Holding(s) in Company

RNS Number : 2427I

Water Intelligence PLC

23 July 2012

 

AIM: WATR

23 July 2012

Water Intelligence plc

("Water Intelligence" or the "Company")

Further re. Acquisition of the Minority Interest

On 27 August 2010, the Company announced that it had entered into share purchase agreements (the "Purchase Agreements") to acquire the remaining 590,000 common shares in American Leak Detection Holding Corp. from certain shareholders ("the Minority Shareholders") for a consideration satisfied by the issue of 617,364 ordinary shares in the Company ("Consideration Shares").  On the same date the Minority Shareholders sold 99,357 Consideration Shares to Plain Sight Systems, Inc. ("PSS") at a price of 75p per share.

Under the terms of the Purchase Agreements, since 30 June 2011, the Minority Shareholders have had the right, but not an obligation, to require PSS to purchase any number of Consideration Shares held by them at a price of 75p per share (the "Put Option"). The Company was advised by PSS that the Put Option, which was exerciseable until 31 December 2011, had been extended indefinitely.  On 23 January 2012 PSS acquired an additional 77,419 Consideration Shares.

The Company now has been advised that on 20 July 2012 the Minority Shareholders exercised their right to sell 172,412 Consideration Shares to PSS at a price of 75p per share.  Accordingly, PSS now holds 2,377,383 Ordinary Shares, representing 24.75 per cent. of the issued share capital of the Company.

FURTHER ENQUIRIES:

Water Intelligence plc
Patrick DeSouza, Executive Chairman	Tel: [phone]
Merchant Securities Limited
David Worlidge/Simon Clements	Tel: [phone]

 

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