Science Group PLC Proposed Director Dealing (6272A)
September 30 2020 - 7:30AM
UK Regulatory
TIDMSAG
RNS Number : 6272A
Science Group PLC
30 September 2020
30 September 2020
Science Group plc
(the "Company" or "Science Group")
Proposed Director Dealing
Science Group announces that it has been notified by Martyn
Ratcliffe, Executive Chairman of the Company of his intention to
sell up to 2,000,826 ordinary shares of GBP0.01 each in the Company
("Sale Shares") at a price of 240 pence per Sale Share (the
"Sale").
The Sale Shares represent approximately 4.8% of the Company's
issued share capital excluding treasury shares. Assuming all the
Sale Shares are sold, Martyn Ratcliffe will, following completion
of the Sale, continue to have an interest in approximately 27.25%
of the issued share capital (excluding treasury shares) of the
Company.
Martyn Ratcliffe has undertaken that he will not dispose of any
further ordinary shares for a period of 12 months after completion
of the Sale (subject to customary exceptions).
The Company is not a party to the Sale and will not receive any
proceeds from the Sale.
Background to the Transaction
In January 2019, at the conclusion of the strategic review, the
Board of Science Group highlighted that while "the Company benefits
from a supportive shareholder base, the lack of liquidity creates a
market inefficiency which may impact the valuation of the
Group."
Since 2010, the largest shareholder in the Company has been the
Executive Chairman, Martyn Ratcliffe, following his investment in
March of that year and the subsequent placing in May 2010. Mr
Ratcliffe's current shareholding is 13,412,906 shares equivalent to
32.03% of the issued share capital excluding treasury shares. Due
to the scale of Mr Ratcliffe's shareholding, each year shareholders
and the Takeover Panel must also approve a waiver of Rule 9 of the
Takeover Code in order that the Company can undertake share
buy-backs.
Mr Ratcliffe has now agreed to reduce his shareholding in order
to broaden the shareholder base and reduce shareholder
concentration through the Sale. Following this transaction, Mr
Ratcliffe will remain the Group's largest shareholder.
End
Science Group plc
Tel: +44 (0) 1223 875
Sarah Cole, Company Secretary 200
www.sciencegroup.com
Stifel Nicolaus Europe Limited (Nominated
Adviser and Joint Broker)
Tel: +44 (0) 20 7710
Nick Adams, Alex Price 7600
Liberum Capital Limited (Joint Broker)
Tel: +44 (0) 20 3100
Neil Patel, Cameron Duncan 2000
MHP Communications (PR Advisor to Science
Group)
Tel: +44 (0) 20 3128
Reg Hoare, James Bavister, Pete Lambie 8100
sciencegroup@mhpc.com
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation (No
596/2014). The person responsible for this announcement is Sarah
Cole, Company Secretary .
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END
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