Director/PDMR Shareholding

RNS Number : 7091W

CLS Holdings PLC

28 April 2016

 

CLS Holdings plc

(the "Company")

Notification of compliance with Listing Rule 9.2.2AR

and

Transaction of Directors, Persons Discharging Managerial Responsibilities ("PDMR") or Connected Person

The Company has been informed that, Sten Mortstedt, Executive Director of the Company, has undertaken a reorganisation of the companies, which he is the sole direct and beneficial owner of: Creative Value Investment I Ltd, Creative Value Investment II Ltd, and Creative Value Investment III Ltd (together the "CVIs") and which in aggregate hold legal title to 21,369,429 ordinary shares of 25 pence each in the Company ("Ordinary Shares").  Sten Mortstedt has transferred all of his shareholdings in the CVIs to Creative Value Investment Group Limited ("CVIG"), which at the time of such transfer was directly held and beneficially owned by Sten Mortstedt (the "Transaction").

The Transaction took place on 28 April 2016 in consideration for the issue of shares in CVIG to Sten Mortstedt. Immediately following the Transaction, Sten Mortstedt settled his entire shareholding in CVIG into The Sten and Karin Mortstedt Family & Charity Trust, in which Sten Mortstedt has a beneficial interest.

These 21,369,429 Ordinary Shares represent 50.70% of the issued share capital and voting rights of the Company (excluding Ordinary Shares held in treasury).

As a result of the Transaction, the beneficial interest of Sten Mortstedt in the Company remains unchanged.

The Transaction constitutes a transaction by connected persons of a person discharging managerial responsibilities pursuant to DTR 3.1 of the Disclosure Rules and Transparency Rules.

In order to address the requirements applicable to companies with controlling shareholders set out in LR 9.2.2AR of the Listing Rules, the Company announces that it has entered into a new relationship agreement with CVIG as its controlling shareholder. The relationship agreement dated 14 December 2015 between the Company and Sten Mortstedt terminated upon the entry into the relationship agreement with CVIG.

Enquiries:

David Fuller
Company Secretary
CLS Holdings plc 
[phone]

Jonathan Gray
Kinmont
5 Clifford Street
London W1S 2LG
[phone]
[phone]

 

END

 

 

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