THWAITES (DANIEL) PLC – Result of AGM PR Newswire
DANIEL THWAITES PLC
ANNUAL GENERAL MEETING
The Annual General Meeting, which was a closed meeting due to the Governments restrictions around public gatherings, was held at 12 noon on Wednesday, 30 September 2020.
The results of the resolutions proposed at the meeting were as follows:
Resolution 1 – To re-elect Oscar Yerburgh as a director – 99.79% in favour
Resolution 2 – To re-appoint BDO as auditors and authorise the directors to determine their remuneration – 99.54% in favour
Resolution 3 – To renew the authority given to the directors to allot shares – 99.62% in favour
Resolution 4 – To disapply the pre-emption rights provision – 98.36% in favour
Resolution 5 – Authority for the Company to make market purchases of its own ordinary shares – 99.56% in favour
Questions:
A number of questions were submitted to the Company and these and the Company’s responses are detailed below:
- The Company’s AGM Statement and Covid-19 Update mentions the “tremendous support for our tenanted pubs”. However, with the exception of April the Company has continued to charge full rents to tenants despite the pubs being closed and more recently trading at only a fraction of pre lockdown levels. This is in contrast to many other regional brewers. The Company’s tenants do not feel they have been supported by the Company as you claim. Does the Company have any plans to write off any of these rents and what plans does the Company have to support tenants if there is a further lockdown?A. We have sought to balance the interests of both the company and the tenanted pubs over the period since 1 April. In this, we have tried to be fair and reasonable on a case by case basis regarding tenanted pub rent, from full rent relief in some cases to assessing the level of government grant in others. This means that on average in the year to date rent concessions of approximately 50% have been in place. If needed the company stands ready to support its pubs over the winter period.
- Will the Board do all in its power to rebalance the debt on pension payments caused by this years pause within a fixed number of financial years and record commitment there to?
- The company took a brief contribution holiday for three months whilst the effects of lockdown and the need to conserve cash became clearer. The sums saved will be paid back over time.
- Would you consider moving your share listing to a more closely followed index, such as AIM?
- We have looked at moving the listing to AIM, but do not believe that the additional costs warrant such a move at this time.
- Can you please provide an update on your former brewery in Blackburn. What is your strategy for the site? Over what timeframe do you expect redevelopment to happen? Do you expect to redevelop it yourselves, partner with an experienced developer or sell it on as a shovel ready site once the planning permissions are in place?
- The former brewery site in Blackburn has been demolished, we are now actively marketing the site for redevelopment by a third party.
- What steps can you take to further de-risk the defined benefit pension scheme?
- We have looked at all options to de-risk the final salary scheme including investment strategy, buyout, Pension Increase Exchange and Enhanced Transfer Values, we review these options on an ongoing basis.
- Your term loan carries a high average fixed rate of 7.02% per annum and runs to December 2025. Could you refinance this at a more advantageous rate?
- The directors have considered refinancing the fixed rate debt embedded in the Company’s Capital Structure and do not believe that it is in the best interests of the shareholders to refinance this at this moment in time.
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THWAITES (DANIEL) PLC – AGM Statement and Covid-19 update PR Newswire
Daniel Thwaites PLC
AGM Statement and Covid-19 update
3 September 2020
Dear Shareholder,
I am writing to provide a further update to the one published in May on how Daniel Thwaites PLC is faring in the current economic environment and to appraise you on our plans for the Annual General Meeting and the process for approving the Annual Report and Accounts.
Covid-19 Impact
The Company closed all its pubs, inns and hotels on 20 March 2020 following the directive from the UK Government that all hospitality businesses should shut.
The Company then quickly took all possible steps to secure the business, protect cash flow and take advantage of the support measures put in place by the Government. These included:
- Putting over 90% of the workforce on furlough leave;
- Only allowing staff in key roles and those securing our properties to work – which meant that the business was operating and being safeguarded by a skeleton team;
- The Board and Executive team all taking pay cuts of up to 30%;
- Taking advantage of business rate exemptions across its retail properties, which are available for the 2020/21 business rate period;
- Assisting pub tenants to claim grants across all the tenanted pub estate which assisted the tenanted pubs to survive and come through the crisis;
- Claiming pub grants directly where they were available for the pubs that we operate on a managed basis;
- Negotiating either suspension of contracts with suppliers, or reduced costs during the period of disruption;
- Agreeing payment deferrals with HMRC for VAT and PAYE;
- Temporarily pausing deficit contributions to its defined benefit pension funds; and
- Putting all non-essential capital expenditure on hold.
