18th May 2009 07:00
18 May 2009
MIDAS CAPITAL PLC
("Midas" or the "Company")
PROPOSED RESTRUCTURING, PROPOSED MANAGEMENT INCENTIVE PLAN AND NOTICE OF GENERAL MEETING: POSTING OF SHAREHOLDER CIRCULAR
Midas Capital plc, the AIM quoted company encompassing Fund Management, Wealth Management and Corporate Services, announces that the following is the text of a letter sent to shareholders on 16 May 2009 as part of a Circular:
"To Shareholders and, for information purposes only, to holders of options over Ordinary Shares
Dear Shareholder
Proposed Restructuring, Proposed Management Incentive Plan and Notice of General Meeting
1. Introduction
The Company announced on 26 March 2009 that it had reached agreement in principle with Bank of Scotland plc (the "Bank") on the terms of a proposed capital restructuring of the Company's bank facilities (the "Restructuring"). The Restructuring is conditional, amongst other things, on the approval of Shareholders.
I am therefore writing to you today:
(i) to provide further details of the Restructuring, including the background to, and the reasons for, the Restructuring;
(ii) to explain why the Directors unanimously consider the Restructuring to be in the best interests of the Company and its Shareholders as a whole; and
(iii) to seek your support for, and approval of, the Restructuring.
A summary of the principal terms and conditions of the Restructuring is set out in paragraph 3 of this letter with further detail set out in Part III of the Circular.
As announced on 26 March 2009, your Board is also proposing (subject to Shareholder approval) to introduce a new performance-based management incentive plan following completion of the Restructuring with the aim of incentivising key employees and ensuring that the interests of those key employees and Shareholders are closely aligned. I am therefore also writing to you today to provide further details on this new incentive plan (as set out in paragraph 8 of this letter).
Your approval of the Restructuring and the Management Incentive Plan is being sought at a General Meeting of the Company to be held at 10:30 a.m. on 3 June 2009 at the offices of Travers Smith LLP at 10 Snow Hill, London EC1A 2AL, notice of which meeting is set out at the end of the Circular. A summary of the action you need to take is set out in paragraph 11 of this letter and on the Form of Proxy that accompanies the Circular. If the Restructuring Resolution is passed at the General Meeting on 3 June 2009, completion of the Restructuring is expected to take place on or around 4 June 2009.
2. Background to and reasons for the Restructuring
As the credit crisis has deepened since September 2008, the Board has become concerned about the Company's level of debt in the face of a possibly prolonged economic downturn. In addition, the steep fall in financial markets over recent months, together with the rate of redemptions which the Group's funds have experienced, has resulted in a decline in the Group's assets under management and advice and as a consequence its associated revenues.
Following the merger with Midas Capital Partners Ltd in March 2008, the Group had funds under management and advice of approximately £2.8 billion and an outstanding loan with the Bank of £40.0 million. As at 31 March 2009, funds under management and advice had fallen to approximately £1.9 billion, with a loan outstanding with the Bank of £36.5 million. This reduction in funds under management and advice has reduced the Group's operating profits and, as a consequence, restricts the Company's ability to service its debt in the future.
Your Board concluded that the Group's current capital structure, and in particular its level of debt, is no longer sustainable, although those Group UK subsidiaries undertaking fund management activities have been trading, and continue to trade, profitably (in particular, given that there is no cross-collateralisation between the net debt of the Group and the Company's subsidiaries).
Following the announcement made on 13 February 2009, when the Company announced a waiver of its loan covenants by the Bank and that it intended to seek to restructure its borrowing arrangements with the Bank, the Company has reached agreement in principle with the Bank on the terms of a proposed restructuring of its bank facility with a view to proposing a debt for equity exchange.
The Restructuring is intended to result in a suitable new capital structure for the business by addressing the negative impact of the Company's debt on the Group's business. The Restructuring will also permit the Ordinary Shares to continue to trade on AIM, whilst retaining the possibility of value for equity holders. The proposed new capital structure should enable the Group to focus on reorganising its business, improving the Group's investment performance and maintaining its level of client service.
3. Principal terms and conditions of the Restructuring
Currently, the Bank's loan to the Group stands at £36.5 million.
