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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Formjet (See LSE:TQC) | LSE:FMJ | London | Ordinary Share | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.715 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMFMJ RNS Number : 3425V Formjet PLC 08 July 2009 Formjet plc ('Formjet' or 'the Company') Results of General Meeting Disposal of Panda Software (UK) Limited Directorate Change Placing and Grant of Options The Board of Formjet, the AIM quoted alternative software vendor, announces that, at the General Meeting held on 8 July 2009, the resolution to approve the sale of Panda Software (UK) Limited was duly passed. DISPOSAL As a result, the Board of the Company is pleased to advise that it has completed the sale of Panda Software (UK) Limited, a wholly owned subsidiary of Formjet, to Panda Security, S.L. for a consideration of GBP1.2 million and additional earn-out consideration of up to GBP200,000. It is the intention of the Board to use the proceeds of the disposal to acquire additional products and licences, for incorporation into the Company's "ASI Ability" portfolio, and to continue to seek acquisitions for growth. DIRECTORATE CHANGES To develop the planned future strategy of the Company, the following changes will be made to the composition of the Board with immediate effect:- 1. David Hennell will step down from the Board of Formjet, joining the subsidiary Board of Formjet Innovations Limited, to focus his attention on sales and development of marketing strategies for the Company's subsidiaries Formjet Innovations Limited and ASI Ability. 2. Antony Lee will relinquish his role as Chief Executive Officer and will remain with the Board as Finance Director. 3. Andrew Anthony Monk will join the Board of the Company as Chief Executive Officer. Mr Monk (aged 48) has had a successful career for more than 25 years in the City since graduating from Oriel College Oxford. He was a founder and Joint CEO of Oriel Securities Limited and, latterly, CEO of Blue Oar plc. During his career in the City, he has helped to fund and grow many small and microcap private and quoted companies. Mr Monk has the following directorships and partnerships within the last five years: +------------------------------------+------------------------------------+ | Current | Previous | +------------------------------------+------------------------------------+ | None | 7 Wonders Limited | | | Astaire & Partners Ltd | | | Astaire Group plc | | | Astaire Securities plc | | | Corporate Synergy Asia Pacific | | | Corporate Synergy Holdings Ltd | | | Oriel Securities Limited | | | Rowan Dartington & Co. Ltd | | | Sprint 1164 Ltd | | | Stockmarket Investments Ltd | +------------------------------------+------------------------------------+ There are no further disclosures in relation to Mr Monk to be made in accordance with schedule 2 (g) of the AIM Rules. DIRECTOR'S DEALING AND GRANT OF OPTIONS The Company has today placed 80,000,000 new Ordinary Shares with Andrew Monk, a director of the Company, at a price of 0.25p per share, raising GBP200,000 before expenses. Mr Monk now has an interest in approximately 24.23 per cent of the enlarged issued share capital. Mr Monk has agreed with the Company that, other than in certain exceptional circumstances, he will not dispose of any such Ordinary Shares for a period of 12 months. To provide Mr Monk with an appropriate incentive to fulfil the Company's growth strategy, the Board has granted Mr Monk options over 17,000,000 ordinary shares, at a price of 0.5p per share, which are exercisable in the period between 8 July 2012 and 8 July 2019. PLACING The Company has placed a further 20,000,000 new Ordinary Shares, at a price of 0.25p per share, to institutional investors raising an additional GBP50,000 before expenses. Further information is available on the Company's website, www.formjet.co.uk ENQUIRIES: +--------------------------------------------+---------------------------+ | Formjet plc | Tel: 01293 848 860 | | Lyndon Chapman, Executive Chairman | | | www.formjet.co.uk | | | | | +--------------------------------------------+---------------------------+ | Dowgate Capital Advisers Ltd | Tel: 0207 492 4777 | | Liam Murray or Jo Turner | | | www.dowgatecapitaladvisers.co.uk | | | | | +--------------------------------------------+---------------------------+ | Dowgate Capital Stockbrokers Ltd | Tel: 01293 517744 | | Neil Badger | | | www.dowgatecapitalstockbrokers.co.uk | | | | | +--------------------------------------------+---------------------------+ Notes to Editors: Formjet plc Formjet plc is a UK-based company with a highly distinctive business model. It acquires territorial rights to 'alternative' software products, and markets, sells, distributes and supports these products in place of the vendor in worldwide markets. The strategy has at its heart the proposition that the Company can acquire product lines in territories of at least one country without the expense of either product development or the creation of IPR. Alternative Products * Formjet Innovations distributes Panda Software antivirus and Internet security products in the UK. * Ability Software International (ASI) distributes a powerful suite of office products which, as well as being sold under their own branding, form an integral part of the white label opportunities that Formjet is creating. Ability Software International has also developed the ASI Business Software range. This comprises eight titles, which include fully comprehensive office and graphics suites, Internet security, a business plan development application, small business accounting, appointment book management and staff records management software. In September the Company also added a remote access tool called BeAnywhere to this range. * EdAlive edutainment software has opened up a new and growing market for Formjet and now covers a wide range of core subjects including maths, word skills and spelling. Alternative Routes to Market * Formjet Innovations is the specialist distribution arm of the Formjet Group focusing on its alternative product range and associated alternative routes to market. The focus here is on creating "white label" software, targeting retail and brand leaders of importance. This information is provided by RNS The company news service from the London Stock Exchange END MSCBDGDRBGGGGCI
1 Year Formjet(See LSE:TQC) Chart |
1 Month Formjet(See LSE:TQC) Chart |
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