Sanne Group PLC Completion of Acquisition (1249T)
January 03 2017 - 1:00AM
UK Regulatory
TIDMSNN
RNS Number : 1249T
Sanne Group PLC
03 January 2017
3 January 2017
Sanne Group plc
("Sanne" or "the Company")
COMPLETION OF IFS ACQUISITION AND ISSUE OF CONSIDERATION
SHARES
Sanne is pleased to announce that, following receipt of
regulatory approvals, its Acquisition of International Financial
Services Limited and IFS Trustees, previously announced on 30
November 2016, has now completed.
The consideration for the Acquisition was satisfied partly in
cash and partly through the issue by Sanne of 5,844,507
Consideration Shares to Couldiplall Basanta Lala. Couldiplall
Basanta Lala is subject to a Restricted Sale Agreement pursuant to
which, subject to certain exceptions, he is not able to offer,
sell, contract to sell, pledge, charge, agree to lend, grant
options over or otherwise dispose of the Consideration Shares nor
mandate any third party to do so, or announce the intention to do
so, save that he shall be released from the restriction on making
any disposals of Consideration Shares on a pro rata basis over a
four year period with 40 per cent. of the Consideration Shares
being released after two years, 35 per cent. being released after
three years and the remaining 25 per cent. being released after
four years. The restricted sale periods may also be extended in
certain circumstances.
Applications have been made to the FCA and the London Stock
Exchange, respectively, for the 5,844,507 Consideration Shares to
be admitted to the premium listing segment of the Official List and
to trading on the Main Market. It is expected that Admission of the
Consideration Shares will become effective and dealings in the
Consideration Shares will commence at 8.00 a.m. today (3 January
2017).
Following Admission of the Consideration Shares the Company will
have 141,131,367 Ordinary Shares of GBP0.01 each in issue of which
98,533 are held in treasury. Therefore, following Admission of the
Consideration Shares the total number of voting rights in the
Company will be 141,032,834 (the "Voting Rights Figure"), and this
Voting Rights Figure may be used by Shareholders as the denominator
for the calculations by which they will determine if they are
required to notify their voting rights interest, or a change to
that interest, in the Company under the FCA's Disclosure Guidance
and Transparency Rules.
Capitalised terms not otherwise defined in this announcement
have the meanings given to them in the Company's Combined
Prospectus dated 30 November 2016.
Enquiries:
Sanne Group plc
Dean Godwin, Chief Executive
Officer
Spencer Daley, Chief Financial
Officer +44 (0) 1534 722 787
Investec Bank plc
Garry Levin / James Ireland
/ Ed Thomas
Matt Lewis / Neil Coleman (corporate
broking) +44 (0) 20 7597 5970
Tulchan Communications LLP
Tom Murray
Stephen Malthouse +44 (0) 20 7353 4200
This information is provided by RNS
The company news service from the London Stock Exchange
END
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