Information  X 
Enter a valid email address

Invox PLC (FNS)

  Print      Mail a friend

Wednesday 26 February, 2003

Invox PLC

Dir. Shareholding - Replacemt

Invox PLC
26 February 2003

The issuer advises that the following replaces the announcement released under
RNS number 0246I at 16:07 today. The latter part of the first sentence has been
amended to '... and increase the free float by reducing the aggregate
shareholding of the Directors from approximately 80.52 per cent. to
approximately 64.15 per cent. The full amended text appears below.


                      Invox plc ('Invox' or 'the Company')

                          Placing of Directors shares


The board of Invox are pleased to announce that certain of the Directors,
employees and former employees of the Company have today sold a total of
300,000,000 ordinary shares of 0.5p per share in the Company ('Ordinary Shares')
to institutional investors to assist in widening the shareholder base of the
Company and increase the free float by reducing the aggregate shareholding of
the Directors from approximately 80.52 per cent. to approximately 64.15 per
cent. The Ordinary Shares have been placed at 1.5p per share.


The number of Ordinary Shares which the directors of the Company have sold and
the percentage that they now hold are as follows:

Director                                   Number of Ordinary           Number of Ordinary         Percentage of issued
                                                  Shares sold              Shares now held     share capital of Company

Paul Hargrave                                      85,000,000                  316,416,667                       19.71%

Stephen Hargrave                                   53,000,000                  192,583,333                       11.99%

Jerry Reidy                                        33,000,000                  124,083,333                        7.73%

Carl Tatton                                        90,000,000                  336,250,000                       20.94%

Nigel Wray                                         16,000,000                   60,666,667                        3.78%


With the introduction of a number of new institutional shareholders, the board
believe that the Company would benefit from a share consolidation which should
narrow the bid/offer spread of the Company's shares and make the Company's
shares more attractive to a larger group of potential investors, whilst
retaining the Company's attractiveness to the private investor. It is therefore
the intention of the Company to consolidate its shares and the board therefore
will write to shareholders in due course setting out the terms of the share
consolidation, which is likely to include a consolidation of 100 Ordinary Shares
currently held into one new ordinary share of the Company.


Commenting on the placing, Stephen Hargrave, Chairman of Invox, said: 'The board
believe that it is an important step in the Company's development as a public
company to widen its shareholder base and provide greater liquidity in our
shares. The number of institutions who have participated in this placing has I
believe been a great endorsement of the strengths of Invox and its management
team.'


Enquiries:

Stephen Hargrave, Chairman, Invox Plc                      0207 242 0735

Paul Hargrave, Managing Director, Invox Plc                0121 214 9900

Dru Edmonstone, Seymour Pierce Limited                     0207 648 8700

Mark Percy, Seymour Pierce Limited                         0207 648 8700



                      This information is provided by RNS
            The company news service from the London Stock Exchange                                           

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