Result of General Meeting

RNS Number : 7243F

Ideal Shopping Direct PLC

18 January 2010

 



For Immediate Release                                                                                                      18 January 2010

Ideal Shopping Direct Plc ("IDS" or the "Company")

Result of General Meeting in connection with the Acquisition of Lead The Good Life Limited

Update on Total Voting Rights

At the General Meeting of the Company held at 10.00 a.m. today in connection with the acquisition of Lead The Good Life Limited, all ordinary resolutions were duly passed, including the resolution to waive the obligation for the Concert Party to make a general offer that would otherwise arise as a result of the acquisition (which was taken on a poll of independent shareholders).  

The special resolution to renew the disapplication of statutory pre-emption rights received a majority vote in favour but not the required 75% of votes cast, and therefore that resolution was not passed. The acquisition can proceed without this authority.

As a result of the General Meeting, the Company is now pleased to announce the completion of the acquisition of Lead The Good Life Limited.  In connection with the acquisition, the Company will issue and allot 3,971,962 consideration shares, which are expected to be admitted to trading on AIM tomorrow, 19 January 2010 ("Admission"). 

As a result of the issue of the consideration shares, the shareholdings of the Concert Party (including IDS directors Paul Wright and Val Kaye) in the Company's ordinary shares with effect from Admission are set out below:

	No. of Initial Consideration Shares	Total No. of Ordinary Shares	% of Enlarged Share Capital
Paul Wright (Chairman of IDS)	1,588,785	6,868,785	20.41%
Valerie Kaye (Non-executive Director of IDS)	1,588,785	5,038,638	14.97%
Peter McDermott (Managing Director of LTGL)	794,392	806,296	2.40%
Matthew Wright	0	2,031	0.01%
Graham Wright	0	1,997	0.01%
Edna Kaye	0	60	0.0002%
Total	3,971,962	12,717,807	37.79%

Total Voting Rights and Ordinary Shares in Issue

Upon the 3,971,962 consideration shares being admitted to trading on AIM tomorrow, the Company's issued ordinary share capital will consist of 33,656,467 ordinary shares of 3p each with voting rights. The Company does not hold any ordinary shares in treasury. Therefore, the total number of voting rights in the Company is 33,656,467 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules. 

For further information please contact:

Ideal Shopping Direct Plc	[phone]
Paul Wright, Chairman
Mike Hancox, Chief Executive
Ian Jebson, Finance Director
Fairfax IS PLC	[phone]
Jeremy Porter, Simon Bennett
Buchanan Communications	[phone]
Richard Darby, Miranda Higham

Notes to editors:

Ideal Shopping Direct is one of the UK's leading home shopping retailers, selling via its TV channels and the internet. Its main channel, Ideal World, is broadcast on the rapidly expanding Freeview platform as well as on Sky, Virgin Media and Freesat. It has three other channels on Sky, 'Ideal World 2', 'Ideal World 3' and 'Create and Craft', which is also broadcast on the Freeview platform and Freesat.

'Ideal World' offers a broad selection of general merchandise with six product categories, led by Home, Leisure and Craft along with Fashion, Health & Beauty and Jewellery. 'Ideal World 2 and 3' repeat selected shows of Ideal World and 'Create and Craft' is a niche channel selling craft products.

Ideal's transactional websites www.idealworld.tv and www.createandcraft.tv carry a live web stream of the TV broadcasts and offer a wide selection of products sold on TV as well as web-only deals.

For more information see www.idealshoppingdirect.co.uk

 

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