RNS Number:0958V
James R. Knowles (Holdings) PLC
02 December 2005
James R Knowles (Holdings) PLC (the "Company")
2 December 2005
Director Shareholding
The Company today announces that, further to a board meeting held on 28 November
2005, the Company has today issued and allotted 305,800 new ordinary shares of
5p each to Brian Quinn, Chief Executive of the Company at 30 pence per share.
224,000 of the above shares are in respect of a sacrifice of salary and 81,800
of the above shares are in respect of the Company having achieved certain
performance targets which were put in place by the remuneration committee at the
time of Mr Quinn's appointment as Chief Executive on 1 November 2004.
In addition, under the terms of shareholder agreements for the Company's North
American subsidiaries, the Company has agreed to acquire the minority interests
held by Mr Quinn in those subsidiaries in exchange for the issue to him of an
aggregate 944,200 new Ordinary Shares in the Company, as follows:-
1. In respect of Knowles Consulting Service Inc., a company incorporated in
Ontario and in respect of which Mr Quinn owns 100 shares of common stock,
542,235 ordinary shares in the Company have been allotted at a price of 28.8
pence per share;
2. In respect of JR Knowles USA LLC, a company incorporated in California and
in respect of which Mr Quinn owns 100 shares of common stock, 87,330
ordinary shares in the Company have been allotted at a price of 30 pence per
share.
3. In respect of 1226545 Ontario Limited, a company incorporated in Ontario and
in respect of which Mr Quinn has an entitlement to allotment of shares
representing up to 10 per cent. of its issued share capital, 314,635
ordinary shares in the Company have been allotted at a price of 30 pence per
share.
Each of the above overseas companies is a subsidiary of the Company, and each of
the above overseas companies contains valuation provisions in respect of the
transfer of shares or stock in it which have, so far as practicable, been
reflected in the above valuations.
As a result of the above transaction, Mr Quinn now has an aggregate total
beneficial interest in 1,261,760 shares representing approximately 5.96 per
cent. of the Company's issued share capital.
The issued ordinary share capital of the Company is now 21,171,853 ordinary
shares with a nominal value of 5p each. Application will be made for the newly
issued shares to be admitted to AIM as soon as is reasonably practicable.
Enquiries:
James R Knowles (Holdings) PLC 08707 530 600
Brian Quinn - Chief Executive
Charlotte Parsons - Finance Director
Brewin Dolphin Securities Ltd 0113 241 0130
Andrew Kitchingman - Director
Keith Williams - Assistant Director
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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