Liquidity and Financing
The Company renewed its banking facilities in Q1 2020 and at 31 March 2020 had net debt of £65.4m with total facilities of £82m giving it liquidity headroom of over £16m. During the period of closure, the Company monitored its cash flow very closely and at the end of June 2020 net debt had increased to £71.8m. Whilst this was an increase of £6.4m during the period of closure, £12m of headroom remained against the Company’s existing facilities and with the support of its banks its banking covenants were relaxed.
The Company is currently giving consideration as to whether it is necessary to increase facilities further as a prudent measure to ensure that it has sufficient facilities to deal with the ongoing uncertainties that might arise over the winter period.
Reopening
The Company reopened all its pubs, inns and hotels on 4 July 2020 or shortly thereafter and the leisure facilities, swimming pools and spas reopened towards the end of July.
Since reopening trade has built steadily, aided by the significant measures of government support in the form of the VAT reduction on accommodation, food and soft drinks from 20% to 5%, which took effect on 15 July 2020 and remains in place until 12 January 2021. In addition, the Eat Out to Help Out scheme ran during August and boosted customers coming to eat in the early part of the week. The fine weather and the increase in staycations due to the travel restrictions put in place to prevent UK citizens from going abroad has also assisted our recovery.
Reopening the business, under our “Stay Safe” covid-friendly operating procedures, has been a significant challenge for our teams, but they have done an amazing job of getting going and starting on the road to rebuild our position. I would like to thank them for the way in which they have helped to build a rigorous, safe and comfortable environment for our customers whilst balancing that with our fundamental objective of providing a warm and welcoming environment, being hospitable and making our guests feel at ease.
In our pubs our Area Business Managers have been a tremendous support for our tenanted pubs, helping them to understand the new environment that we are all operating in. They have assisted, where needed, in helping our tenanted pub partners to access grants, plan for re-opening and providing clear guidance on the full range of support that the Company is able to offer, including rent concessions and the restocking of spoilt beer. It has been our underling objective that wherever possible, and in the overwhelming majority of cases, that the Company will do everything we can to give our tenanted pubs the best chance of coming out the other side of the crisis able to re-establish their business and thrive once more.
Our suppliers have also faced some major challenges in restarting a supply chain that had been shut down for over three months, and whilst there have been some minor issues, their efforts in supplying us during reopening have been greatly appreciated.
What has become very clear in reopening is that the visibility we had last year on forward bookings has been greatly shortened, and we see no sign that this will change as we enter the winter. Against this background, we have taken the unwelcome decision to initiate a programme of redundancies to ensure our cost base reflects the environment that we expect to operate in over the coming months and protect the business against significant ongoing uncertainty.
Dividend
The preservation of cash continues to be an absolute priority, as a result the Company took the decision that it will not pay a final dividend for the year ending 31 March 2020. Future dividends will be reviewed when normal trading levels resume.
Annual General Meeting
In normal times we would have had our AGM in July and invited shareholders to meet the Board and ask questions.
Having taken into consideration the current measures published by the UK Government restricting public gatherings, the Board is in the unprecedented position that it is forced to take the decision that shareholders will not be invited physically to attend this meeting.
The AGM will therefore be conducted as a closed meeting on 30 September 2020 with the business of the AGM limited to the formal business section only and a necessary quorum established by the Company and its Directors.
Ahead of the meeting I would ask you to return the proxy form indicating your votes for the resolutions. Any questions that you have should either be sent with the proxy form or by e-mail to susanwoodward@thwaites.co.uk. A summary of the questions and answers together with the results of the resolutions will be published on our website after the AGM.
Annual Report and Shareholder Meeting
It is was not possible to have the year-end results audited whilst the business was closed and staff were furloughed, therefore the Company has taken advantage of the extra-ordinary three-month extension to the normal filing deadline for Annual Report and Accounts by Companies House. This means that these documents will be filed at Companies House by the end of December 2020.
We expect to publish our Annual Report and Accounts in mid-October; it is important to us to see those shareholders who like to attend our general meetings and if it is by then possible we will hold a shareholder meeting to approve the Annual Report and Accounts, for shareholders to be able to attend in person, during November. We will confirm dates in due course.
Outlook
The Company was trading very strongly prior to this crisis. Since reopening we have seen steady growth in sales and are encouraged that our net debt has stabilised and begun to reduce. However, whilst social distancing rules are in place the capacities and permitted activities in our properties are restricted and therefore sales will not be capable of returning to pre-crisis levels until those restrictions are no longer required.
