10 Jul 2013 11:20
10 July 2013
Tangent Communications plc ("Tangent" or the "Company")
Exercise of Options
Tangent announces that its Chief Executive Timothy Green and Finance Director Kevin Cameron yesterday exercised the following options:
Timothy Green exercised 1,000,000 options that were granted to him on 27 September 2005, under the Company's unapproved scheme, in accordance with the option waiver resolution passed at the Annual General Meeting on 30 August 2011. The options have an exercise price per share of 1 pence.
Kevin Cameron exercised 400,000 options that were granted to him on 8 November 2010, under the Company's unapproved scheme. The options have an exercise price per share of 1 pence.
The 1,400,000 new ordinary shares issued will rank pari passu with the Company's existing ordinary shares of 1 pence each ("Ordinary Shares") and application will be made for these shares to be admitted to trading on AIM and trading in such shares is expected to commence on or around 15 July 2013.
Following the issue of the new Ordinary Shares, the total number of Ordinary Shares in the Company with voting rights will be 280,212,981. Timothy Green (together with his wife Vicki Green) will hold 5,278,429 ordinary shares, representing 1.88% of the Company's enlarged issued share capital and voting rights. Kevin Cameron will hold 1,274,230 representing 0.45% of the enlarged share capital and voting rights.
As a result of the exercise of the options by Timothy Green described above, the Concert Party, as defined in the circular sent to shareholders on 4 August 2011, will now be interested in an aggregate of 92,167,389 Ordinary Shares, representing 32.89% of the total voting rights.
For further information, please contact:
Tangent Communications plcTimothy Green - Chief Executive: 020 7462 6101Seema Paterson - Corporate Development: 020 7462 6101
Canaccord Genuity Limited - Nominated adviser and broker
Bruce Garrow / Emma Gabriel 020 7523 8350