tom Cross (Executive Chairman)	[phone]
Ryan Stroulger (Chief Financial Officer)	[phone]
Charles Stanley Securities (Financial Adviser, NOMAD and Corporate Broker to Parkmead)
Marc Milmo	[phone]
Karri Vuori	[phone]
Carl Holmes	[phone]

 

END

 

 

MSCQVLFLZFFFBBL