On completion of the Restructuring, the Bank has agreed to convert £24.5 million of the £36.5 million owed to it into:
(i) 12,242,594 new Ordinary Shares (representing 17.5 per cent. of the Company's issued ordinary share capital as at completion of the Restructuring (enlarged so as to include any Ordinary Shares the subject of Vested LTIP Options as at completion of the Restructuring)); and
(ii) £14.0 million of cumulative redeemable Preference Shares (please refer to paragraph 2.3 in Part III of the Circular for further detail). No application will be made for the Preference Shares to be admitted to trading on AIM.
The balance of the monies owing to the Bank will be refinanced by the Bank into a new senior debt facility of £12.0 million with an interest rate of 4.0 per cent. per annum above LIBOR and mandatory costs and repayable in instalments with the final repayment being due four years from the date of first utilisation under the new facility agreement.
On completion of the Restructuring, the Bank will also be granted an "at par" warrant under which it shall be entitled to subscribe for such number of further new Ordinary Shares as will, when aggregated with the new Ordinary Shares referred to in (i) above, represent, in aggregate, up to 19.99 per cent. of the Company's issued ordinary share capital as at completion of the Restructuring (enlarged so as to include any Ordinary Shares the subject of Vested LTIP Options as at completion of the Restructuring, the new Ordinary Shares to be issued on completion of the Restructuring and the Ordinary Shares to be issued under the warrant), subject to adjustment in certain circumstances as described below.
The "at par" warrant will only be exercisable on: (i) a change of control of the Company, or (ii) a sale of the whole or substantially the whole of the Group's assets and businesses (each an "Exit").
Under the terms of the warrant, if either: (i) £2.5 million in nominal value of the Preference Shares have not been redeemed by the Company out of the proceeds of a fresh issue of Ordinary Shares by 30 September 2011; or (ii) before that date, £2.5 million in nominal value of the Preference Shares have not been redeemed by the Company out of the proceeds of a fresh issue of Ordinary Shares, and the warrant is exercised on an Exit and the Preference Shares are not redeemed in full on that Exit, the Bank may on exercise of the warrant subscribe for an additional number of Ordinary Shares representing up to a further 10.0 per cent. of the Company's issued ordinary share capital as at completion of the Restructuring (enlarged on the basis described above) (giving the Bank an aggregate holding of 29.99 per cent.). Please refer further to paragraph 5.2 of Part III of the Circular which sets out the expected issued share capital of the Company should the Bank exercise its warrant in full in these circumstances.
The Preference Shares will accrue dividends at an annual rate of 10.0 per cent. above LIBOR (as determined on the first Business Day of each relevant period) on their nominal value of £1.00 which will be rolled up annually and only be payable on redemption of the Preference Shares (or earlier if the Directors so resolve). It is intended that on completion of the Restructuring, the Company will investigate and, if it considers it appropriate, seek to put in place hedging arrangements such that all or part of the annual coupon on the Preference Shares will effectively be fixed for a period.
Except with the consent of the Bank, no dividends may be paid on the Ordinary Shares until the Preference Shares have been redeemed in full. In the event that any such dividend is paid on the Ordinary Shares, the holder of the warrant will be entitled to receive an amount equal to the dividend it would have received had it exercised the warrant immediately prior to the payment of the dividend on the Ordinary Shares.
The Preference Shares will be redeemable in whole or in part at the option of the Company at any time but will have a final redemption date of the earliest of: (i) the expiry of 7 years from the date of their issue; (ii) a change of control of the Company (being an acquisition by a person, together with persons acting in concert (as defined in the Code) with him of more than 50 per cent. of the Ordinary Shares); or (iii) a sale of the whole or substantially the whole of the Group's assets and businesses. On any return of capital, the holders of the Preference Shares will be entitled to receive, before any return or consideration is paid to holders of Ordinary Shares, an amount equal to the nominal value of the Preference Shares and any accrued preference dividend.
For so long as it continues to hold Preference Shares, the Bank will have veto rights in respect of certain specified material decisions, including acquisitions, disposals and new equity raisings (although there will be no veto rights over the terms on which new equity of up to £2.5 million is raised to pay down the first £2.5 million in nominal value of the Preference Shares provided the Bank's equity position is, as a result of such equity raising, not diluted to a number of Ordinary Shares representing less than 17.5 per cent. of the Ordinary Shares in issue (including those which are the subject of Vested LTIP Options) as at completion of the Restructuring (taking into account the new shares issued pursuant to such equity raising)). The Bank will also have access and information rights and the right to appoint a non-executive Director or observer to the Board and, subject to obtaining any applicable regulatory consents, any subsidiary of the Company. Certain of these rights will also be assignable to any other bank or financial institution (not being a fund manager, private equity fund or hedge fund) which becomes the holder of a majority of the Preference Shares.
