LONDON (Alliance News) - The following is a summary of director dealings reported in London on Thursday.
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Mobile technology software provider IMImobile said it has raised GBP5.4 million via a placing to buy shares in its IMI Mobile Pvt business being sold by two shareholders.
IMImobile said late Wednesday said its two founding shareholders intend to exercise their right to exchange their stakes in IMI Mobile Private for shares in the London-listed entity.
Non-Executive Director Viswanatha Alluri and Chief Technical Officer Shyamprasad Bhat will sell 30% of their individual stakes in IMI Mobile Private and exchange their remaining stakes in IMI Mobile Private into shares in IMImobile.
As a result, the company is proposing a placement of 3.4 million new shares in the company, equal to about 5.6% of the enlarged issued share capital after the placing is completed, to acquire the shares in IMI Mobile Private being sold by the two directors.
That will be priced at 159 pence each, raising a total of GBP5.4 million. When those funds are then used to repurchase the shares in IMI Mobile Private from the two directors, it will be at an average price of 477 pence per IMI Mobile Private share.
IMImobile said the directors have the right to exchange each share in IMI Mobile Private for three shares in the business. The directors have exercised their right to exchange over 2.6 million shares, meaning they will receive 7.9 million shares in IMImobile.
The company said it will own 99.99% of IMI Mobile Private after the transactions.
Alluri will hold an 11.1% stake in IMImobile after the transactions and Bhat will have a 1.9% stake.
On Thursday, the company confirmed it had raised the desired funds via its placing, which was handled by Investec Bank and Whitman Howard.
IMImobile shares closed up 1.2% to 167 pence per share on Thursday.
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Roxi Petroleum said the wife of Non-Executive Director Edmund Limerick bought 530,000 shares at a price of 9.5 pence per share on Wednesday. Following this transaction, Limerick, together with his wife, holds around 2.1 million shares. Shares in the oil and gas company closed up 7.2% at 10.05p Thursday.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun
Copyright 2017 Alliance News Limited. All Rights Reserved.
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