Last checked at 18 Jan 2010 14:16
For Immediate Release 18 January 2010
Ideal Shopping Direct Plc ("IDS" or the "Company")
Result of General Meeting in connection with the Acquisition of Lead The Good Life Limited
Update on Total Voting Rights
At the General Meeting of the Company held at 10.00 a.m. today in connection with the acquisition of Lead The Good Life Limited, all ordinary resolutions were duly passed, including the resolution to waive the obligation for the Concert Party to make a general offer that would otherwise arise as a result of the acquisition (which was taken on a poll of independent shareholders).
The special resolution to renew the disapplication of statutory pre-emption rights received a majority vote in favour but not the required 75% of votes cast, and therefore that resolution was not passed. The acquisition can proceed without this authority.
As a result of the General Meeting, the Company is now pleased to announce the completion of the acquisition of Lead The Good Life Limited. In connection with the acquisition, the Company will issue and allot 3,971,962 consideration shares, which are expected to be admitted to trading on AIM tomorrow, 19 January 2010 ("Admission").
As a result of the issue of the consideration shares, the shareholdings of the Concert Party (including IDS directors Paul Wright and Val Kaye) in the Company's ordinary shares with effect from Admission are set out below:
| No. of Initial Consideration Shares | Total No. of Ordinary Shares | % of Enlarged Share Capital | |
| Paul Wright (Chairman of IDS) | 1,588,785 | 6,868,785 | 20.41% |
| Valerie Kaye (Non-executive Director of IDS) | 1,588,785 | 5,038,638 | 14.97% |
| Peter McDermott (Managing Director of LTGL) | 794,392 | 806,296 | 2.40% |
| Matthew Wright | 0 | 2,031 | 0.01% |
| Graham Wright | 0 | 1,997 | 0.01% |
| Edna Kaye | 0 | 60 | 0.0002% |
| Total | 3,971,962 | 12,717,807 | 37.79% |
Total Voting Rights and Ordinary Shares in Issue
Upon the 3,971,962 consideration shares being admitted to trading on AIM tomorrow, the Company's issued ordinary share capital will consist of 33,656,467 ordinary shares of 3p each with voting rights. The Company does not hold any ordinary shares in treasury. Therefore, the total number of voting rights in the Company is 33,656,467 and this figure 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.
For further information please contact:
| Ideal Shopping Direct Plc | +44 (0) 1733 316203 |
| Paul Wright, Chairman | |
| Mike Hancox, Chief Executive | |
| Ian Jebson, Finance Director | |
| Fairfax IS PLC | +44 (0) 20 7598 5368 |
| Jeremy Porter, Simon Bennett | |
| Buchanan Communications | +44 (0) 20 7466 5000 |
| Richard Darby, Miranda Higham |
Notes to editors:
Ideal Shopping Direct is one of the UK's leading home shopping retailers, selling via its TV channels and the internet. Its main channel, Ideal World, is broadcast on the rapidly expanding Freeview platform as well as on Sky, Virgin Media and Freesat. It has three other channels on Sky, 'Ideal World 2', 'Ideal World 3' and 'Create and Craft', which is also broadcast on the Freeview platform and Freesat.
'Ideal World' offers a broad selection of general merchandise with six product categories, led by Home, Leisure and Craft along with Fashion, Health & Beauty and Jewellery. 'Ideal World 2 and 3' repeat selected shows of Ideal World and 'Create and Craft' is a niche channel selling craft products.
Ideal's transactional websites www.idealworld.tv and www.createandcraft.tv carry a live web stream of the TV broadcasts and offer a wide selection of products sold on TV as well as web-only deals.
For more information see www.idealshoppingdirect.co.uk