Discharge of Loan and Security

RNS Number : 9365P

Safestyle UK PLC

01 June 2018

 

1 June 2018

Safestyle UK PLC

("Safestyle" or the "Group")

Discharge of Loan and Security

Safestyle UK plc, the leading retailer and manufacturer of PVCu replacement windows and doors to the UK homeowner market, announces that it has been informed that on 20 January 2014 Steve Birmingham, Executive Director, entered into an agreement (the "Loan Agreement") with Mr Mitu Misra pursuant to which Mr Misra lent Mr Birmingham £1,555,556 (the "Loan"). Pursuant to the Loan Agreement, Mr Birmingham agreed, inter alia, to grant to Mr Misra a charge over 1,555,556 shares in the capital of the Company (the "Shares") by way of legal mortgage (the "Security"). In addition, pursuant to the Loan Agreement, Mr Misra had the option for repayment of the Loan to be satisfied in full in cash or by the transfer to him of the 1,555,556 Shares or by some combination of cash and Shares (the "Option").

Mr Misra was the founder and majority shareholder of the Company who exited fully through the Company's IPO in December 2013. 

On 18 December 2017, the Company announced that Mr Birmingham had sold 1,400,000 ordinary shares of £0.01 each ("Ordinary Shares") in the Company at a price of 160p (the "Sale"). Mr Birmingham has informed the Company that the proceeds of the Sale were paid over in full to or at the direction of Mr Misra and that this was in order to fully repay the Loan and in order to fully discharge Mr Birmingham's other obligations under the Loan Agreement in order to release the Security and Option.

The grant of the Security and Option, and the discharge of these obligations, constituted share dealings and should therefore have been notified to shareholders at the appropriate time of each dealing.

Mr Birmingham has confirmed that following the Sale, as announced on 18 December 2017, Mr Birmingham has an interest in 2,799,846 Ordinary Shares, representing 3.38 per cent. of the Company's issued share capital. 

Enquiries:

Safestyle UK plc Mike Gallacher, Chief Executive Officer	via FTI Consulting
Zeus Capital (Nominated Adviser & Joint Broker) Nick How / Dominic King / Richard Short	Tel: [phone]
Liberum Capital Limited (Joint Broker) Neil Patel / Jamie Richards	Tel: [phone]
FTI Consulting (Financial PR) Alex Beagley / James Styles / Laura Saraby	Tel: [phone]

About Safestyle UK plc

The Group is the leading retailer and manufacturer of PVCu replacement windows and doors to the UK homeowner market.  For more information please visit www.safestyleukplc.co.uk or www.safestyle-windows.co.uk.

 

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