3 Apr 2020 07:00
3 April 2020
Zoetic International plc
("Zoetic" or the "Company")
Issue of equity
Zoetic, the London listed vertically integrated CBD company, announces the issue of 12,900,000 new ordinary shares of 1 pence each in the capital of the Company to members of its management team in accordance with incentive arrangements established in March 2019.
The Company announced its move into CBD on 19 March 2019 and, as part of those plans, also announced on that date that it would enter into an agreement to lease an indoor growing facility. At the same time, the Company entered into arrangements with the management team that had previously operated that facility, bringing with them all the skills and abilities for Zoetic to commence operations immediately. To incentivise the management team, the Company agreed to issue them with 5,000,000 warrants (which were exercised and placed with investors in June 2019) and a further 12,900,000 ordinary shares 12 months' after commencement of operations.
The 12,900,000 ordinary shares have accordingly now been issued as fully paid in equal amounts to Trevor Taylor, the Company's Chief Strategy Officer, and Antonio Russo, the Company's Chief Revenue Officer.
Application will be made for an additional 12,900,000 ordinary shares in the Company (the "New Ordinary Shares") to be admitted to trading on the Official List of the UK Listing Authority by way of a Standard Listing and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"). Admission is expected to take place on 9 April 2020.
Following Admission, the New Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares in issue, including the right to receive all dividends and other distributions declared, and the total number of ordinary shares with voting rights will be 185,820,034. This figure may be used by Zoetic shareholders as the denominator for calculations to determine if they have a notifiable interest in Zoetic under the Disclosure and Transparency Rules, or if such interest has changed.
Following Admission, Ox Distributing, LLC and the Schrader family's holding of 24,750,000 ordinary shares will represent 13.32% of the Company's total voting rights and Trevor Taylor and Antonio Russo's holding of 6,450,000 ordinary shares each will represent 3.47% of the Company's total voting rights.
Commenting, Trevor Taylor and Antonio Russo said: "We are delighted to become significant long term shareholders in Zoetic and we look forward to continuing to build a successful business along with other members of the management team."
**ENDS**
Enquiries
Zoetic International plc +44 (0) 1738 472 029
Nick Tulloch
Allenby Capital Limited (Financial Adviser and Broker) +44 (0) 20 3328 5656
Nick Harriss
Nick Naylor
IFC Advisory Ltd (Financial PR and IR) +44 (0) 20 3934 6630
Tim Metcalfe
Graham Herring
Florence Chandler