Director Shareholding

RNS Number : 0705O

International Greetings PLC

23 June 2010

 



23^rd June 2010

INTERNATIONAL GREETINGS PLC

Director/PDMR shareholding

International Greetings PLC ("International Greetings" or the "Company") announces that it was informed on 21 June 2010 by Mr Paul Fineman, the Company's chief executive, that on 21 June 2010 he exchanged an agreement (the "Sale Agreement") to sell his beneficial holding of 2,188,534 ordinary shares (the "Sale Shares") in the Company to a family trust of which he is a trustee and beneficiary.

Completion of the Agreement will take place on the serving of written notice requiring completion on the other party by either Mr Fineman or the Trustees.  The Agreement specifies that the latest date by which completion may take place is 21 June 2020.  The consideration payable by the Trust to Mr Fineman in respect of the Sale Shares will be calculated by reference to the market value of International Greetings ordinary shares at the date of completion.

Pending completion of the Sale Agreement, Mr Fineman will not receive any consideration in respect of the Sale Shares, will remain entitled to exercise voting rights in respect of the Sale Shares and will be entitled to retain any dividends which International Greetings may declare in respect of the Sale Shares.  There has therefore been no change as result of the exchange of the Sale Agreement in Mr Fineman's beneficial holding of 2,188,534 ordinary shares in the Company. 

Mr Fineman's non-beneficial holding of 1,025,708 ordinary shares in the Company and his options over 2,265,000 ordinary shares in the Company do not form part of the Sale Agreement and are unchanged.

For further information, please contact:
International Greetings PLC Paul Fineman, Chief Executive Sheryl Tye, Finance Director		Tel: [phone]
Arden Partners plc Richard Day Colin Smith		Tel: [phone]
Financial Dynamics Jonathon Brill Caroline Stewart		Tel: [phone]

 

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