Completion of the Restructuring is conditional, inter alia, upon the following:
(i) all necessary approvals and authorisations being granted by Shareholders for the implementation of the Restructuring, including approving resolutions to sub-divide the existing Ordinary Shares, to authorise the allotment of Ordinary Shares and the warrant to the Bank on a non pre-emptive basis, to create and authorise the allotment to the Bank of the Preference Shares and to amend the Articles; and
(ii) the Financial Services Authority and the Guernsey Financial Services Commission having approved the changes relating to control of the relevant subsidiaries of the Company (where required).
4. Effect of the Restructuring on the Group
The Restructuring is intended to result in a suitable new capital structure for the business. The Restructuring will also permit the Company's Ordinary Shares to continue to trade on AIM.
The longer term track record of each of the Group's main operating businesses has been very strong. The Group will focus for the future on providing each of the business units and management teams with the platform around which the businesses can flourish.
5. Information on the Group
Summary
Midas is the holding company of the fund management, wealth management and corporate services group trading under the Midas, Miton, iimia and Intelli brand names. The original business of the Group, then called iimia plc, was formed in 2001 by two legal firms in Exeter and a team of financial services industry professionals to provide investment management services to private investors and small institutions.
Since the original business was formed, the Group's management has pursued a growth strategy (both organic and through acquisition) to build the Group by focusing on developing its investment services division. During 2003 and 2004, the original business acquired three IFA businesses. Thereafter:
These acquisitions have enabled the Group to expand geographically and in the range and scale of the activities which it undertakes.
The Group now operates through three divisions: fund management (operating under the "Midas" and "Miton" brands), wealth management (operating under the "iimia" brand) and corporate services (operating under the "Intelli" brand).
The Group currently has over 130 employees, with offices in Exeter, Liverpool, London, Reading, Edinburgh, Northampton, Bournemouth, Falmouth, Plymouth and Cape Town (South Africa). It also has a presence in Guernsey and Hong Kong.
As at 31 March 2009, the Group had funds under management and advice of approximately £1.9 billion.
The Ordinary Shares were admitted to trading on AIM in August 2004. As at 31 March 2009, approximately 40 per cent. of the Ordinary Shares were held by the Directors and Group employees.
Fund Management
The fund management division, operating as "Midas" and "Miton", manages the Group's open-ended and closed-end investment funds. The Group adopts a multi-asset/multi-manager approach with an asset allocation style to investing, and invests in both open-ended and closed-end funds. As at 31 March 2009, the division had funds under management of approximately £1.4 billion.
The fund management division was transformed in October 2007 and March 2008 with the mergers of the Company with MitonOptimal and Midas Capital Partners respectively. This broadened the division's fund range, with the addition of well-established sales teams and distribution outlets on several platforms, and significantly increased the funds under management.
The fund range currently comprises eleven UK-domiciled open-ended funds, one Guernsey-domiciled open-ended fund and four Guernsey-domiciled open-ended feeder funds, one South African-domiciled open-ended fund and two UK investment trusts. Of the UK-domiciled open-ended funds, which represented 81.3 per cent. of the fund management division's funds under management at 31 March 2009, four were in the top quartile (and of those, two were in the top decile) of their IMA sectors over the periods since launch to 31 March 2009. CF Miton Special Situations Portfolio, with assets of approximately £189 million as at 31 March 2009, reached its 11th anniversary at the end of 2008 and was ranked in the top decile of its IMA sector over the one, three and five year periods to 31 March 2009 and since launch in 1997.
A number of the Group's investment funds qualify for performance fees (as at 31 March 2009, approximately 12.0 per cent. of the fund management division's funds under management qualified for performance fees, which compares with approximately 43.7 per cent. as at 31 December 2007). The ability to earn performance fees depends on relative movements in LIBOR, the market and cash inflows.
Wealth Management
Having initially been built through a series of acquisitions, this division was restructured in 2005. In August 2007, John K Miln was acquired adding further strength to the Group's franchise in the South West of England. This business has now been successfully integrated.
The wealth management division provides comprehensive, fee-based financial planning services, including investment advice and discretionary portfolio management services, to private clients, charities, self-invested personal pensions and trusts. The division now has approximately 1,800 discretionary clients and over 17,000 advisory clients.
