Last checked at 21 Jul 2010 13:22
| Press Release | 21 July 2010 |
BrainJuicer Group PLC
("BrainJuicer" and the "Company")
Director Dealing
John Kearon, the Company's Chief Executive Officer has today agreed to borrow £650,000 from third party lenders (the "Lenders"). John Kearon has granted security to the Lenders over 400,000 ordinary shares in the Company beneficially owned by him. The Lenders also have the right to convert the loan into 400,000 ordinary shares at a price per share of £1.625 at any time prior to repayment except during Closed Periods of the Company.
The loan is due for repayment in one sum on the fourth anniversary of the commencement date. John Kearon has the right to repay the loan at any time and also has the right to force conversion of the loan at any time subject mid price of BrainJuicer Ordinary Shares being in excess of £2.55 for 20 consecutive trading days and (b) the John Kearon giving 20 London business days' notice to the Lenders. The interest rate is 4% p.a. payable semi-annually in arrears.
Up to the date of conversion, if exercised, John Kearon will retain the right to receive any dividends or other distributions declared and will retain the voting rights to the 400,000 ordinary shares. Accordingly, John Kearon's beneficial holding in the Company currently remains unchanged as a result of the above transaction.
- Ends -
For further information, please contact:
| BrainJuicer Group PLC |
|
| John Kearon, Chief Executive Officer | Tel: +44 (0)20 7043 1000 |
| James Geddes, Chief Financial Officer | www.brainjuicer.com |
| Canaccord Genuity Limited |
|
| Mark Williams / Henry Fitzgerald-O'Connor | Tel: +44 (0)20 7050 6500 www.canaccordadams.com |