Our hotels business is dependent on both corporate and leisure customers, and whilst there are a significant number of people still working from home, the former are likely to be present in lower numbers which will most likely adversely impact our business over the winter months; we are hopeful that some of this will be partially mitigated by the continuing trend for people to stay in the UK and take leisure breaks.
The Company benefits from the fact that it owns the freeholds of all of its properties and is therefore not under pressure to pay third party landlords rent, as others in the industry are having to do. However, it does have financing obligations in the form of interest payments to its funders. We are committed to taking those difficult and necessary decisions in the short term to preserve the long-term future of the business and once again flourish for the benefit of all our stakeholders.
I understand that the decision to pass on the final dividend will be an unpopular one, it is not one that has been taken lightly, nor without thought of the impact that it might have on our shareholders. I would like to thank all of our shareholders for their support as we come through this crisis. I would also like to thank our dedicated teams throughout the Company who are working so hard to re-establish the strong position that we were in at the start of the year.
Whilst this pandemic is unexpected, the Company embarked upon Covid-19 and shutdown in good health. Our initial experience upon reopening has been better than we had at first hoped, however the coming months are likely to test us again. The Company has been through troubled times before and has a strong asset base and an experienced management team to assist in finding a pathway through the challenges we face.
Yours faithfully,
Richard Bailey
Executive Chairman, Daniel Thwaites PLC
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THWAITES (DANIEL) PLC – Notice of AGM PR Newswire
DANIEL THWAITES PLC
ANNUAL GENERAL MEETING
Notice of Meeting
Notice is hereby given that the Annual General Meeting of the Company will be held at Daniel Thwaites, Myerscough Road, Mellor Brook, Blackburn, Lancashire, BB2 7LB on Wednesday 30 September 2020 at 12.00 noon. Having taken into consideration the current measures published by the UK Government restricting public gatherings, the Board has decided that shareholders will not be invited to attend this meeting. The AGM will therefore be conducted as a closed meeting with the business of the AGM limited to the formal business set out below and the necessary quorum will be provided by the Company.
Ahead of the meeting we would ask you to return the proxy voting form. Any questions that you have should either be sent with the proxy form or by e-mail to susanwoodward@thwaites.co.uk. A summary of the questions and answers will be published on our website after the AGM.
Ordinary Business
To consider, and if thought fit, pass the following resolutions which will be proposed as ordinary resolutions.
- To re-elect Oscar Yerburgh as a director
- To reappoint BDO LLP as auditor and authorise the directors to determine their remuneration
Special Business
To consider, and if thought fit, pass the following resolutions of which resolutions 3 and 5 will be proposed as ordinary resolutions and resolution 4 as a special resolution.
- THAT, for the purposes of section 551 of the Companies Act 2006 (the Act) the directors of the Company be and are hereby generally and unconditionally authorised to exercise all powers of the Company to allot equity securities (within the meaning of section 560 of the Act) up to an amount equal to the aggregate nominal amount of the authorised but unissued share capital of the Company provided that this authority shall expire (unless previously renewed, varied or revoked by the Company in general meeting) at the conclusion of the next annual general meeting of the Company, save that the Company may before such expiry make an offer or agreement which would or might require relevant securities to be allotted after such expiry and the directors of the Company may allot relevant securities in pursuance of such an offer or agreement as if the authority conferred hereby had not expired.
This authority is in substitution for any and all authorities previously conferred upon the directors for the purposes of section 551 of the Act, without prejudice to any allotments made pursuant to the terms of such authorities.
- THAT, subject to the passing of resolution 3 above, the directors of the Company be and are hereby empowered pursuant to section 570 of the Act to allot equity securities (within the meaning of section 560 of the Act) pursuant to the authority conferred by resolution 3 above as if section 561 of the Act did not apply to any such allotment provided that the power conferred by this resolution shall be limited to:
- the allotment of equity securities for cash in connection with an issue or offer of equity securities (including, without limitation, under a rights issue, open offer or similar arrangement) to holders of equitysecurities in proportion (as nearly as may be practicable) to their respective holdings of equity securities subject only to such exclusions or other arrangements as the directors of the Company may consider necessary or expedient to deal with fractional entitlements or legal or practical problems under the laws of any territory, or the requirements of any regulatory body or stock exchange in any territory; and
- the allotment (otherwise than pursuant to resolution 4.1) of equity securities for cash up to an aggregate nominal amount of £735,343.
