Last checked at 22 Apr 2010 09:57
22 April 2010 Totally Plc ("Totally'' or "the Company'') Grant of Warrants
The Company announces that it has issued the following warrants to Andrew Margolis and Benjamin Gritz (together, the "Warrants"), both directors of Totally Communications Limited, Totally's wholly owned subsidiary:
Number of warrants Andrew Margolis 17,500,000 Benjamin Gritz 7,500,000
The Warrants have been issued with an exercise price of 1p per share, being the nominal value of the Company's ordinary shares, which is a premium of 122 per cent. over the closing mid-market share price on 21 April 2010. The warrants are exercisable immediately from the date of issue for a period of 10 years, expiring on 22 April 2020.
Following the issue of the Warrants, there are warrants outstanding over 157,547,165 ordinary shares, equivalent to 171.34 per cent. of the issued voting share capital of the Company, which are exercisable at exercise prices ranging from 1p to 5p per share.
In addition, there are currently options outstanding over 17,443,333 ordinary shares, equivalent to 18.97 per cent. of the issued voting share capital of the Company, which are exercisable at exercise prices ranging from 1p to 5p per share.
At the date of this announcement the Company has 91,947,934 ordinary voting shares in issue.
Under the AIM Rules, the issue of the Warrants to Andrew Margolis and Benjamin Gritz are each classified as related party transactions. The directors of the Company (the "Directors"), who have consulted with Merchant John East Securities Limited, consider the terms of each of the issues of warrants to Mr Margolis and Mr Gritz to be fair and reasonable insofar as the shareholders are concerned. In advising the Directors, Merchant John East Securities Limited has relied upon their commercial assessment.
For further information:
Totally Plc www.totallyplc.com Daniel Assor, CEO 020 7692 6929 Merchant John East Securities Limited Simon Clements 020 7628 2200
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