Staffline issues new shares
The move has been made in accordance with the Staffline Group Joint Share Ownership Plan ("JSOP").
The JSOP was created to incentivise the executive Directors and key senior management of the Company to achieve certain earnings per share and total shareholder return targets over a five year period.
Of the new shares, 170,000 have been allocated to Phillip Ledgard, finance director, at a base price of 563p in co-ownership with the EBT with the full potential entitlements set out in the JSOP rules. After the issue, Phillip Ledgard will hold 170,000 ordinary shares in the company, representing 0.66 per cent. of the issued share capital.
The remaining 40,000 New Shares have been allocated to a key senior manager of the Company, also at a base price of 563p.
As a result of the issue of New Shares, the EBT will hold 3,137,263 (12.2 per cent.) ordinary shares in the Company and will be classified as a related party under the AIM Rules. The directors consider, having consulted with the company's nomad, Liberum Capital Limited, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
The new shares rank pari passu in every respect with the existing issued ordinary shares in the Company. Application will be made for the New Shares to be admitted to AIM and admission of the New Shares to trading is expected to occur on or about 9 December 2013.
Following the issue of the new shares, the company's issued share capital will comprise 25,687,551 ordinary shares of 10p each, which figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, Staffline under the FSA's Disclosure and Transparency Rules.