TIDMMBT

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 GBP5 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: GBP5.7 million of redeemable preference shares (the "Preference Shares"); GBP2.7 million of accrued Preference Share coupon and interest; and GBP2.8m 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 GBP150,000 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 GBP40,000. 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              Initial notification 
       /Amendment 
     --------------------------------  ---------------------------------------- 
 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      Ordinary shares of 2p each in Mobile 
       instrument, type of instrument    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 
     --------------------------------  ----------------------------------------

Enquiries:

 
 Mobile Tornado Group plc                        +44 (0)7734 475 888 
 Jeremy Fenn, Chairman and acting CEO            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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END

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November 13, 2023 02:00 ET (07:00 GMT)

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