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26 May 2015 14:26
Publishing Technology PLC
(the "Company")
Directors Dealing
Posting of circular
Further to the announcement of this morning regarding the Placing and Offer, the Company advises that the Directors have now committed to subscribe for shares in the Placing at 120 pence per share. The expected holdings of the directors should the Placing and Offer be fully subscribed are set out below.
Shareholding prior to the Placing & Offer | Percentage Shareholding prior to the Placing & Offer | Shareholding following the Placing and Offer* | Percentage Shareholding following the Placing & Offer | |
Martyn Rose | 2,508,112 | 29.8% | 4,453,112 | 28.0% |
Alan Moug | 476,795 | 5.7% | 601,795 | 3.8% |
Mark Rowse | 273,277 | 3.2% | 439,944 | 2.8% |
*Assumes that 7,500,000 Placing Shares are issued and 833,333 Offer Shares are issued.
Related Party Transaction
The aggregate subscription of the Directors in the Placing is more than 5% of the current market capitalisation and is considered a related party transaction under the AIM Rules for Companies. Michael Cairns, Chief Executive Officer, has not participated in the Directors' subscription and is therefore deemed to be independent under the AIM Rules for the purposes of considering the related party transaction (the "Independent Director"). The Independent Director, having consulted with Cenkos Securities plc, the Company's nominated adviser, considers that the terms of the participation in the Placing by the Directors is fair and reasonable insofar as the Company's shareholders are concerned.
The Company also advises that a circular has been sent to all shareholders today regarding the Placing and Offer and the relevant dates and times are set out below.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Offer Record Date 22 May 2015
Posting of the Application Form 26 May 2015
Return of proxy by 10.00 a.m. on 10 June 2015
Latest time and date for receipt of completed
Application Forms and payment in full under the Offer 11.00 am 11 June 2015
General Meeting 10.00 a.m. on 12 June 2015
Allotment and Issue of EIS Placing Shares after 5.00 p.m. on 12 June 2015
Allotment of New Ordinary Shares
(other than the EIS Placing Shares) before 8.00 a.m. on 15 June 2015
Admission and dealings in the Placing & Offer Shares 8.00 a.m. 15 June 2015
CREST accounts expected to be credited
for the Placing Shares in uncertificated form 15 June 2015
Contacts
Publishing Technology plc Tel: 01865 397 800
Michael Cairns / Alan Moug
Cenkos Securities plc Tel: 0207 397 8900
Nicholas Wells / Elizabeth Bowman
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