28th Jan 2014 16:37
LONDON (Alliance News) - The Parkmead Group PLC Tuesday said Executive Chairman Tom Cross and Finance Director Ryan Strougler are both set to acquire shares in the company after a number of share and options transactions.
Parkmead, which earlier Tuesday unveiled a USD66.0 million fundraising through the placing of shares, said Cross has undertaken to convert 2.1 million of his share appreciation rights, which have now vested into equity, at an exercise price of 23 pence each.
The company said the conversion of the share appreciation rights to equity is subject to the earlier placing shares being admitted to trading.
The holding of Cross and his affiliates will be about 21.5% of the company's enlarged share capital in issue, some 18.8 million shares.
Meanwhile, Finance Director Ryan Stroulger has exercised options over 24,000 shares at an exercise price of 23.25 pence each.
"Following the exercise of these options and taking into account the 47,058 ordinary shares irrevocably subscribed for by Ryan Stroulger as part of the placing, [he] will have a beneficial holding of 137,724 ordinary shares, representing 0.16% of the then enlarged issued share capital of the company," Parkmead said in a statement.
Parkmead shares were Tuesday quoted at 275 pence, up 17 pence, or 6.6%.
By Samuel Agini; [email protected]; @samuelagini
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