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Share Name | Share Symbol | Market | Type |
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CNA Financial Corp | TG:CNH | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.40 | -0.94% | 42.00 | 41.60 | 42.20 | 42.20 | 41.80 | 42.20 | 270 | 22:50:15 |
RNS Number:5028S Clan Homes PLC 26 November 2003 ANNOUNCEMENT Clan Homes plc ("Clan") Sale of ordinary shares in Clan by Western Caledonian Assets Limited ("Western") to, and Cash Subscription by, David Hickey and others ("the New Investors") (together "the Arrangements") Introduction The Board of Clan announces that on 25 November 2003 Clan, Western and the New Investors entered into a subscription and share purchase agreement ("the Agreement") under which the New Investors have agreed to acquire from Western 200,000 Clan Ordinary Shares and have agreed, simultaneously with such acquisition, to subscribe for 100,000 New Clan Ordinary Shares, in each case at a price of 100 pence per Clan Ordinary Share. Following Admission (as after defined) the New Investors will hold in aggregate 300,000 Clan Ordinary Shares, equivalent to 27.8% of the enlarged issued ordinary share capital of Clan and Western will hold 529,681 Clan Ordinary Shares, equivalent to 49.0% of the enlarged issued ordinary share capital. The New Clan Ordinary Shares are expected to be admitted to trading on AIM on 1 December 2003 ("Admission"). Pursuant to the Agreement Western has undertaken, inter alia, to issue to its shareholders (within seven days following completion) a notice convening an annual general meeting of Western at which the shareholders will consider a proposed resolution to wind up Western voluntarily. David Hickey has been appointed a Director of Clan with immediate effect and Robert Biggar and Francis Wilson have agreed to resign as Directors of Clan with effect from 31 December 2003 and 30 November 2003 respectively. David Hickey David Hickey is executive chairman of Lighthouse Group plc, an AIM quoted supplier of services to independent financial advisers. He is also non-executive chairman of, and the largest single shareholder in Just Car Clinics Group plc, an AIM quoted repairer of motor vehicles. A qualified Chartered Accountant, his career includes almost 20 years in corporate finance in the City of London, initially with HSBC James Capel and latterly with Guinness Mahon & Co Limited and its successor business, Investec Henderson Crosthwaite, where he was head of the Corporate Finance Division. Following Admission, David Hickey will have a potential beneficial interest in 100,000 Clan Ordinary Shares, equivalent to 9.25% of the enlarged issued ordinary share capital of Clan. Further information in respect of David Hickey in terms of Schedule 2 Paragraph (f) of the AIM Rules is set out in the Appendix to this announcement. Background to and reasons for the Arrangements and intended strategy for Clan In July 2003 and in previous communications with shareholders, the Board of Clan expressed its intention to liquidate Clan's property portfolio and reported on progress in executing this strategy. It has subsequently been announced that Alan Thomson, the Chairman of Clan, had exercised his option, approved by Clan shareholders in general meeting on 27 August 2003, to purchase the majority of Clan's remaining property assets. Following this transaction and the sale of the Company's property to Southern Caledonian Properties Limited on 26 November 2003, Clan's residual assets comprise three properties (28 Craigieburn Park, Aberdeen, 36 Craigieburn Park, Aberdeen and 19 Tennent Avenue, East Kilbride) and #780,000 in cash. The Directors are continuing to dispose of the remaining property assets on an orderly basis. Completion of the Arrangements will increase Clan's cash balances by #100,000. The subscription price of 100p per Clan Ordinary Share represents a premium of approximately 20% to the average price of 83p per Clan Ordinary Share during the 3 months preceding this announcement. David Hickey and Alan Thomson, the continuing Directors of Clan, believe that shareholder value is most likely to be enhanced by procuring a reverse takeover for Clan and that, whilst the search for a suitable acquisition candidate proceeds, the ongoing operating costs of Clan should be minimised in order to preserve Clan's cash resources at or around their current level. Taking this into account, they have each entered into letters of appointment in respect of the future provision of their services to Clan at an annual fee of up to #7,500 each. Mr Thomson will receive compensation of #33,000 in return for the cancellation of his existing service contract with Clan. In the event of no transaction completing within the foreseeable future, the continuing Directors will determine the most attractive way of returning cash to shareholders. In scrutinising potential acquisitions, the continuing Directors have agreed to apply the following criteria: * An experienced management team; * A track record of recent profits; and * A desire for additional capital to finance expansion. These criteria were successfully applied by David Hickey in engineering the reverse takeover in December 2002 of the business and assets of Car Clinics out of Dixon Motor Holdings Limited and into Bikenet plc (now Just Car Clinics Group plc). Enquiries: Clan Homes plc: Alan Thomson 07768 017012 David Hickey 07712 880 902 Brewin Dolphin Securities Limited: Jon Fitzpatrick 0141 221 7733 Appendix 1. The following information falls to be disclosed in relation to David Hickey in terms of paragraph (f) of schedule 2 of the AIM Rules: (i) David Martin James Hickey, aged 48 (ii) Current directorships Just Car Clinics Group plc Lighthouse Group plc Past directorships Dixon Motors PLC Claims Direct plc Guinness Mahon and Co Ltd Investec Bank UK Ltd (iii) Not applicable (iv) Not applicable (v) David Hickey was from July 2000 until August 2001 a non-executive director of Claims Direct plc. In July 2001 Claims Direct plc received a cash offer, acceptance of which was recommended by the directors, including David Hickey. In August 2001 David Hickey resigned as a director of Claims Direct plc when the offer became unconditional and played no further part in the management of the affairs of the company. Claims Direct plc was placed into administrative receivership in July 2002. (vi) Not applicable (vii) Not applicable (viii) Not applicable 2. Revised 3% interests in Clan shares Western Caledonian Assets Limited 49.00% R Baker Esq 9.25% J Dixon Esq 9.25% Deutsche Bank Trustee Services (Guernsey) Limited 9.25% Brewin Nominees Limited 5.74% Speirs & Jeffrey Client Nom Limited 5.83% This information is provided by RNS The company news service from the London Stock Exchange END IOEEAPFKAESDFEE
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