Issue of Options and Warrants
11 April 2007
Totally Plc
(`'Totally'' or `'the Company'')
Issue of Options and Warrants
Totally, the publisher and internet service provider, announces that it has
today granted options over 2,500,000 ordinary shares and issued 11,306,015
warrants to subscribe for ordinary shares at an exercise price of 2.88 pence
per share, being the average of the closing middle-market prices of an Ordinary
Share on 4, 5 and 10 April 2007 (the Exercise Price").
The details of the options and warrants are as follows:
Warrants
The Company announced on 21 June 2004 that it had issued warrants over
2,351,159 Ordinary Shares at an exercise price of 5 pence per share ("the June
2004 Warrants") to each of The Zvhil-Mezbuz Rebbe, Grand Rabbi Y.A. Korff of
Boston ("the Rebbe"), director of the Company, Dr Michael Sinclair,
Non-executive Chairman of the Company and a third party shareholder
(collectively the "Guarantors"). The 2004 Warrants were issued in recognition
of the fact that the Guarantors had provided, and continue to provide, personal
guarantees to Bank Hapoalim to support the Company's overdraft facility. In
order that the Company can continue to rely on the personal guarantees given by
the Guarantors the independent directors (which in this context excludes The
Zvhill-Mezbuz Rebbe and Dr Sinclair who are interested in the warrant issue)
have resolved to issue new warrants over 2,351,159 Ordinary Shares exercisable
2 years from the date of issue for a period of 10 years at the Exercise Price.
The Guarantors have undertaken to surrender the 2004 Warrants.
In addition, the independent directors (which in this context excludes Mr
Assor) have resolved to issue Dan Assor, Chief Executive of the Company,
warrants over 3,080,633 Ordinary Shares exercisable for a period of 10 years at
the Exercise Price. Mr Assor has agreed to surrender existing warrants over
638,633 Ordinary Shares exercisable at 5 pence per share.
Furthermore, the Board has agreed to issue warrants over 1,171,905 Ordinary
Shares exercisable for a period of 10 years at the Exercise Price to Mr Andy
Margolis, a member of the senior management team and a former director of the
Company. Mr Margolis has agreed to surrender existing warrants over 871,905
Ordinary Shares exercisable at 5 pence per share.
Options
The Board has granted the following options under the Company's EMI scheme;
1. To Mr Margolis; options over 1,350,000 Ordinary Shares exercisable at the
Exercise Price which vest 18 months from the date of grant. In addition, he has
been granted options over 700,000 Ordinary Shares exercisable at the Exercise
Price which vest on 1 January 2008 and Mr Margolis has agreed to surrender
existing options, which vest on the same date, over the same number of shares
at an exercisable price of 4.375 pence per share.
2. To members of the senior management team; options over 450,000 Ordinary
Shares exercisable at the Exercise Price with vesting periods between December
2008 and April 2010.
At the date of this announcement, the directors hold the following;
The Rebbe; 27,014,000 Ordinary Shares
Warrants over 4,394,350 Ordinary Shares exercisable at 4.375 pence per share
Warrants over 2,000,000 Ordinary Shares exercisable at 2 pence per share
Warrants over 2,351,159 Ordinary Shares exercisable at 2.88 pence per share
Dr Sinclair 14,259,791 Ordinary Shares
Warrants over 1,166,666 Ordinary Shares exercisable at 5 pence per share
Warrants over 2,000,000 Ordinary Shares exercisable at 2 pence per share
Warrants over 2,351,159 Ordinary Shares exercisable at 2.88 pence per share
Dan Assor 3,043,103 Ordinary Shares
Warrants over 1,000,000 Ordinary Shares exercisable at 2.25 pence per share
Warrants over 3,088,633 Ordinary Shares exercisable at 2.88 pence per share
Options over 700,000 Ordinary Shares exercisable at 4.375 pence per share
Options over 1,250,000 Ordinary Shares exercisable at 3.62 pence per share
Options over 1,000,000 Ordinary Shares exercisable at 2.5 pence per share
Options over 1,000,000 Ordinary Shares exercisable at 1.5 pence per share
Following the new issues of options and warrants detailed above there are
currently;
Warrants outstanding over 30,719,679 Ordinary Shares (representing 27.3 per
cent. of the issued share capital of the Company following the recent placing
announced on 29 March 2007) which are exercisable at exercise prices ranging
from 2 to 5 pence per share; and
Options outstanding over 14,034,000 Ordinary Shares (representing 12.5 per
cent. of the issued share capital of the Company following the recent placing
announced on 29 March 2007) exercisable at exercise prices ranging from 1.5 to
4.375 pence per share.
For further information:
Totally Plc T: 020 7692 6929
www.totallyplc.com
Daniel Assor, Chief Executive
John East & Partners Limited T: 020 7628 2200
Simon Clements / David Worlidge
Hoodless Brennan T: 020 7538 1166
Jon Levinson
Conduit PR T: 020 7429 6606
Ed Portman