Replacement - Placing of Ordinary Shares

RNS Number : 4777G

Volvere PLC

12 May 2011

 



Volvere plc ("Volvere" or the "Company")

Correction: Placing of Ordinary Shares

12 May 2011

An amendment has been made to the 'Placing of Ordinary Shares' announcement released on 11 May 2011 under RNS number 4366G.

The correct number of the number of ordinary shares of 0.00001 pence each ("Shares") in issue (excluding treasury shares), and the figure to be used as the denominator for calculations of interests in the Company's total voting rights, is 5,177,748 Shares, not 5,187,748 Shares as previously stated. 

All other details remain unchanged.

The full amended text follows.

Volvere plc ("Volvere" or the "Company")

Placing of Ordinary Shares

11 May 2011

Volvere announces that, further to today's announcement of a proposed secondary placing ("Placing"), the Placing has been successfully completed. 

Lord Kalms, Chairman of Volvere, Neil Ashley, a non executive director, the Ashley Grandchildren's 2003 Settlement (of which Neil Ashley is a trustee) and Mr Richard Kalms, who retired from the Board of the Company in July 2010, (together the "Selling Shareholders") have sold in the Placing 1,505,284 ordinary shares of 0.00001 pence each in the Company ("Shares"), representing 25.6% of the Company's voting rights, at a price of 280 pence per Share (before taking into account the costs of the Placing).

Pursuant to the authority granted at the General Meeting of the Company held on 22 February 2010 to make market purchases of the Company's own shares (the "Share Purchase Authority"), the Company has purchased 695,284 Shares in the Placing at a price of 280 pence from the Selling Shareholders.  In addition the Company has today purchased 10,000 Shares, separate to the Placing.  Following these purchases the Company holds 1,022,618 Shares as treasury shares. 

The Company's purchase of Shares from the Selling Shareholders, and additional purchase, was funded using the Company's current cash resources.

Following today's purchase of Shares by the Company, the number of Shares in issue (excluding treasury shares), and the figure to be used as the denominator for calculations of interests in the Company's total voting rights, is 5,177,748 Shares.  The Company also has in issue 455 A Shares of GBP0.49999995 each and 455 B Shares of GBP0.49999995 each, none of which are admitted to trading on AIM.

Additionally, as detailed in today's earlier announcement, Jonathan Lander, Nicholas Lander and Barry Pincus now comprise, for the purposes of the City Code on Takeovers and Mergers, a concert party ("Concert Party").   Jonathan Lander, CEO, today purchased 270,000 Shares at 280 pence and Nicholas Lander, CFO and COO, today purchased 90,000 Shares at 280 pence, both transactions being carried out as part of the Placing.

Following these purchases the resultant holdings of the Concert Party are as follows:

	Position prior to Placing	Position prior to Placing as a %	Resultant holding in Volvere
Jonathan Lander	753,677 Shares	12.81%	1,023,677 Shares	19.77%
Nicholas Lander	458,277 Shares	7.79%	548,277 Shares	10.59%
Barry Pincus*	2,955 Shares	0.05%	2,955 Shares	0.06%
Total	1,214,909 Shares	20.65%	1,574,909 Shares	30.42%

* Barry Pincus owns a total of 910 A and B shares, which were issued to and subscribed for by the founding directors of the Company and certain other persons prior to the Company's admission to AIM ("Incentive Shares").  All other members have converted their respective Incentive Shares.  The conversion assumes a price of 302.5p per ordinary share at conversion.

Following the purchase of Shares by the Company and purchases of Shares by members of the Concert Party, in order to preserve the maximum percentage holdings of the Concert Party as set out in today's earlier announcement, the remaining Share Purchase Authority will be limited to 681,701 Shares assuming all Incentive Shares are converted at the assumed price of 302.5p, or 690,827 Shares ahead of any remaining conversion of Incentive Shares.

Enquiries:

Volvere plc

Jonathan Lander                             [phone]

Nicholas Lander

Arbuthnot Securities Limited

Nick Tulloch                                   [phone]

Ben Wells

 

END

 

 

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