Stagecoach Theatre Arts PLC
28 October 2003
Stagecoach Theatre Arts plc (the 'Company')
Directors Dealings
In response to institutional demand, two Directors of the Company yesterday sold
in aggregate 540,000 ordinary shares of 5p each ('Ordinary Shares') at a price
of £1.00 per share.
The Directors have noted the main criticism levelled at the Company since its
flotation in December 2001 has been the large proportion of Ordinary Shares held
by its directors and the resulting relative lack of liquidity in the trading of
its shares. Whilst the Directors will continue to hold 56.7 per cent. of the
Ordinary Shares following this transaction it is hoped that the decision by the
directors to sell a small proportion of their holding will enable the Company to
benefit from a broader shareholder base. The Directors have indicated that
unless requested to do otherwise they have no current intention of selling
further stock.
The specific details of the transaction are set out below:
Name No of shares sold % of issued Ordinary Number of Ordinary Shares % of Ordinary Shares
Share capital sold held following this held following this
notification notification
David Sprigg 500,000 5.14% 2,507,700(1) 25.78%
Richard 40,000 0.41% -(2) -
Dawson
Notes:
David Sprigg, joint managing director, is considered by the Panel on Takeovers
and Mergers to be a close 'concert party' with Stephanie Manuel, a Director who
holds 3,007,700 Ordinary Shares, representing 30.92 per cent of the issued
Ordinary Share capital. These holdings exclude a total of 100,459 Ordinary
Shares held by the Stagecoach Charitable Trust. As trustees David Sprigg and
Stephanie Manuel are deemed to have a non-beneficial interest in this holding.
In addition to the above transaction, Richard Dawson, finance director,
exercised an option to acquire 38,000 Ordinary Shares at a price of 42p each on
27th October 2003. The Company has applied for the resulting Ordinary Shares to
be admitted to trading on the Alternative Investment Market and admission is
expected to take place on 3rd November, 2003. Following this exercise of option
and the above sale of shares, Richard Dawson has a remaining option to acquire
198,931 Ordinary Shares at a price of 42p each.
This information is provided by RNS
The company news service from the London Stock Exchange
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