Driver Group plc
07 April 2006
7 April 2006
DRIVER GROUP PLC
('Driver' or 'the Company')
Issue of Equity and Holdings in Company
The Company announces that in order to satisfy institutional demand and further
strengthen the shareholder base, a placing of 500,000 new ordinary shares of
0.4p each ('Ordinary Shares') at 73p per share to ISIS Equity Partners plc ('
ISIS') has been completed. Following the placing, funds under the management of
ISIS will increase to an aggregate of 2,400,000 Ordinary Shares, representing
9.70% of the Company's enlarged issued Ordinary Share capital.
Application has been made for the new Ordinary Shares to be admitted to trading
on AIM and dealings are expected to commence on 13 April 2006. The new Ordinary
Shares will rank pari passu with the existing Ordinary Shares in issue and
increase the number of Ordinary Shares in issue to 24,732,874.
At the same time, the Company's Employee Benefit Trust has agreed to acquire
1,527,397 Ordinary Shares at 73p per share from the following employee
shareholders:
Shareholder Number of Ordinary Shares
R.Peter Davison 1,277,397
Paul Battrick 100,000
Gary Kitt 100,000
Jason Stephens 50,000
Driver has agreed to advance £1,114,999.81 to the Employee Benefit Trust in
order to facilitate the purchase of shares by the trust.
Following this transaction, the shareholding in the Company of R.P. Davison will
fall to 7.98% and the shareholdings of P. Battrick and G. Kitt will each fall to
4.65%. The Employee Benefit Trust will own 6.88% of the issued share capital of
the Company. J. Stephens does not have a material interest in the ordinary
share capital of the Company.
The Directors of Driver are committed to attracting new senior level staff and
rewarding existing employees and accordingly these shares will be held and
options in respect of them will be granted to employees in the future.
For further information, please contact:
Driver Group plc: Steve Driver, Chief Executive Tel: 0870 873 7878
WH Ireland Limited: David Youngman Tel: 0161 832 2174
This information is provided by RNS
The company news service from the London Stock Exchange EUBRBRNNRSRAR
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