Result of GM, Director/PDMR Dealing & TVR

RNS Number : 8413V

Pittards PLC

11 April 2023

 

Pittards plc

(the "Company")

Result of General Meeting, Director/ PDMR Dealing

and Total Voting Rights

Pittards plc, the specialist producer of technically advanced leather and luxury leather goods for retailers, manufacturers and distributors, announces that at the General Meeting held earlier today in connection with the Placing, Director Shares and Share Reorganisation, that all resolutions were passed. Details of the resolutions were set out in the Notice of General Meeting dated 24 March 2023 and results of the proxy voting will shortly be available on the Company's website https://corporate.pittards.com/investors/ .

Directors' Loans and Director Shares

Further to the Notice of General Meeting and the passing of Resolutions 1 to 5 (inclusive), the interest free loans of c.£85,000 made by the Directors and certain other employees to the Company will be converted into 340,000 New Ordinary Shares at the Placing Price, details of which are set out below:

Name	Position	Existing Ordinary Shares	Value of Directors' Loans	Director Shares (as a result of the conversion of the Directors' Loans)	New Ordinary Shares held on Admission*	Percentage of Enlarged Voting Issued Share Capital*
Stephen Yapp	Director	276,947	£50,000	200,000	476,900	3.3%
Reginald Hankey**	Director	417,848	£10,000	40,000	457,800	3.2%
Alan Burgess	Director	21,643	£5,000	20,000	41,600	0.3%
Louise Cretton	Director	39,570	£5,000	20,000	59,500	0.4%
Godfrey Davis	Director	170,982	£10,000	40,000	210,900	1.5%
John Loxston	PDMR	25,266	£2,000	8,000	33,200	0.2%
Other employees	N/A	N/A	£3,000	12,000	N/A	N/A

*As adjusted by the Share Reorganisation

** Held by the Director and his spouse

Bank facilities

Further to the Placing, Lloyds has increased the overdraft facility by £340,000. In addition, it has extended the Company's other borrowing facilities until 30 June 2023. Negotiations with Lloyds regarding new facilities or the restructuring of their existing facilities remain ongoing.

Share Reorganisation

Further to the Notice of General Meeting and the passing of Resolutions 1 to 4 (inclusive) the Company will be undertaking a consolidation of shares immediately followed by a subdivision.

Under the Share Reorganisation, 10 new Ordinary Shares will be issued at a price of 50 pence per share to ensure that as part of the Share Reorganisation an exact whole number of Consolidated Ordinary Shares will be issued. The Existing Ordinary Shares in issue at the Record Date will then be consolidated into Consolidated Ordinary Shares on the basis of one Consolidated Ordinary Share for every 100 Existing Ordinary Shares. Each Consolidated Ordinary Share will then be sub-divided into 100 New Ordinary Shares and 4,900 Deferred Shares.

Admission

Application has been made to the London Stock Exchange for the admission of 15,248,700 New Ordinary Shares to trading on AIM, as a result of the issue of the Placing Shares and the Director Shares and the Share Reorganisation. This comprises of 1,020,000 Placing Shares, 340,000 Director Shares and 13,888,700 New Ordinary Shares as a result of the Share Reorganisation. It is expected that Admission will become effective at 8.00 a.m. on 12 April 2023. The Company's new ISIN as a result of the Share Reorganisation will be GB00BM8NGB73 and its SEDOL will be BM8NGB7.

Total Voting Rights

Following Admission, the Company's issued share capital will consist of 15,248,700 Ordinary Shares of which 874,200 Ordinary Shares are held in treasury.   Therefore, the total number of voting rights in the Company is 14,378,500. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

This announcement should be read in conjunction with the full text of the Circular posted to Shareholders on 25 March 2023 copies of which are available on the Company's website at   https://corporate.pittards.com/investors/   . Ca pitalised terms in this announcement have the same meaning as given in the Circular.

For further information, please contact:

Pittards plc	www.pittards.com
Stephen Yapp, Chairman Reg Hankey, CEO Alan Burgess, CFO	[phone]
WH Ireland Limited	https://www.whirelandplc.com/capital-markets
Mike Coe, Sarah Mather	[phone]

The below notification which is made in accordance with the requirements of the Market Abuse Regulation, provides further details of the interests acquired by persons discharging managerial responsibilities in connection with the conversion of the Directors' Loans:

	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Stephen Yapp
2	Reason for the notification
a)	Position/status	Chairman
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Pittards plc
b)	LEI	213800HAJ6N27BURB995
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 1p each GB00BM8NGB73
b)	Nature of the transaction	Conversion of Directors Loans into New Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 25p 200,000
d)	Aggregated information - Aggregated volume - Price	200,000 £50,000
e)	Date of the transaction	11 April 2023
f)	Place of the transaction	London Stock Exchange, AIM

	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Reginald Hankey
2	Reason for the notification
a)	Position/status	Chief Executive
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Pittards plc
b)	LEI	213800HAJ6N27BURB995
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 1p each GB00BM8NGB73
b)	Nature of the transaction	Conversion of Directors Loans into New Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 25p 40,000
d)	Aggregated information - Aggregated volume - Price	40,000 £10,000
e)	Date of the transaction	11 April 2023
f)	Place of the transaction	London Stock Exchange, AIM
e)	Date of the transaction	11 April 2023
f)	Place of the transaction	London Stock Exchange, AIM

	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Alan Burgess
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Pittards plc
b)	LEI	213800HAJ6N27BURB995
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 1p each GB00BM8NGB73
b)	Nature of the transaction	Conversion of Directors Loans into New Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 25p 20,000
d)	Aggregated information - Aggregated volume - Price	20,000 £5,000
e)	Date of the transaction	11 April 2023
f)	Place of the transaction	London Stock Exchange, AIM
e)	Date of the transaction	11 April 2023
f)	Place of the transaction	London Stock Exchange, AIM

	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Louise Cretton
2	Reason for the notification
a)	Position/status	Non-Executive Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Pittards plc
b)	LEI	213800HAJ6N27BURB995
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 1p each GB00BM8NGB73
b)	Nature of the transaction	Conversion of Directors Loans into New Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 25p 20,000
d)	Aggregated information - Aggregated volume - Price	20,000 £5,000
e)	Date of the transaction	11 April 2023
f)	Place of the transaction	London Stock Exchange, AIM
e)	Date of the transaction	11 April 2023
f)	Place of the transaction	London Stock Exchange, AIM

	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Godfrey Davis
2	Reason for the notification
a)	Position/status	Non-Executive Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Pittards plc
b)	LEI	213800HAJ6N27BURB995
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 1p each GB00BM8NGB73
b)	Nature of the transaction	Conversion of Directors Loans into New Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 25p 40,000
d)	Aggregated information - Aggregated volume - Price	40,000 £10,000
e)	Date of the transaction	11 April 2023
f)	Place of the transaction	London Stock Exchange, AIM
e)	Date of the transaction	11 April 2023
f)	Place of the transaction	London Stock Exchange, AIM

	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	John Loxston
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Pittards plc
b)	LEI	213800HAJ6N27BURB995
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 1p each GB00BM8NGB73
b)	Nature of the transaction	Conversion of Directors Loans into New Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 25p 8,000
d)	Aggregated information - Aggregated volume - Price	8,000 £2,000
e)	Date of the transaction	11 April 2023
f)	Place of the transaction	London Stock Exchange, AIM
e)	Date of the transaction	11 April 2023
f)	Place of the transaction	London Stock Exchange, AIM

 

END

 

 

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