FMJ Formjet (See LSE:TQC)

 

TIDMFMJ 
 
RNS Number : 3425V 
Formjet PLC 
08 July 2009 
 

Formjet plc 
('Formjet' or 'the Company') 
 
 
 
 
Results of General Meeting 
Disposal of Panda Software (UK) Limited 
Directorate Change 
Placing and Grant of Options 
 
 
 
 
The Board of Formjet, the AIM quoted alternative software vendor, announces 
that, at the General Meeting held on 8 July 2009, the resolution to approve the 
sale of Panda Software (UK) Limited was duly passed. 
 
 
DISPOSAL 
 
 
As a result, the Board of the Company is pleased to advise that it has completed 
the sale of Panda Software (UK) Limited, a wholly owned subsidiary of Formjet, 
to Panda Security, S.L. for a consideration of GBP1.2 million and additional 
earn-out consideration of up to GBP200,000. 
 
 
It is the intention of the Board to use the proceeds of the disposal to acquire 
additional products and licences, for incorporation into the Company's "ASI 
Ability" portfolio, and to continue to seek acquisitions for growth. 
 
 
DIRECTORATE CHANGES 
 
 
To develop the planned future strategy of the Company, the following changes 
will be made to the composition of the Board with immediate effect:- 
 
 
1. David Hennell will step down from the Board of Formjet, joining the 
subsidiary Board of Formjet Innovations Limited, to focus his attention on sales 
and development of marketing strategies for the Company's subsidiaries Formjet 
Innovations Limited and ASI Ability. 
 
 
2. Antony Lee will relinquish his role as Chief Executive Officer and will 
remain with the Board as Finance Director. 
 
 
3. Andrew Anthony Monk will join the Board of the Company as Chief Executive 
Officer. 
 
 
Mr Monk (aged 48) has had a successful career for more than 25 years in the City 
since graduating from Oriel College Oxford. He was a founder and Joint CEO of 
Oriel Securities Limited and, latterly, CEO of Blue Oar plc. During his career 
in the City, he has helped to fund and grow many small and microcap private and 
quoted companies. 
 
 
Mr Monk has the following directorships and partnerships within the last five 
years: 
 
 
+------------------------------------+------------------------------------+ 
| Current                            | Previous                           | 
+------------------------------------+------------------------------------+ 
| None                               | 7 Wonders Limited                  | 
|                                    | Astaire & Partners Ltd             | 
|                                    | Astaire Group plc                  | 
|                                    | Astaire Securities plc             | 
|                                    | Corporate Synergy Asia Pacific     | 
|                                    | Corporate Synergy Holdings Ltd     | 
|                                    | Oriel Securities Limited           | 
|                                    | Rowan Dartington & Co. Ltd         | 
|                                    | Sprint 1164 Ltd                    | 
|                                    | Stockmarket Investments Ltd        | 
+------------------------------------+------------------------------------+ 
 
 
There are no further disclosures in relation to Mr Monk to be made in accordance 
with schedule 2 (g) of the AIM Rules. 
 
 
DIRECTOR'S DEALING AND GRANT OF OPTIONS 
 
 
The Company has today placed 80,000,000 new Ordinary Shares with Andrew Monk, a 
director of the Company, at a price of 0.25p per share, raising GBP200,000 
before expenses. Mr Monk now has an interest in approximately 24.23 per cent of 
the enlarged issued share capital. Mr Monk has agreed with the Company that, 
other than in certain exceptional circumstances, he will not dispose of any such 
Ordinary Shares for a period of 12 months. 
 
 
To provide Mr Monk with an appropriate incentive to fulfil the Company's growth 
strategy, the Board has granted Mr Monk options over 17,000,000 ordinary shares, 
at a price of 0.5p per share, which are exercisable in the period between 8 July 
2012 and 8 July 2019. 
 
 
 
PLACING 
 
 
The Company has placed a further 20,000,000 new Ordinary Shares, at a price of 
0.25p per share, to institutional investors raising an additional GBP50,000 
before expenses. 
 
 
Further information is available on the Company's website, www.formjet.co.uk 
 
 
 
 
ENQUIRIES: 
 
 
+--------------------------------------------+---------------------------+ 
| Formjet plc                                | Tel: 01293 848 860        | 
| Lyndon Chapman, Executive Chairman         |                           | 
| www.formjet.co.uk                          |                           | 
|                                            |                           | 
+--------------------------------------------+---------------------------+ 
| Dowgate Capital Advisers Ltd               | Tel: 0207 492 4777        | 
| Liam Murray or Jo Turner                   |                           | 
| www.dowgatecapitaladvisers.co.uk           |                           | 
|                                            |                           | 
+--------------------------------------------+---------------------------+ 
| Dowgate Capital Stockbrokers Ltd           | Tel: 01293 517744         | 
| Neil Badger                                |                           | 
| www.dowgatecapitalstockbrokers.co.uk       |                           | 
|                                            |                           | 
+--------------------------------------------+---------------------------+ 
 
 
 
 
Notes to Editors: 
 
 
Formjet plc 
 
 
Formjet plc is a UK-based company with a highly distinctive business model. It 
acquires territorial rights to 'alternative' software products, and markets, 
sells, distributes and supports these products in place of the vendor in 
worldwide markets. The strategy has at its heart the proposition that the 
Company can acquire product lines in territories of at least one country without 
the expense of either product development or the creation of IPR. 
 
 
 
 
Alternative Products 
  *  Formjet Innovations distributes Panda Software antivirus and Internet security 
  products in the UK. 
 
 
 
  *  Ability Software International (ASI) distributes a powerful suite of office 
  products which, as well as being sold under their own branding, form an integral 
  part of the white label opportunities that Formjet is creating. Ability Software 
  International has also developed the ASI Business Software range. This comprises 
  eight titles, which include fully comprehensive office and graphics suites, 
  Internet security, a business plan development application, small business 
  accounting, appointment book management and staff records management software. 
  In September the Company also added a remote access tool called BeAnywhere to 
  this range. 
 
 
 
 
 
  *  EdAlive edutainment software has opened up a new and growing market for Formjet 
  and now covers a wide range of core subjects including maths, word skills and 
  spelling. 
 
 
 
Alternative Routes to Market 
  *  Formjet Innovations is the specialist distribution arm of the Formjet Group 
  focusing on its alternative product range and associated alternative routes to 
  market. The focus here is on creating "white label" software, targeting retail 
  and brand leaders of importance. 
 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCBDGDRBGGGGCI 
 

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