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3 Oct 2011 07:00
3 October 2011 Talent Group plc (`Talent' or the `Company') Subscription to raise £88,900
On 30 September 2011 Talent issued 2,540,000 new ordinary shares at 3.5p per share (`Placing Shares') to raise £88,900 before expenses for the Company (the `Placing'). The placees include certain directors of the Company, as set out below. The Placing is conditional upon admission of the new ordinary shares to trading on AIM. The funds raised will be used to provide working capital generally.
Mr Terry Bate (Chairman of the Company), Mr Tony Humphreys (Managing Director), Mr Stephen Callen (Finance Director), Mr Robert Benton (non-executive director) and Mr George Kynoch (non executive director) are subscribing respectively for 642,857, 80,000, 100,000, 714,286 and 300,000 Placing Shares.
Following the subscription, Mr Bate will hold a total of 5,642,857 ordinary shares, equivalent to 25.7% of the then enlarged share capital of the Company; Mr Humphreys will hold a total of 2,926,993 ordinary shares, equivalent to 13.3% of the then enlarged share capital of the Company; Mr Callen will hold a total of 200,000 ordinary shares, equivalent to 0.9% of the then enlarged share capital of the Company; Mr Benton will hold a total of 2,750,122 ordinary shares, equivalent to 12.52% of the then enlarged share capital of the Company, and Mr Kynoch will hold 300,000 ordinary shares, equivalent to 1.37% of the then enlarged share capital of the Company.
Due to the fact that they are directors of the Company and, in the case of Mr Bate, Mr Humphreys and Mr Benton, by virtue of the size of their shareholdings and subscriptions, the participation in the Placing of Mr Bate, Mr Humphreys, Mr Callen, Mr Benton and Mr Kynoch constitutes a related party transaction as defined by the AIM Rules. Ms Kate Beal, an independent director of the Company for these purposes, having consulted with Merchant Securities Ltd, the Company's nominated adviser, considers that the participations in the Placing by Messrs Bate, Humphreys, Callen, Benton and Kynoch are fair and reasonable insofar as Shareholders are concerned.
Application will be made for the Placing Shares to be admitted to trading on AIM and admission is expected to become effective and dealings are expected to commence on 7 October 2011. Following the admission of these shares, the Company will have a total of 21,960,284 ordinary shares in issue.
ENQUIRIES:
Talent Group plc
Tony Humphreys Tel 020 7415 7114
Merchant Securities Limited
John East / Simon Clements Tel 020 7628 2200
XLON
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