26 May 2011 16:47
26 May 2011
Rotala plc
("Rotala" or "the Company" or "the Group")
Result of AGM and Placing
Rotala plc (AIM: ROL) confirms that all the resolutions proposed at the Annual General Meeting held today were duly passed by shareholders.
The Company is also pleased to announce that, further to its announcement of 25 January 2011 concerning the acquisition of Preston Bus Limited ("PBL"), it has issued 562,500 new ordinary shares (the "New Ordinary Shares") at 28 pence per share.
The acquisition of PBL was partly financed by a bridging loan from the Group's bankers of £617,500. The bridging loan was repayable in two tranches, one of £460,000 by 28 February 2011 and one of £157,500 by 28 May 2011. Both these repayments have been made. As set out in the announcement of 25 January 2011, the latter repayment was financed by a loan of the same sum by certain directors. In the same announcement the intention was stated, once the necessary permissions had been obtained at the Annual General Meeting, which was held today, to repay this loan by the issue to these directors of 562,500 shares at 28 pence per share. These permissions have been obtained today and thus the corresponding share issue has been made.
John Gunn, the Chairman of the Company, has subscribed for 116,072 New Ordinary Shares in the Placing. Following the Placing John Gunn's beneficial holding in the ordinary shares of the Company (being the shares owned by Mr. Gunn, his wife, Wengen Limited and the Wengen Pension Plan) is 5,614,116 ordinary shares, representing 15.92 per cent. of the issued share capital and voting rights of the Company.
John Gunn's total interest in the ordinary shares of the Company (being his beneficial interest set out above, added to that of Ludgate 181 (Jersey) Limited and certain family trusts of which he is a trustee) is 9,307,243 ordinary shares, representing 26.39 per cent. of the issued share capital and voting rights of the Company.
Simon Dunn, the Chief Executive of the Company, has subscribed for 357,142 New Ordinary Shares in the Placing. Following the Placing, he is interested in 673,544 ordinary shares representing 1.91% of the enlarged share capital of the Company.
Robert Dunn, a director of the Company, has subscribed for 89,286 New Ordinary Shares in the Placing. Following the Placing, he is interested in 909,454 ordinary shares representing 2.58% of the enlarged share capital of the Company.
The New Ordinary Shares represent approximately 1.6% of the enlarged share capital of the Company of 35,270,888 ordinary shares.
Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that trading in the 562,500 New Ordinary Shares will commence on AIM at 8.00 a.m. on 1 June 2011.
The New Ordinary Shares will, when issued and fully paid, rank equally in all respects with the existing ordinary shares, including the right to receive any dividend or other distribution declared, made or paid after the date of their unconditional allotment.
For further information please contact:
Rotala Plc | |
John Gunn, Chairman | 020 7602 7500 |
Simon Dunn Chief Executive | 07825 808 525 |
Kim Taylor, Group Finance Director | 07825 808 529 |
Charles Stanley Securities - Nominated Advisor | 020 7149 6000 |
Mark Taylor Marc Milmo Karri Vuori |