![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Faces Cosmetics | LSE:FCE | London | Ordinary Share | GB00B1CKTQ32 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.175 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
FACES COSMETICS PLC ("FACES" OR THE "COMPANY") SENIOR APPOINTMENT, GRANT OF WARRANTS AND RELATED PARTY TRANSACTION SENIOR APPOINTMENT The Board is pleased to announce the appointment of Rajat Wahi as Chief Operating Officer, International with immediate effect. Mr Wahi will lead the proposed expansion into India, The Middle East and Eastern Europe from the Company's Indian office, to be established in Delhi. His appointment will complement the Company's existing business development team. Mr. Wahi, formerly a senior executive at Revlon, has considerable experience in establishing new brands in these markets. Mr Wahi was a member of Revlon's European leadership team responsible for its strategy and direction. He has held regional management roles in London, Russia and Italy before becoming the General Manager of Revlon Euro-International and Revlon Italy. His experience includes launching Revlon and affiliated brands and developing strong relationships with leading retailers in those regions. Mr Wahi has also implemented product distribution strategies and training systems throughout Russia, the Middle East and Europe. Mr Wahi speaks English, Russian and Hindi. Commenting on the appointment, Ramesh Jolly, President and CEO, said "I am immensely pleased that Rajat has agreed to join us. He will bring a wealth of experience with him and will extend the reach and size of our international expansion efforts. I am looking forward to growing our business with him for the benefit of our clients and shareholders." GRANT OF WARRANTS To incentivise key personnel with effect on 27 May 2008, the Board has resolved to grant new warrants to Rajat Wahi, over 14,916,576 new ordinary shares representing approximately 8.4 per cent. of the issued ordinary share capital of the Company and approximately 5.1 per cent. of the enlarged capital, assuming that all outstanding warrants and options are exercised. The terms of the warrant issue to Mr Wahi provide, inter alia, for vesting in three equal tranches on the first, second and third anniversaries of his employment and that the warrants will be exercisable at the following prices; 4,972,192 at 5p share per ordinary share; 4,972,192 at 6p per ordinary share and 4,972,192 at 7p per ordinary share. The warrants will expire on 31 July 2014 if not exercised by that date. There are no performance conditions attaching to the new grant. On 13 November 2007, the Company granted warrants over 20,000,000 new ordinary shares to Ramesh Jolly to incentivise him to implement the Company's strategy following the subscription by Indivision Ventures II. The Board today announces that it agreed to a Deed of Variation varying the terms of the warrants previously granted to Mr Jolly. On 13 November 2007, Mr Jolly was issued with warrants exercisable at any time until 31 July 2012 at the following prices; 6,666,666 at 6p per ordinary share; 6,666,666 at 8p per ordinary share and 6,666,668 at 10p per ordinary share. On 27 May 2008, pursuant to the Deed of Variation, the terms of the November 2007 warrant issue to Mr Jolly have been varied such that Mr Jolly be granted additional warrants over 1,400,000 new ordinary shares and that his warrants are exercisable at the following prices; 7,133,333 at 5p share per ordinary share; 7,133,333 at 6p per ordinary share and 7,133,334 at 7p per ordinary share. All other terms and conditions of the warrant instrument shall continue in full force and effect. Following the grant Mr Jolly will hold warrants over 21,400,000 new ordinary shares representing approximately 12.0 per cent of the issued ordinary share capital of the Company and approximately 7.4 per cent. of the enlarged capital, assuming that all outstanding warrants and options are exercised. The Board believes that the recruitment and retention of key personnel is an important driver to the success of the Company. Consequently, the Board has approved the issue of warrants to Mr Wahi and the variations to Mr Jolly's warrants as set out above. RELATED PARTY TRANSACTION The grant of warrants to Ramesh Jolly (a director of the Company) and the Deed of Variation between the Company and Mr Jolly are Related Party Transactions as defined in the AIM Rules. Where a company whose shares are listed on AIM enters into a Related Party Transaction, AIM Rule 13 requires the directors of the Company to consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned. Taking into account the Company's need to incentivise key personnel, the Directors consider, having consulted with Dowgate Capital Advisers Limited, the Company's Nominated Adviser, that the terms of the related party transactions with Mr Jolly are fair and reasonable insofar as the Company's shareholders are concerned. The issued share capital of the Company is 178,363,343 ordinary shares. In addition, there are 30,119,015 convertible preference shares of 1p each in the capital of the Company in issue and 2,800,000 options to subscribe for ordinary shares of the Company. Following the grants of warrants referred to above, there will be a balance of 109,822,153 warrants to subscribe for ordinary shares of the Company. For further information please contact: Ramesh Jolly Chief Executive Officer Faces Cosmetics plc +1(905)760 0110 Ext.112 Jim McGeever Director Dowgate Capital Advisers Ltd +44 (0) 20 7492 4777 Aaron Smyth Assistant Director Dowgate Capital Advisers Ltd +44 (0) 20 7492 4777 Ian Callaway Head of Corporate Broking SVS Securities plc +44 (0) 20 7638 5600 END
1 Year Faces Cosmetics Chart |
1 Month Faces Cosmetics Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions