Further re: Exercise of Optio

RNS Number : 3115B

Cinpart PLC

23 October 2009

 



23 October 2009

CINPART PLC

("Cinpart" or the "Company")

Further re: Exercise of Options

Further to the announcement made on 1 October 2009 the Company has been advised that one of the notices received from a former employee to exercise options over 380,047 ordinary shares was invalid.

The notice was invalid owing to the fact that the Company has now been advised that the legal entity to whom these shares were to be issued has been dissolved. As the options were not capable of being transferred to another person or entity the Company is unable to register the shares on its register. The proceeds received in respect of the original option exercise, amounting to approximately £36,417, have been returned to the former employee.

As  the  Company  is  not  in  a  position  to  cancel  these  shares  or  hold  them  as  treasury  shares it has subsequently placed them at 10 pence per share with the largest shareholder of the Company, Mr Timothy Foster. The net proceeds from this issue will be used for general working capital. 

Enquiries:

Cinpart
Christopher Foster, Executive Director	Tel: [phone]
Kevin Baker, Chief Executive	Tel: [phone]
Merchant John East Securities Limited (Nomad)
John East/Simon Clements	Tel: [phone]
Mirabaud Securities LLP (Joint Broker)
Rory Scott	Tel: [phone]
Rivington Street Corporate Finance Limited (Joint Broker)
Monisha Varadan	Tel: [phone]
Hansard Group (Public Relations)
Vikki Krause	Tel: [phone]

 

END

 

 

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