The power conferred by this resolution 4 shall expire (unless previously renewed, revoked or varied by the Company in general meeting), at such time as the general authority conferred on the directors of the Company by resolution 3 above expires, except that the Company may at any time before such expiry make any offer or agreement which would or might require equity securities to be allotted after such expiry and the directors of the Company may allot equity securities in pursuance of such an offer or agreement as if the authority conferred hereby had not expired.
- To authorise the Company generally and unconditionally to make market purchases (within the meaning of section 693(4) of the Companies Act 2006) of ordinary shares of 25 pence each in the capital of the Company provided that:
- the maximum aggregate number of ordinary shares that may be purchased is 5,882,750. Representing 10% of the issued share capital of the Company;
- the minimum price (excluding expenses) which may be paid for each ordinary share is 25 pence.
- the maximum price (excluding expenses) which may be paid for each ordinary share is an amount equal to 105 per cent of the average of the middle market quotations for an ordinary share of the Company (as derived from the NEX Exchange website) for the five business days immediately preceding the day on which the purchase is made; and
- unless previously renewed, varied or revoked, the authority conferred by this resolution shall expire at the earlier of the conclusion of the Company’s next Annual General Meeting and the date which is six months from the end of the Company’s next financial year save that the Company may, before the expiry of the authority granted by this resolution, enter into a contract to purchase ordinary shares which will or may be executed wholly or partly after the expiry of such authority.
NOTES
Resolution 3 – Authority to allot relevant securities
The Company requires the flexibility to allot shares from time to time. The directors are limited as to the number of shares they can at any time allot because allotment authority continues to be required under the Companies Act 2006 (the Act).
Accordingly, resolution 3 would grant this authority (until the next Annual General Meeting or unless such authority is revoked or renewed prior to such time) by authorising the directors (pursuant to section 551 of the Act) to allot relevant securities up to an amount equal to the aggregate nominal amount of the authorised but unissued share capital of the Company as at 31 March 2020. The directors believe it to be in the interests of the Company for the Board to be granted this authority, to enable the Board to take advantage of appropriate opportunities which may arise in the future.
Resolution 4 – Disapplication of statutory pre-emption rights
This resolution seeks to disapply the pre-emption rights provisions of section 561 of the Act in respect of the allotment of equity securities for cash pursuant to rights issues and other pre-emptive issues, and in respect of other issues of equity securities for cash up to an aggregate nominal value of £735,343, being an amount equal to approximately 5 per cent of the current issued share capital of the Company. If given, this power will expire at the same time as the authority referred to in resolution 3. The directors consider this power desirable due to the flexibility afforded by it.
Resolution 5 – Authority to make market purchases of shares
Resolution 5 seeks authority for the Company to make market purchases of its own ordinary shares. If passed, the resolution gives authority for the Company to purchase up to 5,882,750 of its ordinary shares, representing 10 per cent of the Company’s issued ordinary share capital.
Resolution 5 specifies the minimum and maximum prices which may be paid for any ordinary shares purchased under this authority. The authority will expire at the conclusion of the Company’s next Annual General Meeting in 2021 or, if earlier, the date which is six months from the end of the Company’s financial year which commenced on 1 April 2020.
Any shares purchased under this authority will be cancelled. As a member of the Company entitled to attend and vote at the meeting convened by this notice you are entitled to appoint another person as your proxy to exercise all or any of your rights to attend and to speak and vote in your place at the meeting. Your proxy need not be a member of the Company.
You may appoint more than one proxy in relation to the meeting convened by this notice provided that each proxy is appointed to exercise the rights attached to a different share or shares held by you. You may not appoint more than one proxy to exercise rights attached to any one share.
By order of the Board Susan Woodward, A.C.I.S.
Secretary
3 September 2020
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THWAITES (DANIEL) PLC – Director/PDMR Shareholding PR Newswire
Director Dealing in Shares
The Company announces the following dealings in shares:
Director: Mr. R. A. J. Bailey
Purchase of 15,000 shares on the 26 March 2020
Price: 0.65 GBP per share
Total shares currently held by Mr. Bailey: 680,578
Percentage of issued share capital: 1.157%
The Directors of Daniel Thwaites P.L.C. accept responsibility for this announcement.
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THWAITES (DANIEL) PLC – Director/PDMR Shareholding PR Newswire
Director Dealing in Shares
The Company announces the following dealings in shares:
Director: Mr. M. P. E. Fisher
Purchase of 10,000 shares on the 14 February 2020
Price: 1.26 GBP per share
Total shares currently held by Mr. Fisher: 19,000
Percentage of issued share capital: 0.032%
The Directors of Daniel Thwaites P.L.C. accept responsibility for this announcement.
