Last checked at 24 Jan 2020 08:28
24 January 2020
Not for publication, distribution or release, directly or indirectly, in whole or in part, in or into the United States, Australia, Canada, Japan or Republic of South Africa or any other jurisdiction in which such release, publication or distribution would be unlawful.
Please see the Important Notice at the end of this announcement.
Volution Group plc
("Volution" or the "Company")
Proposed Director and PCA Dealing
Volution Group plc (LSE: FAN) today announces that it has been notified by Ronnie George, CEO of the Company, and Lynsey George (the "Sellers") of their intention to sell up to 3.05 million ordinary shares of £0.01 each in the Company ("Sale Shares") at a price of 230 pence per Sale Share (the "Sale"). Lynsey George is the wife of, and therefore a person closely associated with, Ronnie George.
The Sale Shares represent approximately 1.5% of the Company's issued share capital. Assuming all the Sale Shares are sold, Ronnie George will, following completion of the Sale, continue to have an interest in approximately 1.5% of the issued share capital of the Company.
Ronnie George has undertaken that, without the prior written consent of Liberum Capital Limited, neither he, nor any persons closely associated with him, will dispose of any further ordinary shares for a period of 12 months after completion of the Sale (subject to customary exceptions).
The Company is not a party to the Sale and will not receive any proceeds from the Sale.
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation (EU) 596/2014. The person responsible for making this announcement on behalf of the Company is Andy O'Brien, Chief Financial Officer.
For further information:
Volution Group plc
Michael Anscombe, Company Secretary +44 (0) 1293 441 562
Liberum Capital Limited +44 (0) 203 100 2222
Neil Patel
Richard Bootle
Edward Phillips
Tulchan Communications +44 (0) 207 353 4200
James Macey White
David Allchurch
Legal Entity Identifier: 213800EPT84EQCDHO768.
Note to Editors:
Volution Group plc (LSE: FAN) is a leading supplier of ventilation products to the residential and commercial construction markets in the UK, the Nordics, Central Europe and Australasia.
The Volution Group operates through two divisions: the Ventilation Group and the OEM (Torin-Sifan) division. The Ventilation Group comprises 15 key brands - Vent-Axia, Manrose, Diffusion, National Ventilation, Airtech, Breathing Buildings, Fresh, PAX, VoltAir, Kair, Air Connection, inVENTer, Ventilair, Simx and Ventair, focused primarily on the UK, the Nordic, Central European and Australasian ventilation markets. The Ventilation Group principally supplies ventilation products for residential and commercial ventilation applications. The OEM (Torin-Sifan) division supplies motors, fans and blowers to OEMs of heating and ventilation products for both residential and commercial construction applications in Europe. For more information, please go to: www.volutiongroupplc.com
IMPORTANT NOTICE
In connection with the Sale, Liberum Capital Limited ("Liberum" or "Manager") or any of its respective affiliates may take up a portion of the Sale Shares as a principal position and in that capacity may retain, purchase, sell, offer to sell for its own accounts such Sale Shares and other securities of Volution Group plc or related investments in connection with the Sale or otherwise. Accordingly, references to the Sale Shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by the Manager and any of its affiliates acting as investors for their own accounts. The Manager does not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.
Liberum is authorised and regulated by the FCA. The Manager is acting for the Sellers only in connection with the Sale and no one else, and will not be responsible to anyone other than the Sellers for providing the protections offered to clients of the Manager nor for providing advice in relation to the Sale Shares or the Sale, the contents of this announcement or any transaction, arrangement or other matter referred to in this announcement.
This announcement has been issued by the Company on behalf of the Sellers and is the sole responsibility of the Sellers apart from the responsibilities and liabilities, if any, that may be imposed on Liberum by the Financial Services and Markets Act 2000. Liberum does not accept any responsibility whatsoever and makes no representation or warranty, express or implied, for the contents of this announcement, including its accuracy, completeness or verification or for any other statement made or purported to be made by the Sellers or on the Sellers' behalf or on Liberum's behalf, in connection with the Sellers or the Sale, and nothing in this announcement is or shall be relied upon as a promise or representation in this respect, whether as to the past or the future. Liberum accordingly disclaims to the fullest extent permitted by law all and any responsibility and liability, whether arising in tort, contract or otherwise, which it might otherwise have in respect of this announcement and any such statement.