Issue of Equity
3 October 2011
Talent Group plc
(`Talent' or the `Company')
Subscription to raise £88,900
On 30 September 2011 Talent issued 2,540,000 new ordinary shares at 3.5p per
share (`Placing Shares') to raise £88,900 before expenses for the Company (the
`Placing'). The placees include certain directors of the Company, as set out
below. The Placing is conditional upon admission of the new ordinary shares to
trading on AIM. The funds raised will be used to provide working capital
generally.
Mr Terry Bate (Chairman of the Company), Mr Tony Humphreys (Managing Director),
Mr Stephen Callen (Finance Director), Mr Robert Benton (non-executive director)
and Mr George Kynoch (non executive director) are subscribing respectively for
642,857, 80,000, 100,000, 714,286 and 300,000 Placing Shares.
Following the subscription, Mr Bate will hold a total of 5,642,857 ordinary
shares, equivalent to 25.7% of the then enlarged share capital of the Company;
Mr Humphreys will hold a total of 2,926,993 ordinary shares, equivalent to
13.3% of the then enlarged share capital of the Company; Mr Callen will hold a
total of 200,000 ordinary shares, equivalent to 0.9% of the then enlarged share
capital of the Company; Mr Benton will hold a total of 2,750,122 ordinary
shares, equivalent to 12.52% of the then enlarged share capital of the Company,
and Mr Kynoch will hold 300,000 ordinary shares, equivalent to 1.37% of the
then enlarged share capital of the Company.
Due to the fact that they are directors of the Company and, in the case of Mr
Bate, Mr Humphreys and Mr Benton, by virtue of the size of their shareholdings
and subscriptions, the participation in the Placing of Mr Bate, Mr Humphreys,
Mr Callen, Mr Benton and Mr Kynoch constitutes a related party transaction as
defined by the AIM Rules. Ms Kate Beal, an independent director of the Company
for these purposes, having consulted with Merchant Securities Ltd, the
Company's nominated adviser, considers that the participations in the Placing
by Messrs Bate, Humphreys, Callen, Benton and Kynoch are fair and reasonable
insofar as Shareholders are concerned.
Application will be made for the Placing Shares to be admitted to trading on
AIM and admission is expected to become effective and dealings are expected to
commence on 7 October 2011. Following the admission of these shares, the
Company will have a total of 21,960,284 ordinary shares in issue.
ENQUIRIES:
Talent Group plc
Tony Humphreys Tel 020 7415 7114
Merchant Securities Limited
John East / Simon Clements Tel 020 7628 2200