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THWAITES (DANIEL) PLC – Director/PDMR Shareholding PR Newswire
Director Dealing in Shares
The Company announces the following dealings in shares:
Director: Mr. M. P. E. Fisher
Purchase of 9,000 shares on the 31 January 2020
Price: 1.305 GBP per share
Total shares currently held by Mr. Fisher: 9,000
Percentage of issued share capital: 0.015%
The Directors of Daniel Thwaites P.L.C. accept responsibility for this announcement.
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THWAITES (DANIEL) PLC – Director/PDMR Shareholding PR Newswire
Director Dealing in Shares
The Company announces the following dealings in shares:
Director: Mr. R. A. J. Bailey
Purchase of 13,000 shares on the 16 December 2019
Price: 1.17 GBP per share
Total shares currently held by Mr. Bailey: 665,578
Percentage of issued share capital: 1.131%
The Directors of Daniel Thwaites P.L.C. accept responsibility for this announcement.
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THWAITES (DANIEL) PLC – Director/PDMR Shareholding PR Newswire
Director Dealing in Shares
The Company announces the following dealings in shares:
Director: Mr. R. A. J. Bailey
Purchase of 15,000 shares on the 5 December 2019
Price: 1.17 GBP per share
Total shares currently held by Mr. Bailey: 652,578
Percentage of issued share capital: 1.109%
The Directors of Daniel Thwaites P.L.C. accept responsibility for this announcement.
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THWAITES (DANIEL) PLC – Directorate Change PR Newswire
Daniel Thwaites PLC announces that Mark Fisher has been appointed as a non-executive director, with effect from 1 June 2019. Mark is currently Chief Development Officer of Merlin Entertainments plc – responsible for bringing together New Business Development, Creative, Intellectual Property, Production, Project Management, Group Engineering and Brand Development across Merlin’s three Operating Groups – LEGOLAND Parks, Resort Theme Parks and Midway Attractions.
A graduate in Recreation Management, Mark joined the Tussauds group in 1991 and Merlin in 1995. He has been a senior member of the management team throughout its impressive growth period, playing a key role as part of the original management buy out team from Vardon, and in the ongoing organic development, which has been at the heart of the company’s success. Originally Group Marketing Director, he has also held the Managing Director roles in all of Merlin’s Operating Divisions.
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THWAITES (DANIEL) PLC – Directorate Change PR Newswire
As announced in our interim results, Ann Yerburgh stepped down as Chairman of the Company on the 31 March 2019 and was succeeded as Executive Chairman by Richard Bailey, Chief Executive Officer.
Mrs. Yerburgh, a Director of the Company since 1974 and Chairman since August 2000, will continue as a non-executive Director of the Company and will chair the remuneration committee. This will enable her to support the Board and Richard Bailey in his new role, and, along with Oscar Yerburgh, to represent the interests of the Company’s family shareholders.
In addition, and as previously announced on the 15 January 2019, Nick Mackenzie stepped down from his role as non-executive Director on the 31 March 2019. The search for a new non-executive Director is progressing well and we are hoping to make an appointment very soon.
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THWAITES (DANIEL) PLC – Directorate Change PR Newswire
Following the announcement earlier today that Nick Mackenzie has been appointed as Chief Executive Officer of Greene King PLC, effective from 1 May 2019, we announce that Nick will be stepping down from his role as non-executive director prior to taking up his new role. The search for a new non-executive director is under way and a further announcement will be made in due course.
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THWAITES (DANIEL) PLC – Directorate Change PR Newswire
Daniel Thwaites PLC confirms the following changes as announced in the Interim Statement.
Andrew Stothert joined the Board as a non-executive director, with effect from 1 January 2019.
At the same time, John Barnes, non-executive director since June 2014, stepped down from the Board. Ann Yerburgh, Chairman, said ‘John has made a tremendous contribution during his four and a half years with the Company. We are sad to see him leave us and wish him well for the future’.
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THWAITES (DANIEL) PLC – Director/PDMR Shareholding PR Newswire
The Company announces the following dealings in shares:
Director: Mr. R. A. J. Bailey
Purchase of 30,000 shares on the 16 November 2017
Price: 1.481 GBP per share
Total shares currently held by Mr. Bailey: 612,328
Percentage of issued share capital: 1.040%
Director: Mr. N. Mackenzie
Purchase of 13,500 shares on the 16 November 2017
Price: 1.481 GBP per share
Total shares currently held by Mr. Mackenzie: 38,500
Percentage of issued share capital: 0.065%
Total Directors Shareholding: The total percentage of issued share capital held by Directors’ is now 44.72%.