As at 31 March 2009, the wealth management division had funds under management and advice of approximately £0.5 billion. Part of the wealth management division's strategy is to convert its investment advisory mandates into discretionary investment management mandates, thereby creating a more stable revenue stream.
Corporate Services
When Intelli was acquired by the Company in 2005, its principal focus was corporate finance advice to asset management businesses and closed-end investment funds.
The corporate services division's revenues are principally transaction fee based. However, the division has benefited from the introduction of a broking service in 2006, using iimia plc's London Stock Exchange membership to trade as Intelli Stockbrokers. As well as providing stockbroking services and share dealing in the closed-end fund sector, this area now has 14 retained closed-end fund clients, which has increased the division's recurring revenues.
The more difficult conditions in the closed-end fund sector, particularly for fund raisings, prevalent last year are expected to continue this year. However, Intelli is well positioned to minimise the impact of these conditions on its revenues with its dual sector focus.
6. Current trading and prospects of the Group
The difficult economic environment continues to make trading conditions challenging; however, net redemptions for the year to date are lower than expected and, subject to the Restructuring completing, the Board views the prospects of the Group with increasing confidence. The Group held approximately £5.3 million in cash as at 1 May 2009 and Group funds under management and advice as at 31 March 2009 were approximately £1.9 billion.
In the year to 31 December 2008, the Group had unaudited turnover of £31.0 million and unaudited Normalised PBT of £2.8 million.
The Group's 2008 audited consolidated financial statements are expected to be published following completion of the Restructuring and available for approval at the annual general meeting of the Company to be held in late June 2009.
7. Board changes
Simon Edwards stepped into the Group CEO role in September 2008 on the departure of the previous Group CEO. Following announcement of the in principle agreement with the Bank relating to the Restructuring, Simon decided to focus solely on managing the Midas fund management activities based in Liverpool. Accordingly, he has left the board of the Company and has reverted to his previous role of Chief Executive of Midas Capital Partners Limited, a wholly owned subsidiary of the Company.
I will continue to fulfil my role of Executive Chairman and will cover the CEO responsibilities until a replacement for Simon is found.
As part of an ongoing process of widening the executive roles on the Board, Tony Moore has been appointed a Director of the Company as Chief Financial Officer. He has been Group Director of Finance since March 2004 and previously worked for Channel Four Television Corporation and Associated Advertising and Marketing Group after qualifying as a Chartered Accountant with Spicer and Pegler.
8. Management Incentive Plan
In order to retain and attract key employees following the Restructuring, Midas intends to adopt the Management Incentive Plan. The plan will provide for the grant of options over Ordinary Shares to participants selected by the Remuneration Committee in its absolute discretion. The plan will be subject to a limit on the number of Ordinary Shares that may be issued pursuant to its rules. In particular, the number of Ordinary Shares issued or capable of being issued pursuant to the Management Incentive Plan from time to time, when added together with the number of Ordinary Shares issued or capable of being issued pursuant to Unvested LTIP Options (on or following completion of the Restructuring) may not exceed the Maximum Plan Allocation.
The grant of options under the Management Incentive Plan will dilute all shareholders on a pro-rata basis, including the Bank in respect of its combined position under its holding of Ordinary Shares and its right to subscribe for Ordinary Shares under its warrant.
Implementation of the Management Incentive Plan is subject to Shareholder approval and is conditional on completion of the Restructuring. A description of the principal terms of the Management Incentive Plan is provided in Part V of the Circular.
9. Additional information
Your attention is drawn to the additional information set out in Part III of the Circular and the risk factors set out in Part II of the Circular.
10. General Meeting
Set out at the end of the Circular is a notice convening a General Meeting of Midas Capital plc to be held at the offices of Travers Smith LLP at 10 Snow Hill, London EC1A 2AL at 10:30 a.m. on 3 June 2009. At the General Meeting, the Restructuring Resolution will be proposed to approve and implement the Restructuring and to authorise the Directors to give effect to the Restructuring and a resolution will also be proposed to implement the Management Incentive Plan.
