4th Nov 2009 14:39
4 November 2009
Travelzest plc (the "Company")
Director's dealing
On 4 September 2009, Jack Fraser, Group Chief Operating Officer and Financial Director, entered into an agreement granting security over 3,914,113 ordinary shares in the Company (the "Pledged Shares") held by him in favour of LDC Logistics Development Corporation ("LDC"), a Canadian federally incorporated corporation, as security against a personal loan of value CAD350,000(the "Pledge Agreement").
In conjunction with the Pledge Agreement, LDC granted to Jack Fraser a put option (the "Put Option") under which Jack Fraser could put all (but not less than all) of the Pledged Shares to LDC for a consideration payable to Jack Fraser of 6 pence per Pledged Share. The Put Option was available to Jack Fraser for a period of 180 days commencing 9 September 2009.
The Company was notified on 3 November 2009 that on 13 October 2009 Jack Fraser exercised the Put Option.
Following exercise of the Put Option, Jack Fraser has an interest in 9,365,887 ordinary shares in the Company, representing approximately 6.5 per cent. of the Company's issued share capital of 145,136,110 ordinary shares.
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For further information contact:
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Travelzest plc
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020 7887 1981
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Mark Molyneux / Jack Fraser
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Investec Investment Banking
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020 7597 5970
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Martin Smith / Duncan Williamson
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Related Shares:
TVZ.L