Holding in Company - correction

RNS Number : 6014S

Volvere PLC

03 December 2012

 



Volvere plc (the "Company")

Holding in Company - correction

The Company announces that, further to the notification of a major interest in the Company's ordinary shares of £0.0000001 each ("Shares") held by Wood Hall Securities Ltd ("Wood Hall") on 7 November 2008, whereby Wood Hall held 14.98% of the total voting rights prevalent at the time, it has recently been informed on 28 November 2012 that, following the purchase of 10,000 shares at 140 pence by Wood Hall on 20 October 2008, this holding should have been disclosed as 859,666 shares or 15.16% of the voting rights as at that date. Following the purchase of an additional 10,000 shares at 240 pence on 22 July 2009 and a further 10,000 shares at 240 pence on 28 July 2009, Wood Hall's interest in the Company increased to 879,666 ordinary shares.

Wood Hall was wholly owned by Mr. Andrew Cohen.  The Company has also been informed that, on 18 June 2010, following the winding up of Wood Hall, the Shares held by Wood Hall were transferred to Mr. Cohen with no change in ultimate beneficial ownership.  All of the 879,666 Shares in the Company in which Mr. Cohen is interested, representing 18.28% of the total voting rights in the Company's share capital, are now held in in the name of Hargreave Hale Nominees.

Although since June 2010 Mr. Cohen's holding has remained unchanged in terms of the number of shares owned, his beneficial holding has increased in percentage terms due to the effects of ongoing share buy back programmes, which the Company has had shareholder authority to implement for a number of years.

Following shareholder approval of the resolutions to approve an ongoing share purchase authority at a General Meeting dated 19 November 2012, including approval of a Rule 9 (Takeover Code) whitewash in respect of the potential effects of the new share purchase authority on the executive directors' holdings, further material buy backs are expected over time with the effect of concentrating the percentage interests of all shareholders not selling their shares to the Company.  Subject to further share purchases being made by the Company, further announcements relating to the holdings of directors and existing (or newly created significant shareholders) may therefore be required under the AIM Rules and/or the FSA's Disclosure and Transparency Rules.

Enquiries:

Volvere plc

Jonathan Lander              [phone]

N+1 Singer (Nominated Adviser and Broker)

Aubrey Powell                  [phone]
Matthew Thomas

 

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