Last checked at 21 Sep 2010 11:13
21 September 2010
Ideal Shopping Direct plc
Directors' Shareholding, Issue of Equity and TVR
Issue of Equity
Ideal Shopping Direct plc ("the Company") announces that on 20 September 2010 it issued 646,712 new ordinary shares of 3p each in the Company due in respect of earn out consideration to the vendors of Lead the Good Life Limited ("LTGL").
LTGL was acquired in January 2010 for a total consideration of £0.75 million cash and £4.25 million equity through the issue of 3,971,962 ordinary shares of the Company. Pursuant to the acquisition agreement (details of which were announced on 23 December 2009), the Company agreed to pay the selling shareholders of LTGL additional consideration of 2.056075 earn out consideration shares for every £1 of relevant profit in excess of £799,999 up to and including £1.8 million.
Following the finalisation of the accounts of LTGL, earn out consideration was payable in respect of £314,537 of relevant profit. The ordinary shares were issued at a price of 107p per share as set out in the acquisition agreement dated 22 December 2009.
The vendors of LTGL are Paul Wright and Valerie Kaye, who are both directors of the Company, along with the managing director of LTGL, Peter McDermott.
The new ordinary shares will rank pari passu with existing ordinary shares and application will be made for these new ordinary shares to be admitted to trading on AIM, which is expected to occur on 27 September 2010.
Directors' Shareholding
Following the issue of ordinary shares as described above, Paul Wright and Valerie Kaye have the following beneficial interest in the share capital of the Company:
| Name | No. of shares previous to | No. of shares issued in lieu of earn out consideration | Total beneficial shareholding | % of issued share capital of the Company |
| Paul Wright, Chairman | 6,868,785 | 258,685 | 7,127,470 | 20.78 |
| Valerie Kaye, Non-executive Director | 5,038,638 | 258,685 | 5,297,323 | 15.44 |
Total Voting Rights
As a consequence of the issue of ordinary shares of the Company as detailed above, the Company's issued capital now comprises 34,303,179 ordinary shares of 3p each. There are no ordinary shares held in Treasury. Therefore the total number of voting rights in Ideal Shopping Direct plc is now 34,303,179.
The above figure of 34,303,179 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.
Enquiries:
Ideal Shopping Direct Plc
Mike Hancox, Chief Executive
Paul Wright, Chairman
Tel: 01733 316203
Fairfax I.S. PLC
Ewan Leggat / Laura Littley
Tel: 020 7598 5368
Buchanan Communications
Richard Darby / Helen Chan / Christian Goodbody
Tel: 020 7466 5000