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28 Nov 2014 13:56
28 November 2014
Solid State plc
("Solid State" or the "Company")
Directors' Dealings
Introduction of new institutional investors
Solid State plc (AIM: SOLI), the AIM listed supplier of specialist industrial/ruggedised computers, electronic components, secure communications systems and battery power solutions to the electronics market, announces that, following its interim results released on 24 November 2014, there has been significant demand for the Company's shares, both from new and existing institutional shareholders. In order to meet this demand certain of the Directors have agreed to sell some of their shares.
On 28 November 2014, the following Directors and/or their wives sold shares in each case at 650 pence per share.
Name | Number of shares sold | Revised holding of Ordinary Shares | Percentage (%) of Share Capital |
Gordon Comben | 250,000 | 1,650,000 | 19.80 |
Bill Marsh | 150,000 | 1,150,000 | 13.80 |
Gary Marsh | 100,000 | 443,439 | 5.32 |
John Lavery | 400,000 | 69,827 | 0.84 |
Tony Frere | 50,000 | 56,000 | 0.67 |
FolIowing these sales, the directors will, in aggregate, hold 42.28% (previously 53.68%) of the Company's issued share capital.
Commenting on the share transactions Gary Marsh, Chief Executive, said:"We are delighted to be attracting interest from new institutional shareholders and to have the opportunity to satisfy that demand and thereby increase the free market capital of the Company."
The Company also purchased from the selling Directors 53,903 Ordinary Shares of 5 pence each for the Staff All Employee Share Ownership Plan at a price of 650 pence per share. These shares will be used to satisfy future awards under the Plan.
The purchase by the Company of shares from Directors constitutes a related party transaction in accordance with AIM Rule 13. The Independent Directors, having consulted with the Company's nominated adviser WH Ireland, consider the terms of the transaction with the Directors to be fair and reasonable insofar as its shareholders are concerned.
For further information please contact:
Solid State plc | 01527 830 630 |
Gary Marsh - Chief Executive | investor.information@solidstateplc.com |
WH Ireland (Nominated Adviser) | 0117 945 3470 |
Mike Coe/Ed Allsopp |
|
Winningtons (Financial PR) | 020 3176 4722 |
Tom Cooper/Paul Vann | 0797 122 1972 |
tom.cooper@winningtons.co.uk |
Notes to Editors:
Solid State plc (SOLI) is a leading value added group of companies providing specialist design-in and manufacturing services to those acquiring industrial/rugged computing products, battery power solutions, secure communications systems and electronic components for use in harsh environments.
Serving niche markets in oil & gas production, medical, construction, security, military and field maintenance, Solid State acts as both a distributor to OEMs and bespoke manufacturer of specialist units to clients with complex requirements.
Headquartered in Redditch, Solid State employs over 140 staff across four sites. Solid State operates through two main divisions: Solid State Supplies and Steatite.
Solid State was established in 1971 and admitted to AIM in June 1996.
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