Safestyle UK PLC Discharge of Loan and Security (9365P)
June 01 2018 - 2:00AM
UK Regulatory
TIDMSFE
RNS Number : 9365P
Safestyle UK PLC
01 June 2018
1 June 2018
Safestyle UK PLC
("Safestyle" or the "Group")
Discharge of Loan and Security
Safestyle UK plc, the leading retailer and manufacturer of PVCu
replacement windows and doors to the UK homeowner market, announces
that it has been informed that on 20 January 2014 Steve Birmingham,
Executive Director, entered into an agreement (the "Loan
Agreement") with Mr Mitu Misra pursuant to which Mr Misra lent Mr
Birmingham GBP1,555,556 (the "Loan"). Pursuant to the Loan
Agreement, Mr Birmingham agreed, inter alia, to grant to Mr Misra a
charge over 1,555,556 shares in the capital of the Company (the
"Shares") by way of legal mortgage (the "Security"). In addition,
pursuant to the Loan Agreement, Mr Misra had the option for
repayment of the Loan to be satisfied in full in cash or by the
transfer to him of the 1,555,556 Shares or by some combination of
cash and Shares (the "Option").
Mr Misra was the founder and majority shareholder of the Company
who exited fully through the Company's IPO in December 2013.
On 18 December 2017, the Company announced that Mr Birmingham
had sold 1,400,000 ordinary shares of GBP0.01 each ("Ordinary
Shares") in the Company at a price of 160p (the "Sale"). Mr
Birmingham has informed the Company that the proceeds of the Sale
were paid over in full to or at the direction of Mr Misra and that
this was in order to fully repay the Loan and in order to fully
discharge Mr Birmingham's other obligations under the Loan
Agreement in order to release the Security and Option.
The grant of the Security and Option, and the discharge of these
obligations, constituted share dealings and should therefore have
been notified to shareholders at the appropriate time of each
dealing.
Mr Birmingham has confirmed that following the Sale, as
announced on 18 December 2017, Mr Birmingham has an interest in
2,799,846 Ordinary Shares, representing 3.38 per cent. of the
Company's issued share capital.
Enquiries:
Safestyle UK plc via FTI Consulting
Mike Gallacher, Chief Executive Officer
Zeus Capital (Nominated Adviser & Joint Tel: 0203 829 5000
Broker)
Nick How / Dominic King / Richard Short
Liberum Capital Limited (Joint Broker) Tel: 0203 100 2100
Neil Patel / Jamie Richards
FTI Consulting (Financial PR) Tel: 0203 727 1000
Alex Beagley / James Styles / Laura Saraby
About Safestyle UK plc
The Group is the leading retailer and manufacturer of PVCu
replacement windows and doors to the UK homeowner market. For more
information please visit www.safestyleukplc.co.uk or
www.safestyle-windows.co.uk.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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