Last checked at 29 Jan 2010 15:04
29 January 2010
Vertu Motors plc ("the Company")
Result of General Meeting & Issue of Equity
Vertu Motors plc is pleased to announce that at the General Meeting held earlier today, the resolution put to shareholders was duly passed and subsequently the acquisition of Boydslaw 103 Limited, as announced on 12 January 2010 (the "Acquisition"), was completed.
In order to satisfy the initial consideration for the Acquisition (the "Initial Consideration"), the Company has today issued 1,255,259 ordinary shares of 10p each in the Company ("Ordinary Shares") at a price of 38.6p per share.
Of the shares issued, Robert Forrester, Chief Executive of the Company, has received 1,012,306 Ordinary Shares as his share of the Initial Consideration. Following this transaction Mr Forrester and his connected persons are now interested in 5,419,247 Ordinary Shares representing 2.74 per cent. of the issued share capital of the Company.
Application has been made for the admission of the new Ordinary Shares to trading on the AIM market of the London Stock Exchange. Upon admission the enlarged issued share capital of the Company will consist of 197,557,114 Ordinary Shares.
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For further enquiries please contact:
| Vertu Motors plc Robert Forrester, CEO Karen Anderson, Finance Director | 0191 206 4617 |
| Brewin Dolphin Investment Banking Andrew Kitchingman Sean Wyndham-Quin | 0845 213 4730 |
| Panmure Gordon (UK) Limited Andrew Burnett Stuart Gledhill | 020 7459 3600 |
| Financial Dynamics Caroline Stewart | 020 7831 3113 |
Notes to editors
Vertu Motors is the 9th largest motor retailer in the United Kingdom with 59 dealerships forming a national network across England and Scotland, operating under the Bristol Street Motors, Bristol Street Motor Nation and Dunfermline Autocentre brand names. Manufacturer partners are Citroen, Ford, Iveco, Honda, Hyundai, Mazda, Peugeot, Renault, Vauxhall, Chevrolet, Fiat and SEAT.
Vertu Motors was established in November 2006 with the aim of consolidating the UK motor retail sector. The Group listed on AIM in December 2006. In March 2007, the Group acquired the 13th largest motor retailer in the United Kingdom, Bristol Street Motors.
The Group currently operates 55 franchised sales outlets, 4 non-franchised sales operations and 2 stand alone service operations from 51 locations. It is intended that the Group will continue to acquire motor retail operations to grow a scaled dealership group. The Group's acquisition strategy is supplemented by a focused organic growth strategy to drive operational efficiencies through the national network.
www.vertumotors.com
www.bristolstreet.co.uk
www.vertuhonda.com
www.motornation.co.uk
www.dunfermlineford.co.uk