PRP.L Regulatory News (PRP)

7 Jun 2006 07:01

Prime People PLC07 June 2006 7 June 2006 Prime People plc (the "Company") Issue of Equity Issue and allotment of the Deferred Consideration Shares to the Vendors of Macdonald & Company Group Limited ("Macdonald") Further to the announcement made by the Company on 9 December 2005 regarding theacquisition of Macdonald, Prime People plc ("Prime People" or the "Company")today announces that Macdonald has reported an operating profit for the yearended 31 March 2006 which exceeds the minimum of £1.95m necessary to support themaximum deferred consideration payment of £1m that becomes payable following theannouncement of Prime People's results for the 15 months ended 31 March 2006. Pursuant to the Acquisition Agreement dated 9 December 2005, the Company will beissuing and allotting 1,188,637 new ordinary shares of 10p each in the capitalof the Company ("New Ordinary Shares") to the vendors of Macdonald on Wednesday7 June 2006 at an issue price of 84.13p per share. Application will be made forthe New Ordinary Shares to be admitted to trading on AIM and dealings areexpected to commence on 13 June 2006. The New Ordinary Shares will rank paripassu in all respects with the ordinary shares of 10p each in the capital of theCompany ("Ordinary Shares") currently in issue. Directors Shareholdings Following the issue of the New Ordinary Shares, the following changes to theshareholdings of directors of the Company will take place: Robert Macdonald, Chairman, will receive 353,295 New Ordinary Shares increasinghis total shareholding to 2,480,127 Ordinary Shares, representing approximately20.62% of the enlarged issued share capital of the Company. Peter Moore, Managing Director, will receive 444,960 New Ordinary Sharesincreasing his total shareholding to 2,897,906 Ordinary Shares, representingapproximately 24.09% of the enlarged issued share capital of the Company. John Lewis, Non-executive director, will receive 111,198 New Ordinary Sharesincreasing his total shareholding to 855,849 Ordinary Shares, representingapproximately 7.11% of the enlarged issued share capital of the Company. For further information, please contact: Robert Macdonald, Executive Chairman Tel: 020 7318 1785Chris Heayberd, Finance Director Tel: 020 7318 1785 DW Youngman, WH Ireland Limited Tel: 0161 832 2174 James Longfield / Georgina Briscoe, Hogarth Tel: 020 7357 9477 This information is provided by RNS The company news service from the London Stock Exchange