The Restructuring Resolution will be proposed as a special resolution which means that in order for it to be passed, at least three-quarters of the votes cast must be in favour of the resolution. In summary, the Restructuring Resolution seeks to:
(a) subdivide and reclassify each of the issued and the authorised but unissued Ordinary Shares into one Ordinary Share of 0.1 pence each and one Deferred Share of 9.9 pence each;
(b) increase the authorised share capital of the Company from £25,000,000 to £39,000,000 by the creation of 14,000,000 Preference Shares of £1.00 each;
(c) grant to the Directors the authority to allot relevant securities up to an aggregate nominal amount of £14,024,724 in connection with the Restructuring;
(d) give the Directors authority to allot equity securities for cash pursuant to the general authority conferred by the resolution set out in sub-paragraph 1(c) of the Notice of General Meeting without first being required to offer such securities to existing Shareholders. This authority is limited to the allotment of equity securities up to an aggregate amount of £14,024,724 in connection with the Restructuring and will expire on 31 August 2009 (unless it has been previously renewed, varied or revoked by the Company in general meeting); and
(e) adopt new Articles incorporating certain changes necessary to give effect to the Restructuring.
Resolution 2 in the Notice of General Meeting seeks the approval by Shareholders of the Management Incentive Plan and is conditional on the Restructuring Resolution occurring. Resolution 2 is proposed as an ordinary resolution which means that, in order for it to be passed, more than half of the votes cast must be in favour of the resolution.
11. Action to be taken
Shareholders will find enclosed with the Circular a Form of Proxy to be used in connection with the General Meeting. It is important to us that our shareholders have the opportunity to vote even if they are unable to come to the GM. If you are unable to come to the GM you can use the enclosed Form of Proxy to nominate someone else to come to the GM and vote for you (this person is called a proxy). You can, if you wish, nominate me to vote on your behalf in accordance with your instructions. To appoint a proxy or proxies you need to send back the Form of Proxy enclosed with the Circular to the Registrar (at Capita Registrars (Proxies), The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU) as soon as possible and in any event so as to arrive no later than 10:30 a.m. on 1 June 2009, being 48 hours before the time appointed for holding the meeting.
If you hold your Shares in uncertificated form (i.e. in CREST) you may appoint a proxy by completing and transmitting a CREST Proxy Instruction in accordance with the procedures set out in the CREST Manual so that it is received by the Registrar (under CREST participant ID RA10), in each case by no later than 10:30 a.m. on 1 June 2009, being 48 hours before the time appointed for holding the meeting. Unless the Form of Proxy is received by the date and time specified above, it will be invalid.
Completion and posting of the Form of Proxy or completing and transmitting a CREST Proxy Instruction will not preclude you from attending and voting in person at the GM if you wish to do so.
12. Recommendation
The Board has received financial advice from Kinmont in relation to the proposed Restructuring. In giving its financial advice to the Board, Kinmont has relied on the Directors' commercial assessment of the proposed Restructuring.
The Board considers that the proposed Restructuring is in the best interests of all Midas' Shareholders taken as a whole and unanimously recommends that you vote in favour of the Restructuring Resolution to be proposed at the General Meeting.
Furthermore, the Independent Directors consider that the proposed Management Incentive Plan is in the best interests of all Midas' Shareholders taken as a whole and unanimously recommend that you vote in favour of the resolution to approve the Management Incentive Plan to be proposed at the General Meeting.
The Directors, Simon Edwards, Martin Gray, Gordon Neilly and Hiscox plc have each irrevocably undertaken to vote in favour of the Restructuring Resolution in respect of all of their own beneficial holdings, amounting in aggregate to 17,072,405 Ordinary Shares (which represents approximately 29.8 per cent. of the Company's issued share capital as at today's date).
