Result of General Meeting, Directorate Change
July 08 2009 - 8:02AM
UK Regulatory
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
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