Directors' Dealings & Other News
Diagonal PLC
2 March 2000
DIAGONAL PLC ('Diagonal' or 'the Company')
Cash placing
DIAGONAL is pleased to announce that it has today entered into an arrangement
to place 1,179,775 new ordinary shares of 10p each ('Ordinary Shares') at 890
pence per share (the 'Placing') to raise approximately £10.3 million after
expenses. It is expected that the new Ordinary Shares will be admitted to the
Official List of the London Stock Exchange on Thursday 9 March 2000. The new
shares will rank pari passu with the existing shares in all respects including
the right to the final dividend of 1.0 pence per share to be paid to holders
of Ordinary Shares who are on the register on 10 March 1999.
As stated in the Company's preliminary announcement for the 52 weeks ended 28
November 1999 made on 22 February 2000, the Company has been building a new
revenue stream under the banner DIAGONAL Solutions. To that end, since the
year end the Company has made two acquisitions resulting in a cash outflow of
£6.8 million and some limited use of the Company's overdraft facilities. It
is the Directors' intention that the Company will continue to make
acquisitions in order to develop the DIAGONAL Solutions group and the net
proceeds from the cash placing, which will initially be placed on deposit,
will be used to finance such future acquisitions.
In addition, today the directors of the Company have sold, in aggregate,
2,479,802 Ordinary Shares at 890 pence per share. Details of the disposals
are set out below:
Name of director No. of Percentage Holding Percentage
shares of following of
sold existing disposal existing
share share
capital capital
Mark Samuels 882,628 1.07 2,647,884 3.20
Colin Burnside 1,076,083 1.30 3,228,249 3.90
Victor Tuffield 446,750 0.54 1,340,250 1.62
Graham Creswick 74,341 0.09 223,023 0.27
Also today Bryan Churcher has sold, 834,564 Ordinary Shares, representing 1.01
per cent. of the Company's existing share capital at 890 pence per share.
Following the disposal Bryan Churcher and his related interests will continue
to hold 2,503,694 Ordinary Shares, representing 3.02 per cent. of the
Company's existing share capital.
For Further Information:
Mark Samuels, Chairman
DIAGONAL PLC
01252 733711
Graham Creswick, Finance Director
DIAGONAL PLC
01252 733711
Richard Pollen
Pollen Associates
01428 608860
James Grace, Managing Director
Investec Henderson Crosthwaite Corporate Finance
020 7597 5970
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