14th Feb 2017 17:07
LONDON (Alliance News) - The following is a summary of director dealings reported in London on Tuesday.
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Strat Aero said it has raised GBP850,000 of new capital through the issue of 850 million new shares priced at 0.1 pence each with new and existing investors.
The international aerospace company said, in addition to those shares, that certain directors and one director of a subsidiary have agreed to subscribe for a further 250 million shares at the same price to settle outstanding compensation and expenses accrued since 2015.
At the same time, 1.17 billion warrants have been issued at an exercise price of 0.225 pence in conjunction with the placing and the shares issued to directors, it said.
The transactions will need to be approved by shareholders at general meeting on February 21.
Chief Exectutive Ian McLure subscribed for 100 million shares, representing his only holding in the company, plus a further 100 million warrants. He will hold a 5% stake in the business once the share capital has been enlarged.
Chief Financial Officer Gerard Dempsey subscribed for 25 million shares and now holds 25.6 million shares, plus 25 million warrants. He will hold 1% of the enlarged issued share capital.
Non-Executive Paul Ryan subscribed for 110 million shares and now holds 110.4 million shares in total, giving him a 6% stake. He also holds 110 million warrants after the transaction.
Lastly, Executive Chairman Russell Peck subscribed for 15 million shares and now holds 39.9 million shares, giving him a 2% stake. He was issued with no warrants.
In total, the four board members now hold a 14.41% stake in the enlarged issued share capital of the business.
Strat Aero shares closed down 22% at 0.11 pence per share on Tuesday.
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SysGroup said it has issued shares and has made a cash payment as part of the consideration for acquiring Q4Ex, which now trades under the Netplan name.
Under the deal in December 2014, SysGroup made provision for deferred and contingent consideration of up to GBP1.5 million subject to the achievement of certain financial hurdles, comprises of three payments. These were two tranches of up to GBP520,000 and a further payment of GBP416,000 all of which was to be satisfied through the issue of new shares, at an effective fixed price of 68.00 pence per share.
On Tuesday, however, SysGroup said it has made an amendment to the initial terms together with the vendors of Q4Ex, under which SysGroup's non-executive directors can settle some of the earn-out consideration in cash an at effective fixed price of 59.00p per share.
As Q4Ex exceeded the financial hurdles for the second earn-out period to September 30, this triggered the maximum earn-out of GBP520,000 for the period. SysGroup said its non-executive directors elected to settle the consideration through issuing 340,981 earn-out shares and the balance through a GBP250,000 payment.
After the shares are admitted to trading, expected on Friday, there will be 22.5 million shares in issue.
The company said it expects, subject to final review, that Q4Ex will exceed its financial targets for the period ended December 31, triggering the final payment of GBP416,000, and said it is planning to settle the earn-out through the issue of shares.
SysGroup's CEO Christopher Evans was a vendor of Q4Ex and, as such the deal, which saw him receive 109,114 shares, increasing his stake in the group to 3.76% or 844,846 shares.
Shares in SysGroup closed untraded on Tuesday, having last traded at 50.00p.
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Manchester & London Investment Trust said M&M Investment Co, a vehicle connected to the trust's manager Mark Sheppard, sold 45,640 shares at a price of 306.20 pence per share on Monday. Following the sale, Sheppard now holds a beneficial interest in 13.2 million shares, which equals a 61.17% stake in the trust. The stock closed down 0.7% at 305.00p Tuesday.
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ScS Group said Logistics Director Gary Kemp, together with connected person Rachel Kemp, sold 12,000 shares at a price of 162.5 pence per share on Monday. Following the sale, Gary Kemp holds a beneficial interest in 245,277 shares. Shares in the upholstered furniture and floorings retailer closed up 1.3% at 168.50p on Tuesday.
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Urban&Civic said Non-Executive Director Duncan Hunter bought 70,000 shares at an average price of 228 pence per share between last Friday and Wednesday. Hunter's total shareholding was not disclosed. Shares in the property investor closed up 0.4% at 231.90p on Tuesday.
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By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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