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16 Apr 2009 09:55
Flying Brands Ltd (the "Company")
The Company was today notified that on 16 April 2009, Silenus Investments Limited ("Silenus") a company controlled by Stephen Cook, Chief Executive of the Company, contracted to purchase 3,160,000 Units (comprising ordinary shares of 1 pence each and 'A' ordinary shares of 0.005 pence each in the Company) ("Units") at a price of 50p per Unit (the "Transaction") from Channel Hotels and Properties Limited ("CHAPS"). It is expected that completion of the purchase will take place within 7 business days.
Following the Transaction, Stephen Cook's total interest in the Company is 3,160,000 Units, representing 12.48 per cent. of the current issued share capital of the Company, and CHAPS no longer holds an interest in the Company.
The Company has today also been notified that Silenus will finance the Transaction with a loan, and will pledge 3,160,000 Units as part of a package of security against the loan. The granting of this security will not give rise to the disposal of any Units by Silenus or Stephen Cook and Silenus will control all the voting rights associated with this holding.
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Flying Brands Limited Stephen Cook, Chief Executive Graham Norton, Finance Director |
01245 228300 |
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Singer Capital Markets Limited Shaun Dobson / Dan Webster |
020 3205 7500 |
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