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Quayle Munro Hldgs (QYM)

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Friday 05 November, 2010

Quayle Munro Hldgs

Issue of Shares

RNS Number : 7399V
Quayle Munro Holdings PLC
05 November 2010
 



Quayle Munro Holdings plc ("Quayle Munro" or the "Company")

 

Issue of Shares and Joint Share Ownership Awards

 

The Board announces that it has issued and allotted a total of 258,001 new ordinary shares of 10p each in the Company ("Ordinary Shares").

 

Of these Ordinary Shares:

 

-    28,528 Ordinary Shares are being issued following the exercise of share options by certain employees; and

 

-     229,473 Ordinary Shares are being issued to certain employees of  Quayle Munro pursuant to The Quayle Munro Holdings PLC Joint Share Ownership Plan ("the Plan").  The share awards under the Plan have been issued jointly to qualifying employees and to the trustee of The Quayle Munro Holdings PLC Employees' Share Trust ("the Trust") upon and subject to the terms of joint ownership agreements ("JOAs") respectively entered into between the employee, the Company and RBC cees Trustee Limited as trustee of the Trust.

 

The new Ordinary Shares rank pari passu in every respect with the existing issued Ordinary Shares in the Company. An application for admission of the Ordinary Shares to trading on AIM has been submitted and trading in the new ordinary shares is expected to commence on Monday 8th November 2010.

 

Joint Share Ownership Plan Awards

 

Of the 229,473 Ordinary Shares allotted and issued under the Plan, the following Directors of the Company will, following admission of the Ordinary Shares on Monday 8th November 2010, acquire a beneficial interest in jointly owned shares as follows:

 

Name of Director

Interest in Shares

Interest in Jointly Owned Shares (held by the Trust)

AML Tuckey

18,611

26,795

AD Adams

178,228

53,591

RD Cormie

5,111

38,006

 

 

Joint Share Ownership Plan

 

The Plan was established by the Directors on 13 October 2010 and provides for the acquisition by employees, including Executive Directors, of beneficial interests as joint owners (with the Trust) of Ordinary Shares in the Company upon the terms of a JOA. The terms of the JOA provide, inter alia, that if jointly owned shares become vested and are sold, the proceeds of sale will be divided between the joint owners so that the Trust receives the initial market value of the jointly owned shares ("IMV") plus an amount representing interest on the IMV (the "carrying cost"), and the employee is entitled to the balance (if any). It is a further term of each JOA that the employee may, in certain circumstances, acquire the Trustee's interest in the jointly owned shares for a consideration equal to the amount of the accrued carrying cost. Jointly owned shares will vest if the employee remains employed within the Quayle Munro group of companies for specified minimum periods.  

 

The jointly owned shares have been issued jointly to the Directors named above and the Trust at a price of 812.5 pence per share, this being the closing price of a share in the Company on Friday 5th November 2010.  Of the aggregate subscription monies for the Directors' jointly owned shares, totalling £961,935, the Directors named above have paid the sums noted below, with the balance having been paid by the Trustee out of monies advanced on loan to the Trustee by the Company.

 

Name of Director

Jointly Owned Shares Awarded

Total Subscription Monies (at 812.5 pence per share)

Subscription monies paid by Director

AML Tuckey

26,795

£217,709.38

£2.68

AD Adams

53,591

£435,426.88

£5.36

RD Cormie

38,006

£308,798.75

£3.80

 

 

Disclosure and Transparency Rules

 

In accordance with the FSA's Disclosure and Transparency Rules, the Company's issued share capital following the admission of the Ordinary Shares will comprise 4,561,763 ordinary shares of 10p with voting rights.  The Company holds no shares in Treasury. 

 

The above figure may be used by shareholders 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 Disclosure and Transparency Rules.

 

Enquiries:

Quayle Munro Holdings PLC:

+44 (0) 131 226 4421

Andrew Walls, Company Secretary




Brewin Dolphin (Nominated Advisor)


Sandy Fraser

+44 (0) 131 529 0272

 

 

                                   

 

 


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