REG - Pittards PLC - Result of GM, Director/PDMR Dealing & TVR
11/04/2023 12:30
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RNS Number : 8413V Pittards PLC 11 April 2023
Pittards plc
(the "Company")
Result of General Meeting, Director/ PDMR Dealing
and Total Voting Rights
Pittards plc, the specialist producer of technically advanced leather and
luxury leather goods for retailers, manufacturers and distributors, announces
that at the General Meeting held earlier today in connection with the Placing,
Director Shares and Share Reorganisation, that all resolutions were passed.
Details of the resolutions were set out in the Notice of General Meeting dated
24 March 2023 and results of the proxy voting will shortly be available on the
Company's website https://corporate.pittards.com/investors/
(https://corporate.pittards.com/investors/) .
Directors' Loans and Director Shares
Further to the Notice of General Meeting and the passing of Resolutions 1 to 5
(inclusive), the interest free loans of c.£85,000 made by the Directors and
certain other employees to the Company will be converted into 340,000 New
Ordinary Shares at the Placing Price, details of which are set out below:
Name Position Existing Ordinary Shares Value of Directors' Loans Director Shares New Ordinary Shares held on Admission* Percentage of Enlarged Voting Issued Share Capital*
(as a result of the conversion of the Directors' Loans)
Stephen Yapp Director 276,947 £50,000 200,000 476,900 3.3%
Reginald Hankey** Director 417,848 £10,000 40,000 457,800 3.2%
Alan Burgess Director 21,643 £5,000 20,000 41,600 0.3%
Louise Cretton Director 39,570 £5,000 20,000 59,500 0.4%
Godfrey Davis Director 170,982 £10,000 40,000 210,900 1.5%
John Loxston PDMR 25,266 £2,000 8,000 33,200 0.2%
Other employees N/A N/A £3,000 12,000 N/A N/A
*As adjusted by the Share Reorganisation
** Held by the Director and his spouse
Bank facilities
Further to the Placing, Lloyds has increased the overdraft facility by
£340,000. In addition, it has extended the Company's other borrowing
facilities until 30 June 2023. Negotiations with Lloyds regarding new
facilities or the restructuring of their existing facilities remain ongoing.
Share Reorganisation
Further to the Notice of General Meeting and the passing of Resolutions 1 to 4
(inclusive) the Company will be undertaking a consolidation of shares
immediately followed by a subdivision.
Under the Share Reorganisation, 10 new Ordinary Shares will be issued at a
price of 50 pence per share to ensure that as part of the Share Reorganisation
an exact whole number of Consolidated Ordinary Shares will be issued. The
Existing Ordinary Shares in issue at the Record Date will then be consolidated
into Consolidated Ordinary Shares on the basis of one Consolidated Ordinary
Share for every 100 Existing Ordinary Shares. Each Consolidated Ordinary Share
will then be sub-divided into 100 New Ordinary Shares and 4,900 Deferred
Shares.
Admission
Application has been made to the London Stock Exchange for the admission of
15,248,700 New Ordinary Shares to trading on AIM, as a result of the issue of
the Placing Shares and the Director Shares and the Share Reorganisation. This
comprises of 1,020,000 Placing Shares, 340,000 Director Shares and 13,888,700
New Ordinary Shares as a result of the Share Reorganisation. It is expected
that Admission will become effective at 8.00 a.m. on 12 April 2023. The
Company's new ISIN as a result of the Share Reorganisation will be
GB00BM8NGB73 and its SEDOL will be BM8NGB7.
Total Voting Rights
Following Admission, the Company's issued share capital will consist of
15,248,700 Ordinary Shares of which 874,200 Ordinary Shares are held in
treasury. Therefore, the total number of voting rights in the Company is
14,378,500. Shareholders may use this figure 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 Company under the FCA's
Disclosure and Transparency Rules.
This announcement should be read in conjunction with the full text of the
Circular posted to Shareholders on 25 March 2023 copies of which are available
on the Company's website at https://corporate.pittards.com/investors/
(https://corporate.pittards.com/investors/) . Capitalised terms in this
announcement have the same meaning as given in the Circular.
