Safestyle UK PLC Commercial Agreement Update (9805C)
October 23 2020 - 2:00AM
UK Regulatory
TIDMSFE
RNS Number : 9805C
Safestyle UK PLC
23 October 2020
23 October 2020
Safestyle UK plc
("Safestyle" or the "Group")
Commercial Agreement Update and Admission of New Shares
Safestyle UK plc (AIM: SFE), the leading retailer and
manufacturer of PVCu replacement windows and doors to the UK
homeowner market, today issues an update on the agreement entered
into with Mr M. Misra on 19 October 2018, details of which were
announced on 22 October 2018 and included within the Group's
accounts for the periods ended 31 December 2018 and 2019.
Under the terms of this agreement, Mr Misra was entitled to
receive consideration comprising of 4,000,000 ordinary shares of 1
pence each (the "Shares") and payment of cash consideration of
between GBPnil and GBP2.0 million in Q4 2020, subject to the
satisfaction of certain performance conditions of the Group which
were partially achieved in 2019.
As a result, Safestyle announces that the 4,000,000 Shares have
been issued and allotted to Mr Misra at a price of GBPnil pence per
Share. Application has been made for the Shares to be admitted to
trading on AIM ("Admission") and Admission is expected to take
place on 26 October 2020. The cash consideration payable is GBP1.0
million and this has also been paid today. Following the Admission
and payment, the Group has now satisfied the terms of the agreement
and no further consideration will be paid to Mr Misra.
Following Admission, the total number of ordinary shares and
voting rights in the Company will be 136,808,896. The Company does
not hold any shares in treasury. This figure may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of
the Company under the FCA's Disclosure Guidance and Transparency
Rules.
Enquiries:
Safestyle UK plc via FTI Consulting
Mike Gallacher, Chief Executive Officer
Rob Neale, Chief Financial Officer
Zeus Capital (Nominated Adviser & Joint Tel: 0203 829 5000
Broker)
Dan Bate / Daniel Harris / Dominic King
Liberum Capital Limited (Joint Broker) Tel: 0203 100 2100
Neil Patel / Jamie Richards
FTI Consulting (Financial PR) Tel: 0203 727 1000
Alex Beagley / James Styles / Sam Macpherson
About Safestyle UK plc
The Group is the leading retailer and manufacturer of PVCu
replacement windows and doors to the UK homeowner market. For more
information please visit www.safestyleukplc.co.uk or
www.safestyle-windows.co.uk.
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END
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