Director's Shareholdings (1953T)
December 01 2011 - 10:12AM
UK Regulatory
TIDMMMC
RNS Number : 1953T
Management Consulting Group PLC
01 December 2011
1(st) December 2011
Management Consulting Group PLC
Director's Shareholdings
In accordance with DTR3, the Company announces that it has been
notified of the following transactions involving Directors of the
Company in Ordinary Shares of 1 pence each ('Ordinary Shares') in
the Company.
Mr Marco Capello and Mr Emilio Di Spiezio Sardo, Non-Executive
Directors of the Company, are partners of BlueGem Capital Partners
LLP, manager of BlueGem LP ("BlueGem"), whose interest in the
Company has increased following the acquisition of 35,344,895
Ordinary Shares on 1 December 2011 at a price of 22 pence per
Ordinary Share pursuant to the exercise of the warrants issued on
their initial subscription for Ordinary Shares in June 2010. This
exercise is satisfied by new shares and following this exercise the
Company has approximately 489 million Ordinary Shares in issue. In
addition, BlueGem purchased 13,600,000 Ordinary Shares on 1
December 2011 at a price of 33 pence per Ordinary Share. Following
the acquisition of these shares, BlueGem has a notifiable interest
in 124,629,895 Ordinary Shares representing 25.50% of the issued
share capital of the Company.
Approximately 6.7 million of the Ordinary Shares purchased by
BlueGem have been from a group of employees and former employees of
the Company who received share consideration on the sale of their
businesses to the Company in the past and are now selling part of
their shareholding. This group includes Mr Chiheb Mahjoub, an
Executive Director of the Company, who sold 650,000 Ordinary Shares
on 1 December 2011 at a price of 33 pence per Ordinary Share. Mr
Mahjoub also acquired 56,040 Ordinary Shares on 30 November 2011 at
a price of 22 pence per Ordinary Share pursuant to the exercise of
warrants. Following these transactions, Mr Mahjoub has a notifiable
interest in 3,266,362 Ordinary Shares representing 0.67% of the
issued share capital of the Company.
The Company also announces that it was notified today by Appleby
Trust (Jersey) Limited, the trustees of the Management Consulting
Group PLC Employee Benefit Trust (the "EBT"), that on 1 December
2011, the EBT purchased 450,000 Ordinary Shares at a price of 33
pence per Ordinary Share for use in satisfying future awards under
the Company's share plans.
As of the date of this announcement, directors and employees
hold in aggregate approximately 15% of the issued share capital of
the Company.
It is the intention of the Board to consider further grants of
share awards under the Management Consulting Group 2008 Performance
Share Plan to executive directors and other senior employees in
order to further align their interests with those of
shareholders.
Nick Stagg, Chief Executive commented:
"We appreciate BlueGem as long term supportive shareholders and
I am pleased that they have shown their continuing support for the
business by exercising their warrants and buying further shares. We
will continue to seek to align the interests of employees with
shareholders by making share awards an important component of the
variable element of senior employees' remuneration within Alexander
Proudfoot and Kurt Salmon. To this end, approximately 160 employees
now have some form of participation in the equity of the
business."
Marco Capello, Managing Partner of BlueGem Capital Partners LLP
commented:
"Since acquiring our position in MCG last year, we have been
very encouraged with the progress made by the Group as evidenced by
the strong rise in both profits and revenues at the interim
results. We continue to believe that MCG is well placed through its
sector and geographic diversity to grow its market position."
For further information please contact:
Management Consulting Group PLC Tel: +44 20 7710 5000
Nick Stagg, Chief Executive
Chris Povey, Group Finance Director
FTI Consulting Tel: +44 20 7831 3113
Ben Atwell, Susan Quigley
Notes to editors:
Management Consulting Group PLC (MMC.L) provides professional
services across a wide range of industries and sectors.
It comprises two independently managed practices: Alexander
Proudfoot and Kurt Salmon. Alexander Proudfoot develops and
implements operational improvements to its clients to increase
productivity and reduce costs. Kurt Salmon provides consultancy
services to a wide range of industries in both the private and
public sectors. The Group operates worldwide. For further
information, visit www.mcgplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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