LONDON (Alliance News) - PhotonStar LED Group PLC on Tuesday said that Non-Executive Director Drew Nelson is leaving the board with immediate effect, enabling him to "concentrate on other interests".
PhotonStar, which designs, develops and manufactures LED lighting fixtures and light engines, said it has issued 3.4 million shares to Nelson in settlement of fees due under his service contract at an issue price of 3.125 pence.
Of those shares, 261,430 will be issued to Nelson, and 3.1 million to Llansannor Management Consultants Ltd, a company he partly owns.
"The issue of the shares in settlement is expected to result in a small credit being written back to the company's profit and loss account," PhotonStar said.
The company said it has agreed a deal under which neither Nelson nor Llansannor will sell or dispose of the shares over the next 12 months without its permission.
Nelson will have an interest in about 4.9 million shares in PhotonStar, equivalent to a 3.3% stake.
In addition, the company has issued 538,986 shares at the same price to Chairman Jonathan Freeman in settlement of fees due under his service contract. Freeman will hold 646,748 shares as a result, equivalent to 0.4% of the company.
Shares in PhotonStar were untraded at 3.12 pence on Tuesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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