RNS Number:1271K
Wadharma Investments PLC
09 October 2006
WADHARMA INVESTMENTS PLC
(formerly The Celltalk Group Plc)
9 October 2006
Placing of Shares held in Treasury and Strategy update
Following the announcements on 1 August 2006, 5 October 2006 and the Company's
AGM held on 14 September 2006 when all resolutions were passed, the Company
announces the following:-
Placing of Shares
1) The Company has acquired 19 million ordinary shares, currently held in
Treasury, from former Executive Directors for a total consideration of
#1.00. In order to finance the purchase of these shares 10 new ordinary
shares, ranking pari passu with existing ordinary shares have been issued,
5 each to D. Joseph and J R Wollenberg "the Directors", for a total
consideration of #2.00. Application has been made for these shares to be
admitted to trading with admission expected to be on 10 October 2006.
2) The shares held in Treasury have now been placed with a number of private
investors and the Directors, at a price of 2p per share to raise #380,000.
These funds will be placed on short term deposit.
3) Following completion of the above placing and issue of new shares Derek
Joseph, Non Executive Chairman, will hold 2,700,005 ordinary shares
equivalent to 11.10% of the total issue capital and J Richard Wollenberg,
Non Executive Director, will hold 5,652,505 ordinary shares equivalent to
23.25% of the total issued capital.
4) The Company has today, been informed that Ian Tewson Reynolds, a private
investor, now holds 3,030,000 ordinary shares being 12.46% of the Company's
issued share capital.
Future Strategy
The Directors investment strategy for the Company will now be to seek an
opportunity of financing a growing company whose owners wish to seek
capital for the expansion of its business and a public market for its
shares. This may involve raising further funds for the development and
enhancement of shareholders value. The Directors intend to adopt a
flexible approach in connection with such an acquisition and it is likely
that any acquisition will be classified as a reverse takeover therefore
requiring the approval of the Company's shareholders at a general meeting.
The object of the Directors is the achievement of capital growth.
End
For further enquiries
Derek Joseph, Chairman 0207 378 3030
Richard Wollenberg, Director (Non Exec) 01784 437444
Dugald Carlean, Charles Stanley & Co. Ltd 0208 739 8200
This information is provided by RNS
The company news service from the London Stock Exchange
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