REG - Mobile Tornado Group - Director dealing & update re debts to InTechnology

Mobile TornadoAnnouncement

13/11/2023 07:00

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RNS Number : 1629T  Mobile Tornado Group PLC  13 November 2023

13 November 2023

 

Mobile Tornado Group plc

("Mobile Tornado", the "Company" or the "Group")

 

Director dealing and update re debts to InTechnology

 

Mobile Tornado (AIM: MBT), a leading provider of resource management mobile
solutions to the enterprise market, announces an update on the ownership of
its preference shares and other indebtedness, and a director dealing.

 

The Company has been notified by Peter Wilkinson that InTechnology plc
("InTechnology"), a company of which Mr Wilkinson is a controlling
shareholder, has on 10 November 2023 transferred its entire holding of Mobile
Tornado's ordinary shares of 2p each ("Ordinary Shares"), to Holf Investments
Limited ("Holf"). Holf is 100% owned by Peter Wilkinson and his wife and is
the vehicle through which Mr and Mrs Wilkinson hold 49.90% of their total
75.90% interest in InTechnology's issued share capital. In total, 205,988,314
Ordinary Shares have been transferred from InTechnology to Holf for a total
consideration of £5 million, equivalent to 2.43p per Ordinary Share.
Following this transfer, Peter Wilkinson has a total direct and indirect
beneficial interest in 244,134,455 Ordinary Shares, representing 58.44% of
Mobile Tornado's issued share capital. Further detail is set out in the PDMR
disclosure table below.

 

The Company also announces that a significant amount of its total indebtedness
to InTechnology has today been transferred to Holf. This indebtedness
comprises: £5.7 million of redeemable preference shares (the "Preference
Shares"); £2.7 million of accrued Preference Share coupon and interest; and
£2.8m of loan indebtedness, comprising historic short-term borrowings and
rent and services incurred under the Services Agreement (details of which were
announced on 26 July 2018). Following this transfer, all interest accruing
under the Preference Shares will accrue or be payable to Holf in accordance
with their existing terms. All other terms of the Preference Shares agreement
remain the same and as previously announced.

 

The transfer of the debts from InTechnology to Holf is not expected to have
any financial impact on Mobile Tornado. The only remaining debt between the
Company and InTechnology is the £150,000 drawn under the Revolving Loan
Facility (details of which were announced on 27 September 2018 and most
recently updated on 22 September 2023) ("RCF") and accrued interest under the
RCF of £40,000. The RCF and the Services Agreement which covers, inter alia,
the Company's rental of its office space within Cardale House, Harrogate, will
continue with InTechnology in their current form.

 

 

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Peter Wilkinson, Non-Executive Director
 2    Reason for the notification
 a)   Position/status                                              See 1 a) above
 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Mobile Tornado Group plc
 b)   LEI                                                          213800N3WLD78UBKC521
 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted
 a)   Description of the financial instrument, type of instrument  Ordinary shares of 2p each in Mobile Tornado Group plc

      Identification code

                                                                   Identification code (ISIN) for Mobile Tornado Group plc ordinary
                                                                   shares: GB00B01RQV23
 b)   Nature of the transaction                                    Transfer of ordinary shares
 c)   Price(s) and volume(s)                                        Price(s)   Volume(s)

                                                            2.43p       205,988,314

 d)   Aggregated information                                       N/A

      - Aggregated volume

      - Price
 e)   Date of the transaction                                      10 November 2023
 f)   Place of the transaction                                     Outside a trading venue

d)

Aggregated information

- Aggregated volume

- Price

N/A

e)

Date of the transaction

10 November 2023

f)

Place of the transaction

Outside a trading venue

 

 

 

Enquiries:

 

 Mobile Tornado Group plc                                  +44 (0)7734 475 888
 Jeremy Fenn, Chairman and acting CEO                      www.mobiletornado.com (http://www.mobiletornado.com)

 Allenby Capital Limited (Nominated Adviser & Broker)      +44 (0)20 3328 5656
 James Reeve / Piers Shimwell (Corporate Finance)

 David Johnson (Sales and Corporate Broking)

 

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