Safestyle UK plc (LON:SFE), the leading retailer and manufacturer of PVCu replacement windows and doors to the UK homeowner market, has today issued an update on the agreement entered into with Mr M. Misra on 19 October 2018, details of which were announced on 22 October 2018 and included within the Group’s accounts for the periods ended 31 December 2018 and 2019.
Under the terms of this agreement, Mr Misra was entitled to receive consideration comprising of 4,000,000 ordinary shares of 1 pence each and payment of cash consideration of between £nil and £2.0 million in Q4 2020, subject to the satisfaction of certain performance conditions of the Group which were partially achieved in 2019.
As a result, Safestyle UK announces that the 4,000,000 Shares have been issued and allotted to Mr Misra at a price of £nil pence per Share. Application has been made for the Shares to be admitted to trading on AIM and Admission is expected to take place on 26 October 2020. The cash consideration payable is £1.0 million and this has also been paid today. Following the Admission and payment, the Group has now satisfied the terms of the agreement and no further consideration will be paid to Mr Misra.
Following Admission, the total number of ordinary shares and voting rights in the Company will be 136,808,896. The Company does not hold any shares in treasury. This figure may be used by shareholders in the Company 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 share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.