28th Aug 2013 13:38
For immediate release | 28 August 2013 |
CareTech Holdings PLC
("CareTech" or "the Group")
Directors' Shareholdings
CareTech Holdings PLC (AIM: CTH), a leading UK provider of specialist social care services, was notified today that Westminster Holdings Ltd, a company wholly owned and controlled by the Westminster Trust, a discretionary trust of which the beneficiaries may include Farouq Sheikh and Haroon Sheikh, the Executive Chairman and Chief Executive Officer of the Company respectively, has today agreed to purchase 364,828 ordinary shares of 0.5p each ("Ordinary Shares") in the Company at a price of 190p per share.
The resultant holdings of Mr Farouq Sheikh and Mr Haroon Sheikh and their connected persons are detailed below:
Holder | Shareholding prior to the Transaction | Number of Ordinary Shares Acquired | Shareholding following the Transaction
|
Westminster Holdings Ltd | 10,422,500 | 364,828 | 10,787,328 |
Haroon Sheikh | 485,000 | 485,000 | |
Farouq Sheikh | 485,000 | 485,000 | |
Cosaraf Trust | 2,060,000 | 2,060,000 | |
Cosaraf Pension Fund | 170,000 | 170,000 | |
Total |
13,622,500 |
13,987,328 | |
Percentage of issued share capital |
26.61% |
26.90%* |
* Based on an issued share capital of 51,989,577 Ordinary Shares which includes the 794,335 new Ordinary Shares to be admitted to trading on 2 September 2013 in relation to the purchase of certain freeholds as announced this morning.
In addition to the shareholdings stated above, Mr Farouq Sheikh and Mr Haroon Sheikh hold options over 300,000 Ordinary Shares and 400,000 Ordinary Shares respectively, through the Executive Share Option Plan.
Farouq Sheikh, CareTech's Executive Chairman, said:
"This share purchase underlines our belief in the acquisition announced earlier today of the freeholds to 29 properties in CareTech's portfolio. The acquisition, which replaces a rent cost of £4.4m in 2014 with an interest cost of £1.6m, is immediately earnings enhancing and gives the Group greater flexibility to reconfigure and upgrade the properties."
For further information, please contact:
CareTech Holdings PLC Farouq Sheikh, Executive Chairman Michael Hill, Group Finance Director
| 01707 601800 |
Buchanan Mark Court Fiona Henson Sophie Cowles
| 0207 466 5000 |
Panmure Gordon (NOMAD) Fred Walsh Charles Leigh-Pemberton Grishma Patel
| 020 7886 2500 |
WH Ireland Adrian Hadden James Bavister | 020 7220 1666
|
Related Shares:
CTH.L