ITE Group PLC Remaining 25% stake in Africa Oil Week (1646G)
May 25 2017 - 2:00AM
UK Regulatory
TIDMITE
RNS Number : 1646G
ITE Group PLC
25 May 2017
25 May 2017
ITE Group plc
Acquisition of remaining 25% stake in Africa Oil Week by ITE
ITE Group plc (ITE.L) (the "Company") today announces that the
minority shareholders of Africa Oil Week Limited ("AOW"), GPP
Energy Advisors Limited ("GPP"), have exercised a put option (the
"Put Option") in relation to its remaining 25% shareholding in AOW,
pursuant to the terms of the acquisition agreement entered into
between GPP and the Company in 2015. The Put Option provides for
the issue of new ordinary shares of one pence each in the Company
(the "Shares") to be issued to GPP in consideration for the shares
in AOW to be transferred to the Company in accordance with the Put
Option. Consequently the Company will be issuing 2,791,120 Shares
to GPP.
The Company confirms that applications have been made for the
Shares to be admitted to listing on the premium segment of the
Official List and to trading on the Main Market of the London Stock
Exchange ("Admission"). Admission of the new shares is expected to
take place at 8.00am on 31 May 2017.
Following Admission, the total number of voting rights in the
Company will be 268,835,985. There are no shares held in treasury.
This figure should be used by shareholders as the denominator for
the calculations by which they determine whether they are required
to notify their interest in, or a change to their interest in, ITE
Group plc, under the Disclosures and Transparency Rules.
For further information, please contact:
ITE Group plc +44 (0)20 7596 5000
Mark Shashoua, Chief Executive Officer
Andrew Beach, Chief Financial Officer
Numis Securities Limited +44 (0)20 7260 1000
Nick Westlake, Toby Adcock
This information is provided by RNS
The company news service from the London Stock Exchange
END
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