Information  X 
Enter a valid email address

AquaSource (AAGP)

  Print      Mail a friend

Tuesday 31 January, 2012

AquaSource

Transaction in Own Shares

Transaction in Own Shares

AquaSource Algae Group

AquaSource Algae Group Plc

(“AquaSource”)

Specialbalance Limited (“Specialbalance”), a wholly owned subsidiary of AquaSource, has today issued a circular to all AquaSource shareholders offering them the opportunity to buy, pro-rata, the shares it holds in AquaSource.

In December 2005 AquaSource Shareholders approved the acquisition by Specialbalance of 8,067,493 shares in the Company in settlement of certain outstanding debts due to it by share owning members of the Finnish Network. Specialbalance acquired a further 3,950,545 shares in November 2006 as part of the deal to acquire a Finnish Distributorship, and sold 6,120,979 shares in the market in December 2009.

Specialbalance now believes the time is right to release the remaining 5,897,059 AquaSource shares it holds back into the market by way of a general offer to all Shareholders to raise the cash needed to cover the increased stock holding required as it continues to expand the range of products offered. The directors of AquaSource have given Specialbalance approval to dispose of the shares in this way.

Each AquaSource Shareholder is therefore being offered 1 ordinary share of €0.0025 each in AquaSource for every 9 shares they already own at the mid market price on 31st January of £0.0150 per share, and the opportunity to take up further shares in proportion of those shares not taken up by other shareholders. The Directors of AquaSource who own 50.5% of AquaSource between them, and Mr Arthur Spurling, who owns 18.8%, have all irrevocably undertaken to take up their proportion of this offer, and certain Directors have also indicated that they will mop up any unsold shares between them. The offer remains open until the 23rd February 2012.

The Directors of AquaSource accept responsibility for this announcement.

ENDS

       
Enquiries:
Sian Lewis AquaSource ++385-911-324270
Oliver Spurling AquaSource 07769 647617
Stephen Foale Fletcher Foale Ltd 07769 937708
 


a d v e r t i s e m e n t