Lock-in Arrangements Agreed
December 03 2003 - 2:00AM
UK Regulatory
RNS Number:7829S
Tenon Group PLC
03 December 2003
Tenon Group PLC
("Tenon" or "the Group")
Extended Lock-in Arrangements agreed
The Board of Tenon Group PLC announces that it has agreed extended lock-in
arrangements with shareholders holding shares representing approximately 29% of
the issued share capital of Tenon.
These shares were originally issued as consideration to former partners of
acquired practices with a 3 year lock-in, restricting holders from selling such
shares. The original lock-in arrangements terminated in full between 10 October
2003 and 7 November 2004, allowing holders to sell their shares after these
dates.
The revised lock-in arrangements now provide that, subject to the Tenon Board's
discretion, no shares will be sold before 1 November 2004. After that date,
shares are released from the lock-in at six monthly intervals in 4 equal
tranches between 1 November 2004 and 30 April 2006.
Chairman of Tenon, Neil Johnson said:
"I am delighted we have negotiated the successful restructuring of the lock-in
arrangements. Directors and key managers within Tenon have again demonstrated
their commitment to our strategies and to our future."
3 December 2003
Notes to Editors:
Employees of the Group now hold approximately 39% of shares in issue, comprising
29% obtained on acquisition, 7% purchased on the disposal of part of its
corporate finance business on 27 March 2003 (which may not be traded until the
anniversary of that purchase) and a further 3% obtained through other purchases.
ENQUIRIES:
Tenon Group Tel: 020 7535 1400
Andy Raynor, Chief Executive
College Hill Tel: 020 7457 2020
Kate Pope
KBC Peel Hunt Tel: 020 7418 8900
Adam Hart
This information is provided by RNS
The company news service from the London Stock Exchange
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