Issue of Equity

RNS Number : 2549U

Impellam Group plc

05 April 2016

 

IMPELLAM GROUP PLC

("Impellam", the "Group" or the "Company")

Issue of Equity, Director's Shareholding and Total Voting Rights correction

Further to the acquisition of Lorien Limited ("Lorien") which completed in November 2014, Impellam announces that it has today issued a total of 719,344 new ordinary shares of 1p each ("Ordinary Shares") to the vendors of Lorien at a price of 831p per share ("Lorien Consideration Shares"). These shares have been issued to part satisfy the final deferred consideration due, now payable of £11.95 million, in accordance with the terms of the earn-out. Subject to satisfactory conclusions of outstanding claims, an additional cash payment of approximately £0.104 million may be payable to the vendors of Lorien.

As part of the deferred consideration payment, Derek O'Neill, a non-executive director of Impellam and major shareholder of Lorien, and his wife, have been issued an aggregate of 261,481 Lorien Consideration Shares and a cash payment, in aggregate, of approximately £1.9 million. Following the issue of Lorien Consideration Shares, Mr O'Neill will have an interest in 707,570 Ordinary Shares representing approximately 1.4 per cent. of the Company's enlarged issued share capital.

In addition, further to the Company's announcements on 8th and 11th December 2015 concerning the acquisition of Bartech Holding Corporation and the related issue of new Ordinary Shares, it has come to the Company's attention that the number of shares issued was incorrectly stated as 401,866 new Ordinary Shares, when it should have stated that 401,668 new Ordinary Shares were issued. Accordingly, the Company's issued share capital with voting rights following the issue of these should have stated 49,623,027 Ordinary Shares, a difference of 198 Ordinary Shares.

Accordingly an application has been made for 719,146 new Ordinary Shares to be admitted to trading on AIM, representing the Lorien Consideration Shares less 198 Ordinary Shares. The Lorien Consideration Shares are expected to be admitted to trading on AIM ("Admission") on 11 April 2015. Following Admission, the Company's issued ordinary share capital will consist of 50,342,371 Ordinary Shares admitted to trading on AIM.

The above figure of 50,342,371 may be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Enquiries:  For further information please contact the appropriate individual below.

Impellam Group plc
Julia Robertson, Chief Executive	Tel: [phone]
Darren Mee, Group Finance Director	Tel: [phone]
Cenkos Securities plc (Nominated Advisor and Broker to Impellam)
Nicholas Wells, Mark Connelly	Tel: [phone]

Impellam Group plc, traded on the AIM (Symbol: IPEL) is a leading provider of managed services and specialist staffing expertise and is primarily based in the UK and North America, with smaller operations in Australasia, Ireland and mainland Europe. Impellam Group plc provides fulfilling jobs to doctors, lawyers, accountants, nurses, teachers, scientists, receptionists, drivers, chefs, administrators, engineers, technology specialists, cleaners, security guards, and manufacturing and warehouse operatives through 18 specialist businesses across a broad range of sectors. Impellam Group plc manage them as teams or individually and help clients build better businesses in a changing world. Impellam Group plc is the 2nd largest recruitment business in the UK, 12th worldwide with over 2,500 Impellam people across over 234 locations worldwide.

 

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