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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mar City | LSE:MAR | London | Ordinary Share | GB00BH2RFN56 | ORD 2.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 36.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMAR
RNS Number : 6530F
Mar City PLC
23 February 2015
Mar City PLC
("Mar City" or the "Company")
Share Pledge by Directors
Mar City plc (AIM: MAR) announces that it has today been notified by each of Tony and Maggie Ryan, both of whom are directors of the Company, that they have together granted security over an aggregate of 47,741,875 ordinary shares of 2.5 pence each ("Ordinary Shares") in the capital of the Company in favour of HSBC Bank plc ("HSBC"). The security has been granted to secure a personal loan of GBP10.0 million to Tony and Maggie Ryan ("the Loan"). Mar City Developments Limited ("MCDL), a company owned and controlled by Tony and Maggie Ryan, has also granted security over its holding of 3,150,829 Ordinary Shares as further security to HSBC in connection with the Loan. Accordingly, an aggregate of 50,892,704 Ordinary Shares have been pledged to HSBC ("Pledged Shares"). The entire proceeds of the GBP10.0 million personal loan will be used to fund the part repayment by MCDL of a debt owed to the Company as detailed in the announcement issued by Mar City on 20 February 2015. To this end, GBP6.0 million is expected to be received by the Company from MCDL tomorrow and a further GBP4.0 million is expected to be received from MCDL later this week.
The Loan is subject to various covenants from Tony and Maggie Ryan and certain events of default, the breach or occurrence of which will entitle HSBC to sell some or all of the Pledged Shares. One such event is if the average market price of the Ordinary Shares for a consecutive period of five business days falls below 34 pence per share. In the event of a default leading to a sale of the Pledged Shares, an appropriate announcement would be made at that time. The net asset value per share of Mar City was approximately 62 pence based on the unaudited balance sheet reported in the interim results statement issued in September 2014; the Directors believe that the net asset value of Mar City will be at least this high as at 31 December 2014.
There is no change in the legal or beneficial shareholding in the Company of any of Tony Ryan, Margaret Ryan or MCDL. Mr and Mrs Ryan continue to have an interest and voting rights in 47,741,875 Ordinary Shares representing approximately 43.3 per cent. and MCDL continues to have an interest and voting rights in 3,150,829 Ordinary Shares, representing approximately 2.9 per cent. of the issued share capital of the Company.
Enquiries: Mar City PLC www.marcityplc.com www.marcityhomes.com Tony Ryan, Chief Executive +44 (0) 20 7408 1102 Shore Capital, NOMAD and Joint www.shorecap.co.uk Broker Pascal Keane / Jamie Cameron +44 (0)20 7408 4090 WH Ireland Limited, Joint Broker www.wh-ireland.co.uk Mike Coe +44 (0) 117 945 3470 Gable Communications marcity@gablecommunications.com John Bick +44 (0) 20 7193 7463
This information is provided by RNS
The company news service from the London Stock Exchange
END
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