For further information, please contact:
Pittards plc www.pittards.com
(https://url.avanan.click/v2/___https:/urldefense.proofpoint.com/v2/url?u=http-3A__www.pittards.com&d=DwMFAw&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=7Um2a7LLyUH5SxHgl6zdagatUzGQxXwYgU_CeVAgL9Q&m=dcxSX44rdBUfn6sOWMPfQnBnCJtou4u4IKqv6fz9X7A&s=rFM_1ZGKBHfxhkHpVSXLSt0x8mI_pHwBTYmsp
-PFAYY&e=___.YXAxZTp3aGlyZWxhbmRwbGMyOmE6bzo0Y2UwZTIwNGM5YWVlMmJlOTIzMmFjMmE5ZjllMWU2OTo1OjRmZjI6YmY3ZjYxYThjZWYwZGIzMjMyZTFiNDQxNDgxODU3YmU2N2M1YTA2NzRkMDlhN2YxY2U3YWI0M2FmOWJlMWVmNDpoOk4)
Stephen Yapp, Chairman +44 (0) 1935 474 321
Reg Hankey, CEO
Alan Burgess, CFO
WH Ireland Limited https://www.whirelandplc.com/capital-markets
(https://www.whirelandplc.com/capital-markets)
Mike Coe, Sarah Mather +44 (0)20 7220 1666
The below notification which is made in accordance with the requirements of
the Market Abuse Regulation, provides further details of the interests
acquired by persons discharging managerial responsibilities in connection with
the conversion of the Directors' Loans:
Details of the person discharging managerial responsibilities / person closely
associated
a) Name Stephen Yapp
2 Reason for the notification
a) Position/status Chairman
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Pittards plc
b) LEI 213800HAJ6N27BURB995
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 1p each
Identification code
GB00BM8NGB73
b) Nature of the transaction Conversion of Directors Loans into New Ordinary Shares
c) Price(s) and volume(s)
Price(s) Volume(s)
25p 200,000
d) Aggregated information
- Aggregated volume 200,000
- Price £50,000
e) Date of the transaction 11 April 2023
f) Place of the transaction London Stock Exchange, AIM
d)
Aggregated information
- Aggregated volume
- Price
200,000
£50,000
e)
Date of the transaction
11 April 2023
f)
Place of the transaction
London Stock Exchange, AIM
Details of the person discharging managerial responsibilities / person closely
associated
a) Name Reginald Hankey
2 Reason for the notification
a) Position/status Chief Executive
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Pittards plc
b) LEI 213800HAJ6N27BURB995
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 1p each
Identification code
GB00BM8NGB73
b) Nature of the transaction Conversion of Directors Loans into New Ordinary Shares
c) Price(s) and volume(s)
Price(s) Volume(s)
25p 40,000
d) Aggregated information
- Aggregated volume 40,000
- Price £10,000
e) Date of the transaction 11 April 2023
f) Place of the transaction London Stock Exchange, AIM
e) Date of the transaction 11 April 2023
f) Place of the transaction London Stock Exchange, AIM
d)
Aggregated information
- Aggregated volume
- Price
40,000
£10,000
e)
Date of the transaction
11 April 2023
f)
Place of the transaction
London Stock Exchange, AIM
e)
Date of the transaction
11 April 2023
f)
Place of the transaction
London Stock Exchange, AIM
Details of the person discharging managerial responsibilities / person closely
associated
a) Name Alan Burgess
2 Reason for the notification
a) Position/status Chief Financial Officer
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Pittards plc
b) LEI 213800HAJ6N27BURB995
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 1p each
Identification code
GB00BM8NGB73
b) Nature of the transaction Conversion of Directors Loans into New Ordinary Shares
c) Price(s) and volume(s)
Price(s) Volume(s)
25p 20,000
d) Aggregated information
- Aggregated volume 20,000
- Price £5,000
e) Date of the transaction 11 April 2023
f) Place of the transaction London Stock Exchange, AIM
e) Date of the transaction 11 April 2023
f) Place of the transaction London Stock Exchange, AIM
d)
Aggregated information
- Aggregated volume
- Price
20,000
£5,000
e)
Date of the transaction
11 April 2023
f)
Place of the transaction
London Stock Exchange, AIM
e)
Date of the transaction
11 April 2023
f)
Place of the transaction
London Stock Exchange, AIM
Details of the person discharging managerial responsibilities / person closely
associated
a) Name Louise Cretton
2 Reason for the notification
a) Position/status Non-Executive Director
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Pittards plc
b) LEI 213800HAJ6N27BURB995
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 1p each
Identification code
GB00BM8NGB73
b) Nature of the transaction Conversion of Directors Loans into New Ordinary Shares
c) Price(s) and volume(s)
Price(s) Volume(s)
25p 20,000
d) Aggregated information
- Aggregated volume 20,000
- Price £5,000
e) Date of the transaction 11 April 2023
f) Place of the transaction London Stock Exchange, AIM
e) Date of the transaction 11 April 2023
f) Place of the transaction London Stock Exchange, AIM
d)
Aggregated information
- Aggregated volume
- Price
20,000
£5,000
e)
Date of the transaction
11 April 2023
f)
Place of the transaction
London Stock Exchange, AIM
e)
Date of the transaction
11 April 2023
f)
Place of the transaction
London Stock Exchange, AIM
Details of the person discharging managerial responsibilities / person closely
associated
a) Name Godfrey Davis
2 Reason for the notification
a) Position/status Non-Executive Director
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Pittards plc
b) LEI 213800HAJ6N27BURB995
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 1p each
Identification code
GB00BM8NGB73
b) Nature of the transaction Conversion of Directors Loans into New Ordinary Shares
c) Price(s) and volume(s)
Price(s) Volume(s)
25p 40,000
d) Aggregated information
- Aggregated volume 40,000
- Price £10,000
e) Date of the transaction 11 April 2023
f) Place of the transaction London Stock Exchange, AIM
e) Date of the transaction 11 April 2023
f) Place of the transaction London Stock Exchange, AIM
d)
Aggregated information
- Aggregated volume
- Price
40,000
£10,000
e)
Date of the transaction
11 April 2023
f)
Place of the transaction
London Stock Exchange, AIM
e)
Date of the transaction
11 April 2023
f)
Place of the transaction
London Stock Exchange, AIM
Details of the person discharging managerial responsibilities / person closely
associated
a) Name John Loxston
2 Reason for the notification
a) Position/status PDMR
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Pittards plc
b) LEI 213800HAJ6N27BURB995
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 1p each
Identification code
GB00BM8NGB73
b) Nature of the transaction Conversion of Directors Loans into New Ordinary Shares
c) Price(s) and volume(s)
Price(s) Volume(s)
25p 8,000
d) Aggregated information
- Aggregated volume 8,000
- Price £2,000
e) Date of the transaction 11 April 2023
f) Place of the transaction London Stock Exchange, AIM
e) Date of the transaction 11 April 2023
f) Place of the transaction London Stock Exchange, AIM
d)
Aggregated information
- Aggregated volume
- Price
8,000
£2,000
e)
Date of the transaction
11 April 2023
f)
Place of the transaction
London Stock Exchange, AIM
e)
Date of the transaction
11 April 2023
f)
Place of the transaction
London Stock Exchange, AIM
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