Yours sincerely
Colin Rutherford
Executive Chairman"
DEFINITIONS
The following terms have the following meanings throughout this announcement unless the context otherwise requires:
|
£ AIM |
the lawful currency of the United Kingdom the AIM market of the London Stock Exchange |
|
Articles |
the Company's articles of association, as amended from time to time |
|
Bank |
Bank of Scotland plc |
|
Board or Board of Directors or Directors |
the Company's board of directors |
|
Capita Registrars |
a trading name of Capita Registrars Limited |
|
Circular |
the shareholder circular posted to shareholders today |
|
Code |
the City Code on Takeovers and Mergers |
|
CREST |
the relevant system (as defined in the CREST Regulations) for paperless settlement of share transfers and the holding of shares in uncertificated form in respect of which Euroclear UK & Ireland is the operator (as defined in the CREST Regulations) |
|
CREST Manual |
the rules governing the operation of CREST consisting of the CREST Reference Manual, the CREST International Manual, the CREST Central Counterpart Service Manual, the CREST Rules, the CREST Operations Manual and the CREST Glossary of Terms, each as amended from time to time |
|
CREST Regulations |
the Uncertificated Securities Regulations 2001 (S.I. 2001.3755), as amended from time to time |
|
Deferred Shares |
the valueless deferred shares of 9.9p each in the capital of the Company to be created by the sub-division of each of the existing issued and authorised but unissued Ordinary Shares of 10p each into one Ordinary Share of 0.1p and one Deferred Share of 9.9p |
|
Exit |
a change of control of the Company or a sale of the whole or substantially the whole of the Group's assets and businesses |
|
Financial Services Authority or FSA |
the Financial Services Authority of the UK |
|
Form of Proxy |
the form of proxy for use at the General Meeting |
|
General Meeting or GM |
the general meeting of the Company to be held at 10:30 a.m. on 3 June 2009 to approve the Resolutions |
|
Group |
Midas and its subsidiaries (construed in accordance with section 1261 Companies Act 2006) and "Group Company" shall be construed accordingly |
|
Independent Directors |
Lord Wade of Chorlton, Adrian Collins and Nicholas Hamilton |
|
Kinmont |
Kinmont Limited, authorised and regulated by the Financial Services Authority with number 188821 |
|
LIBOR |
the London Interbank Offered Rate for sterling deposits for either 3 or 6 months, at the Company's discretion |
|
Lloyds Banking Group |
Lloyds Banking Group plc and its subsidiaries (construed in accordance with section 1261 Companies Act 2006) from time to time |
|
London Stock Exchange |
London Stock Exchange plc |
|
LTIP |
the existing Midas Capital plc (formerly the iimia Investment Group plc) Long Term Incentive Plan adopted by the Company on 27 September 2006 |
|
Midas or the Company |
Midas Capital plc |
|
Management Incentive Plan |
the new performance-based management incentive plan proposed to be implemented by the Company conditional upon completion of the Restructuring and the approval of Shareholders, further details of which are set out in Part V of the Circular |
|
Maximum Plan Allocation |
15 per cent. of the Ordinary Shares in issue immediately following completion of the Restructuring (enlarged to include all Vested LTIP Options outstanding on completion of the Restructuring and the Ordinary Shares to be issued to satisfy the minimum entitlement under the warrant) |
|
Normalised PBT |
profit before tax including other income but before exceptional items and amortisation |
|
Notice of General Meeting |
the notice of General Meeting which appears at the end of the Circular |
|
Ordinary Shares |
ordinary shares of 10 pence each in the capital of the Company or, following completion of the Restructuring, ordinary shares of 0.1 pence each in the capital of the Company |
|
Preference Shares |
cumulative redeemable preference shares of £1.00 each in the capital of the Company, details of which are set out in Part III of the Circular |
|
Registrar |
Capita Registrars |
|
Restructuring or the Proposed Restructuring |
the proposed capital restructuring of the Company's bank facilities with the Bank, details of which are set out in the Chairman's letter and further details are set out in Part III of the Circular |
|
Restructuring Resolution |
the resolution numbered "1" pertaining to the Restructuring as set out in the Notice of General Meeting |
|
Resolutions |
the Restructuring Resolution and the resolution to approve the Management Incentive Plan |
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Shareholder(s) |
holders of Ordinary Shares and Deferred Shares |
|
UK or United Kingdom |
United Kingdom of Great Britain and Northern Ireland |
|
Unvested LTIP Options |
those options over Ordinary Shares granted under the LTIP which have not yet vested in accordance with its rules, which as at 14 May 2009 (being the last practicable date prior to the despatch of the Circular) was 638,901 in aggregate |
|
Vested LTIP Options |
those options over Ordinary Shares granted under the LTIP which have vested, but have not yet been exercised, which as at 14 May 2009 (being the last practicable date prior to the despatch of the Circular) was 379,167 in aggregate |
ENDS
CONTACT
For further information, please contact:
Colin Rutherford, Executive Chairman, Midas 07768 053 054
Roland Cross, Director, Broadgate 020 7726 6111
Richard Vaughan/Matt Stoate, Kinmont 020 7087 9100
(Financial Advisor to Midas)
James Steel, Arbuthnot Securities Limited 020 7012 2000
(Nominated Advisor and Broker to Midas)
Web: www.midascapitalplc.com
Kinmont Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as financial advisor to the Company in relation to the matters referred to in this announcement and no one else and will not be responsible to any other person for providing the protections afforded to clients of Kinmont or for providing advice in relation to the matters referred to in this announcement.
Related Shares:
MGR.L