22nd Jan 2010 09:21
22 January 2010 Garner plc ("Garner" or the "Company") Issue of equity
At the Company's board meeting held in December 2009, it was agreed that any executive bonuses for 2009 would be settled by an issue of ordinary shares, rather than in cash, based on net bonus figures, after taking into account deductions for income tax and national insurance.
Accordingly, the directors of Garner have resolved to issue 4,116,104 new ordinary shares ("Bonus Shares") to four employees, who are not directors of the Company. At the closing mid-market price on 21 January 2010 (being the last practicable date prior to the date of this announcement) of 1.88p per Garner share, these shares have an aggregate value of £77,382.75 and represent 5.80 per cent of the existing issued ordinary share capital.
Application will be made for the Bonus Shares to be admitted to trading on AIM.It is expected that admission will become effective and that dealings in theBonus Shares will commence on 28 January 2010. Following the admission of theseshares to trading on AIM, the Company will have a total of 75,138,312 ordinaryshares in issue.Further Enquiries:Garner plc Tel: 020 7629 8822 Andrew Garner/Ben Felton Merchant John East Securities Limited Tel: 020 7628 2200
John East/Simon Clements
vendorRelated Shares:
Norman Broadb