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THWAITES (DANIEL) PLC – Director/PDMR Shareholding PR Newswire
Director Dealing in Shares
The Company announces the following dealings in shares:
Director: Mr. R. A. J. Bailey
Purchase of 10,000 shares on the 18 September 2017
Price: 1.45 GBP per share
Total shares currently held by Mr. Bailey: 582,328
Percentage of issued share capital: 0.989%
Director: Mr. K. D. Wood
Purchase of 15,000 shares on the 18 September 2017
Price: 1.45 GBP per share
Total shares currently held by Mr. Wood: 50,000
Percentage of issued share capital: 0.085%
Total Directors Shareholding: The total percentage of issued share capital held by Directors’ is now 44.65%.
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THWAITES (DANIEL) PLC – Director/PDMR Shareholding PR Newswire
Director Dealing in Shares
The Company announces the following dealings in shares:
Director: Mr. R. A. J. Bailey
Purchase of 10,000 shares on the 18 September 2017
Price: 1.45 GBP per share
Total shares currently held by Mr. Bailey: 582,328
Percentage of issued share capital: 0.989%
Director: Mr. K. D. Wood
Purchase of 15,000 shares on the 18 September 2017
Price: 1.45 GBP per share
Total shares currently held by Mr. Wood: 50,000
Percentage of issued share capital: 0.085%
Total Directors Shareholding: The total percentage of issued share capital held by Directors’ is now 44.65%.
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THWAITES (DANIEL) PLC – Director/PDMR Shareholding PR Newswire
Director Dealing in Shares
The Company announces the following dealing in shares:
Director: Mr. R. A. J. Bailey
Purchase of 5,000 shares on the 6 September 2017
Price: 1.45 GBP per share
Total shares currently held by Mr. Bailey: 572,328
Percentage of issued share capital: 0.973%
Total Directors Shareholding: The total percentage of issued share capital held by Directors’ is now 44.61%.
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THWAITES (DANIEL) PLC – Total Voting Rights PR Newswire
Daniel Thwaites plc (the “Company”)
Share Capital
In accordance with the Disclosure and Transparency Rules, following the allotment of 77,500 of own shares, the Company confirms that at the 30 June 2017, it has 58,827,500 ordinary shares of 25p each in issue.
The above figure of 58,827,500 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 FSA’s Disclosure and Transparency Rules.
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THWAITES (DANIEL) PLC – Total Voting Rights PR Newswire
Daniel Thwaites plc (the “Company”)
Share Capital
In accordance with the Disclosure and Transparency Rules, following the allotment of 77,500 of own shares, the Company confirms that at the 30 June 2017, it has 58,827,500 ordinary shares of 25p each in issue.
The above figure of 58,827,500 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 FSA’s Disclosure and Transparency Rules.
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THWAITES (DANIEL) PLC – Issue of Equity PR Newswire
Daniel Thwaites plc (the “Company”)
Notification of Allotment of Shares and Directors’ Dealings in Shares
Pursuant to the general authority given to the Company by its shareholders at its last annual general meeting on the 14 July 2016, the Company announces that, on 20 June 2017 it allotted a total of 77,500 of its own ordinary shares at a price of £1.36 per share, the shares being issued to Directors and Senior Management as part of Long Term Incentive Arrangements.
In accordance with Disclosure and Transparency Rule 5.6.1, following the allotment of shares referred to above, there are 58,827,500 ordinary shares of the Company in issue.
The above figure of 58,827,500 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 FSA’s Disclosure and Transparency Rules.
The Company also announces that, on 20 June 2017 the following directors chose to be allotted shares:
Director: Mr. R. A. J. Bailey
Purchase of 35,000 ordinary shares
Price paid: £1.36 per share
Resultant total number of voting rights currently held by Mr. Bailey: 557,328
Percentage of issued ordinary share capital: 0.947%
Director: Mr. K. D. Wood
Purchase of 35,000 shares
Price paid: £1.36 per share
Resultant total number of voting rights currently held by Mr. Wood: 35,000
Percentage of issued ordinary share capital: 0.059%
The total Directors’ shareholding is 26,200438 ordinary shares representing 44.54% of the total issued ordinary share capital of the Company.
