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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
White Star | LSE:WSPH | London | Ordinary Share | GB00B55K9809 | 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% | 2.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
White Star Property Holdings Plc ("White Star" or the "Company") Issue of Warrants Issue of warrants to directors The board of the Company announces that it has issued warrants over 75,000,000 ordinary shares of 1 pence in the Company at an exercise price of 1 pence per share. The warrants are exercisable at any time from 1 October 2006 to 31 December 2007. Included in the 75,000,000 are 15,000,000 warrants have been issued to directors of the Company details of which are set out below:- Number of Total number of warrants issued warrants held Brian Basham 7,500,000 7,500,000 John Hemmingway 2,500,000 2,500,000 David Risbey 2,500,000 2,500,000 Michael Garvin 2,500,000 2,500,000 Total 15,000,000 15,000,000 The warrants are being issued to the directors in lieu of fees to be paid to them for the provision of services to the Company for their first year of their appointment. Saletta Consultancy Agreement The Company has also agreed to enter in to a consultancy agreement with Saletta Property Finance Limited ("Saletta") a company in which David Risbey, a director of Whitestar, is also a director. Saletta has agreed to provide property advisory services to the Company in consideration for a fee of £120,000 per annum and the grant of warrants over 60,000,000 1p ordinary shares of the Company. The warrants are exercisable at a price of 1 pence per share and may be exercised at any time from 1 October 2006 to 31 December 2007. Saletta currently has an interest in 40,000,000 ordinary shares in the Company representing approximately 17 per cent. of the issued share capital of the Company. As the entering into a consultancy agreement with Saletta is deemed to be a related party transaction pursuant to the AIM Rules the independent directors at that time, being Luca Tenuta, John Hemmingway and Michael Garvin consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned. End END
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