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The People'sOperator (TPOP)

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Wednesday 25 January, 2017

The People'sOperator

Board Changes, Subscription & Trading Update

RNS Number : 0218V
The People's Operator PLC
25 January 2017
 

The People's Operator plc

("TPO" or the "Company")

 

Trading Update, Board Changes, Subscription and Issue of Equity

 

The People's Operator plc (AIM: TPOP), the cause-based commercial mobile virtual network operator, is pleased to announce the following events:

 

Board Changes

TPO announces the appointment of Michael Butler to the Board as a Non-Executive Director with immediate effect. Mr Butler has held various senior roles in general management, sales and marketing in telecommunications businesses, including as President and Chief Operating Officer and an executive board director of Inmarsat plc. He was previously Managing Director of MCI Worldcom UK. He is currently a director of several other companies, including Non-Executive Chairman of Broadband Satellite Services Limited, and is a Non-Executive Director of Synectics PLC, an AIM-listed provider of integrated security & surveillance systems.

 

It is intended that following the next Annual General Meeting of the Company Mr Butler will be appointed as Non-Executive Chairman and Jimmy Wales will become a Non-Executive Director.

 

Subscription

The Company today announces a subscription for 4,000,000 new ordinary shares of £0.0005 each ("Ordinary Shares") (the "Subscription Shares") at a price of 5 pence per Ordinary Share to raise gross proceeds of £200,000 (the "Subscription"). The issue of the Subscription Shares is conditional on Admission. Mr Butler has subscribed for 2,000,000 of the Subscription Shares.

 

Issue of Equity

TPO is issuing a total of 4,072,000 Ordinary Shares at a deemed price of 5 pence per Ordinary Share (the "Director Shares") in lieu of Director fees for the financial year ending 31 December 2017. 1,356,000 new Ordinary Shares are being issued to each of Michael Butler and Christian Gallardo and 1,360,000 Ordinary Shares are being issued to Marisa Cassoni, all Non-Executive Directors of the Company.

 

On Admission, Christian Gallardo and Marisa Cassoni will be beneficially interested in 1,624,602 and 1,628,782 Ordinary Shares respectively, representing approximately 1.33% and 1.33% of the Company's enlarged share capital respectively.

 

Trading update

The Company is pleased to report that the overall trading performance for the 12 months ended 31 December 2016 is expected to be in line with expectations and management is encouraged by the promising growth in SIM orders in the US over the Christmas period. Group revenue for the 12 months ended 31 December 2016 is currently expected to be approximately £3.6m.

 

Admission

Application has been made to the London Stock Exchange for the Subscription Shares and the Director Shares to be admitted to trading on AIM. It is expected that the admission of the Subscription Shares and the Director Shares will become effective and dealings in the Subscription Shares and the Director Shares will commence at 8.00 a.m. on 30 January 2017 ("Admission").

 

Following Admission, the Company will have 122,067,339 Ordinary Shares in issue with each Ordinary Share carrying the right to one vote (the "Enlarged Issued Share Capital").

 

 

For further information

 

The People's Operator plc

Nick Dashwood Brown, Head of Investor Relations

 

07710 511259

finnCap Ltd

Stuart Andrews / Christopher Raggett / Simon Hicks

 

020 7220 0500

 

The following information regarding Michael John Butler, aged 53, is disclosed under Schedule 2(g) of the AIM Rules for Companies:

Current directorships and/or partnerships

Former directorships and/or partnerships (within the last five years)

AddValue Technologies

GeoReach Global Ltd

Thuraya Telecommunications Dubai PJSC


Broadband Satellite Services Limited


Synectics PLC


Satcom Global Aura Holdings Limited




As at the date of this announcement, Mr Butler is not beneficially interested in any Ordinary Shares. Following Admission, Mr Butler will be beneficially interested in 3,356,000 Ordinary Shares, representing approximately 2.75% of the Enlarged Issued Share Capital.

 

There are no other disclosures that are required to be announced under Schedule 2(g) of the AIM Rules for Companies.

 

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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