Petards Group PLC Grant of Share Options and Issue of Equity (8463T)
25 November 2013 - 11:01PM
UK Regulatory
TIDMPEG
RNS Number : 8463T
Petards Group PLC
25 November 2013
25 November 2013
Petards Group plc
("Petards" or "the Company")
Grant of Share Options and Issue of Equity
Petards, the AIM quoted developer of advanced security and
surveillance systems, announces that it has granted share options
pursuant to its acquisition of Water Hall Group plc ("Water Hall")
which was declared wholly unconditional on 30 August 2013.
On 23 July 2013 the Company announced a recommended offer ("the
Offer") to acquire the entire issued and to be issued share capital
of Water Hall.
In accordance with the City Code on Takeovers and Mergers, on 23
August 2013 appropriate proposals were made by the Petards
Independent Directors to the holders of Water Hall share options
("Water Hall Option Holders") in respect of options ("Water Hall
Options") not exercised in full at that time. Those proposals
offered Water Hall Option Holders the opportunity to exchange their
existing Water Hall Options for new options over Petards ordinary
shares ("Petards Options"). All of the Water Hall Option Holders
accepted the proposals and consequently their existing Water Hall
Options have lapsed and 2,850,000 Petards Options have been
granted. The terms of the Petards Options seek to put the Water
Hall Option Holders in a similar position to that existing under
their existing Water Hall Options. The exercise prices of the Water
Hall Options were all below the value of the Offer and all of the
Water Hall Options had vested.
The principal terms of the Petards Options are that they have an
exercise price of 8 pence per share, the options vest immediately
and are exercisable at any time (in whole or in part) on or before
the tenth anniversary of issue. Raschid Abdullah and Osman
Abdullah, who are both directors of the Company, were Water Hall
Option Holders and now each hold 1,312,500 Petards Options.
The Company also announces that it made an application to the
London Stock Exchange for 649,423 new ordinary shares to be
admitted to trading on AIM. It is expected that such Admission will
become effective and that dealings will commence at 8.00 a.m. on 28
November 2013.
Of the new ordinary shares 47,286 are being issued in part
settlement for the consideration due in relation to Petards' offer
for Water Hall. The other 602,137 new ordinary shares are being
issued pursuant to the conversion of convertible loan notes.
In accordance with the provisions of the Disclosure and
Transparency Rules of the Financial Conduct Authority, the Company
confirms that, following this issue, its issued share capital will
comprise 21,720,604 Ordinary Shares of 1p each. All of the Ordinary
Shares have equal voting rights. The total number of voting rights
in the Company is therefore 21,720,604.
This figure may be used by shareholders 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 Disclosure and Transparency
Rules.
For further information:
Petards Group plc www.petards.com
Andy Wonnacott, Finance Director Tel: 0191 420 3000
WH Ireland Limited, Nomad and www.wh-ireland.co.uk
Joint Broker
Mike Coe Tel: 0117 945 3470
Hybridan LLP, Joint Broker www.hybridan.com
Claire Louise Noyce Tel: 020 7947 4350
claire.noyce@hybridan.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAFFSASDDFFF
Petards (LSE:PEG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Petards (LSE:PEG)
Historical Stock Chart
From Jul 2023 to Jul 2024