Transaction in Own Shares
March 05 2010 - 11:02AM
UK Regulatory
TIDMWSP
RNS Number : 1844I
Wynnstay Properties PLC
05 March 2010
Wynnstay Properties plc
("Wynnstay" or "the Company")
Purchase of Own Shares
In accordance with the Company's general share buyback authority, Wynnstay
(EPIC: WSP.L) announces that it has made the following purchase of its ordinary
shares of 25 pence per share ("Ordinary Shares") from Channel Hotels &
Properties Limited ("Channel Hotels") (the "Transaction"):
+--------------------+--------------------+--------------------+
| Date |Number of ordinary | Price |
| | shares | |
+--------------------+--------------------+--------------------+
| 5 March 2010 | 302,650 | 350 pence |
+--------------------+--------------------+--------------------+
The total consideration, including stamp duty and commission for the share
acquisition is GBP1,064,571, which has been satisfied in cash from a new banking
facility provided by Svenska Handelsbanken AB.
These shares will be held in treasury.
Background to and reasons for the Transaction
As announced within the Company's interim results announcement on 5 November
2009, the Company's latest published net asset value per share was 421 pence at
29 September 2009. The Directors believe that the Transaction will help to
address the prevailing share price to net asset value discount.
The Directors also believe that, in its current position, the purchase by the
Company of its own shares represents good use of the Company's available cash
resources, and, by increasing earnings per share and net asset value per share,
will maximise shareholder value.
Related Party Transaction
Prior to the Transaction, Channel Hotels was the beneficial holder of 307,500
Ordinary Shares, representing 10.20 per cent. of the total voting rights of the
Company. Channel Hotels is therefore deemed a substantial shareholder of the
Company and is considered to be a related party as defined under the AIM Rules
for Companies (the "AIM Rules"). The Transaction constitutes a "related party
transaction" under AIM Rule 13. Accordingly, the Directors, having consulted
with Charles Stanley Securities, the Company's Nominated Adviser, consider the
terms of the transaction to be fair and reasonable insofar as the Company's
shareholders are concerned.
Total Voting Rights
Wynnstay has issued share capital comprising 3,155,267 Ordinary Shares at the
date of this notice of which, following this purchase, 443,650 shares are held
in treasury.
Wynnstay does not have any other shares which have voting rights and therefore
the
total number of voting rights, being the total shares in issue minus the shares
held in treasury, is 2,711,617 and this 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 a change to their interest in the
Company, under the Disclosure and Transparency Rules.
Directors' Interests
Following the Transaction, the interests in the Total Voting Rights (excluding
options over shares) of the Directors and immediate families, related trusts and
persons connected with them were as follows:
+--------------------------------+-------------+-------------+
| | Number of | % of Total |
| | Ordinary | Voting |
| | Shares | Rights |
+--------------------------------+-------------+-------------+
| Philip G. H. Collins * | 850,836 | 31.4 |
+--------------------------------+-------------+-------------+
| C. Paul Williams | - | - |
+--------------------------------+-------------+-------------+
| Charles H. Delevingne | 5,000 | 0.2 |
+--------------------------------+-------------+-------------+
| Toby J. C. Parker | - | - |
+--------------------------------+-------------+-------------+
| Terence J. Nagle | 13,000 | 0.5 |
+--------------------------------+-------------+-------------+
* Mr Philip G. H. Collins', the Chairman of the Company, holding is
shown above as the number of Ordinary Shares held directly by him and his
immediate family excluding the other persons deemed to be members of the Concert
Party (as detailed in the circular posted to shareholders on 17 December 2009
and available for download on the Company's website
www.wynnstayproperties.co.uk) whose holdings are shown in below:
+-----------------------------+-------------+------------+
| | | % of Total |
| | | Voting |
| | Number of | Rights |
| | Ordinary | |
| | Shares | |
+-----------------------------+-------------+------------+
| Mr Philip Collins and his | | |
| immediate family: | | |
+-----------------------------+-------------+------------+
| Philip Geoffrey Hugh | 403,257 | 14.9 |
| Collins | | |
+-----------------------------+-------------+------------+
| Diana Rosemary Collins (Mr | 217,983 | 8.0 |
| Collins' wife) | | |
+-----------------------------+-------------+------------+
| Philip Geoffrey Hugh | 229,596 | 8.5 |
| Collins and Diana Rosemary | | |
| Collins as bare trustees | | |
| for Mr and Mrs Collins' | | |
| children | | |
+-----------------------------+-------------+------------+
| | 850,836 | 31.4 |
+-----------------------------+-------------+------------+
| Siblings of Mr Philip | | |
| Collins and their spouses | | |
| considered to be members of | | |
| the Concert Party | | |
+-----------------------------+-------------+------------+
| Nicholas Philip Collins | 1,600 | 0.1 |
+-----------------------------+-------------+------------+
| Anna Mary Collins | 1,600 | 0.1 |
+-----------------------------+-------------+------------+
| Robert Percy Bayley | 25,100 | 0.9 |
+-----------------------------+-------------+------------+
| Veronica Mary Murray | 19,634 | 0.7 |
+-----------------------------+-------------+------------+
| Diana Alison Collins | 20,221 | 0.7 |
+-----------------------------+-------------+------------+
| Barbara Joan Murray | 19,264 | 0.7 |
+-----------------------------+-------------+------------+
| Michael David Murray | 3,200 | 0.2 |
+-----------------------------+-------------+------------+
| David Edward Murray | 280 | 0.0 |
+-----------------------------+-------------+------------+
| | 941,735 | 34.8 |
+-----------------------------+-------------+------------+
For further information please contact:
+--------------------------------------+----------------------+
| Wynnstay Properties Plc | |
+--------------------------------------+----------------------+
| Toby Parker, Finance Director | 020 7745 7160 |
+--------------------------------------+----------------------+
| | |
+--------------------------------------+----------------------+
| Charles Stanley Securities - | 020 7149 6000 |
| Nominated Adviser | |
+--------------------------------------+----------------------+
| Ben Johnston / Jen Boorer | |
+--------------------------------------+----------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
POSLLFIRVIIEIII
Wynnstay Properties (LSE:WSP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Wynnstay Properties (LSE:WSP)
Historical Stock Chart
From Jul 2023 to Jul 2024
