Last checked at 23 Oct 2009 14:28
23 October 2009
CINPART PLC
("Cinpart" or the "Company")
Further re: Exercise of Options
Further to the announcement made on 1 October 2009 the Company has been advised that one of the notices received from a former employee to exercise options over 380,047 ordinary shares was invalid.
The notice was invalid owing to the fact that the Company has now been advised that the legal entity to whom these shares were to be issued has been dissolved. As the options were not capable of being transferred to another person or entity the Company is unable to register the shares on its register. The proceeds received in respect of the original option exercise, amounting to approximately £36,417, have been returned to the former employee.
As the Company is not in a position to cancel these shares or hold them as treasury shares it has subsequently placed them at 10 pence per share with the largest shareholder of the Company, Mr Timothy Foster. The net proceeds from this issue will be used for general working capital.
Enquiries:
| Cinpart | |
| Christopher Foster, Executive Director | Tel: 020 3176 3031 |
| Kevin Baker, Chief Executive | Tel: 020 3176 3033 |
| Merchant John East Securities Limited (Nomad) | |
| John East/Simon Clements | Tel: 020 7628 2200 |
| Mirabaud Securities LLP (Joint Broker) | |
| Rory Scott | Tel: 020 7878 3360 |
| Rivington Street Corporate Finance Limited (Joint Broker) | |
| Monisha Varadan | Tel: 020 7562 3389 |
| Hansard Group (Public Relations) | |
| Vikki Krause | Tel: 020 7245 1100 |