Update on Shares in Issue and Directors' Dealings
20 March 2007
Under its ESAP scheme, the Company has issued a total of 2,094,444 shares to employees. Application for admission to trading has been made in respect of these 2,094,444 shares (the "ESAP Shares") and admission to trading is expected to take place on 23 March 2007.
In addition, the Company was advised that Mr. Eric Youngblood, a director of the Company subscribed for 200,000 ordinary shares of 0.1p on the 12th February 2007 at a price of 50p per share (the "Director Shares"), pursuant to an agreement with the Company dated 30 November 2006. Following the aforementioned, Mr. Youngblood has a beneficial holding in the Company of 700,000 ordinary shares of 0.1p and 750,000 options to subscribe for ordinary shares of 0.1p at a price of 0.1p. Application for admission to trading has been made in respect of the Director Shares and admission to trading is expected to take place on 23 March 2007.
On 20 March 2007, the Company announced separately that it has placed, subject to regulatory approval, a total of 120 million ordinary shares of 0.1p to new and existing institutional investors in a £150 million equity placing (the "Placing Shares"). Derek Vago, Chief Executive Officer of ACP Capital, participated in the placing by subscribing for 400,000 Placing Shares, resulting in a beneficial holding post placing of 12,900,000 ordinary shares of 0.1p and 2,500,000 options to subscribe for ordinary shares of 0.1p at a price of 0.1p. Application for admission to trading has been made in respect of the Placing Shares and trading is expected to commence on 23 March 2007.
Following the placing and admission of the Placing Shares, ESAP Shares and Director Shares to trading, the Company will have a total of 199,531,941 ordinary shares of 0.1p nominal value in issue, equivalent to a market capitalisation of approximately £249 million at the placing price.
Enquiries to:
| ACP Capital Limited | +44 (0)20 7082 3922 |
| Collins Stewart Europe Limited (Nominated Advisor to the Company) Simon Atkinson: |
+44 (0)20 7523 8350 |