Exercise of Put Option

RNS Number : 3376C

Kanabo Group PLC

21 February 2022

 

Kanabo Group Plc

("Kanabo" or the "Company")

Exercise of Put Option

Kanabo Group Plc (LSE:KNB) announces that pursuant to the acquisition agreement of The GP Service (UK) Limited ("GP Service"), it approved the execution and issue of a notice of exercise of option to be issued to Atul Devani, Atul Suryakant Devani MW Trustees Limited  and Suleman Sacranie. As such the consideration shares held by them in Kanabo's subsidiary, Kanabo GP Limited, will be exchanged for new ordinary shares in the Company (the "Option Exercise"). Both Atul Devani and Suleman Sacranie are now employees in the Kanabo group of companies and are continuing to manage the business of the GP Service.

Atul Devani will be issued with 9,599,108 new ordinary shares in the Company, Atul Suryakant Devani MW Trustees Limited will be issued with 1,052,122 new ordinary shares in the Company and Suleman Sacranie will be issued with 10,651,230 new ordinary shares in the Company (together the "Management Shares").

The Management Shares are subject to a lock-in arrangement for a period of 36 months from the date of the acquisition of GP Services.

Total Voting Rights

Application will be made for the Management Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc ("Admission"). It is expected that Admission will become effective and that dealings in the Management Shares will commence at 8.00am on or around 25 February 2022.

Following Admission, the total issued share capital of the Company will consist of 422,625,238 Ordinary shares of 2.5 pence each carrying the right to one vote. There are no shares currently held in treasury. The total number of voting rights in the Company will therefore be 422,625,238 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Rules and Transparency Rules.

For further information, please visit http://www.kanabogroup.com/ or contact the following:

Kanabo Group Plc	Via Vox Markets
Avihu Tamir, CEO
Peterhouse Capital Ltd (Financial Adviser)	Tel: [phone]
Eran Zucker / Lauren Riley
Peterhouse Capital Ltd (Corporate Broker)	Tel: [phone]
Lucy Williams / Charles Goodfellow / Duncan Vasey / Martin Lampshire
Vox Markets (Investor Relations)	[e-mail]
Kat Perez	[e-mail]

 

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