Placing and Offer

RNS Number : 2501O

Publishing Technology PLC

26 May 2015

 

Publishing Technology PLC

(the "Company")

Directors Dealing

Posting of circular

Further to the announcement of this morning regarding the Placing and Offer, the Company advises that the Directors have now committed to subscribe for shares in the Placing at 120 pence per share. The expected holdings of the directors should the Placing and Offer be fully subscribed are set out below.

	Shareholding prior to the Placing & Offer	Percentage Shareholding prior to the Placing & Offer	Shareholding following the Placing and Offer*	Percentage Shareholding following the Placing & Offer
Martyn Rose	2,508,112	29.8%	4,453,112	28.0%
Alan Moug	476,795	5.7%	601,795	3.8%
Mark Rowse	273,277	3.2%	439,944	2.8%

*Assumes that 7,500,000 Placing Shares are issued and 833,333 Offer Shares are issued.

Related Party Transaction

The aggregate subscription of the Directors in the Placing is more than 5% of the current market capitalisation and is considered a related party transaction under the AIM Rules for Companies. Michael Cairns, Chief Executive Officer, has not participated in the Directors' subscription and is therefore deemed to be independent under the AIM Rules for the purposes of considering the related party transaction (the "Independent Director"). The Independent Director, having consulted with Cenkos Securities plc, the Company's nominated adviser, considers that the terms of the participation in the Placing by the Directors is fair and reasonable insofar as the Company's shareholders are concerned.

The Company also advises that a circular has been sent to all shareholders today regarding the Placing and Offer and the relevant dates and times are set out below.

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

Offer Record Date                                                                              22 May 2015

Posting of the Application Form                                                          26 May 2015

Return of proxy                                                                                  by 10.00 a.m. on 10 June 2015

Latest time and date for receipt of completed

Application Forms and payment in full under the Offer                           11.00 am  11 June 2015

General Meeting                                                                                10.00 a.m. on 12 June 2015

Allotment and Issue of EIS Placing Shares                                           after 5.00 p.m. on 12 June 2015

Allotment of New Ordinary Shares

(other than the EIS Placing Shares)                                                     before 8.00 a.m. on 15 June 2015

Admission and dealings in the Placing & Offer  Shares                         8.00 a.m. 15 June 2015

CREST accounts expected to be credited

for the Placing Shares in uncertificated form                                        15 June 2015

Contacts

Publishing Technology plc                                  Tel: [phone]

Michael Cairns / Alan Moug

Cenkos Securities plc                                        Tel: [phone]

Nicholas Wells / Elizabeth Bowman

 

END

 

 

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