Intnl Tool & Supply - Re Trading on AIM
December 17 1997 - 5:26AM
UK Regulatory
RNS No 7810h
INTERNATIONAL TOOL & SUPPLY PLC
17th December 1997
INTERNATIONAL TOOL & SUPPLY PLC (THE COMPANY)
APPLICATION FOR ADMISSION TO TRADING ON THE ALTERNATIVE INVESTMENT MARKET OF
THE LONDON STOCK EXCHANGE (AIM) (Amendment)
International Tool & Supply PLC announces that it has today applied to AIM for
dealings in its entire issued ordinary share capital of 242,862,576 ordinary
shares of 5p each to be transferred to AIM from the Official List of the
London Stock Exchange.
The directors of the Company consider the transfer will provide the Company
with the flexibility it now requires in order to take advantage of potential
corporate activities which may or may not arise in the near future , including
the possible disposal of the International Supply division to management.
The directors expect to be in a position to make a further announcement in due
course.
The Company, which is incorporated in England and Wales with registered number
1874873, is engaged in the provision of services to the oil and gas
exploration industry through its three operating divisions.
The Engineered Systems division provides engineering, design, fabrication,
manufacturing, field service and international marketing of custom-designed
equipment in the fields of enhanced oil recovery, oil and gas production,
water treatment and pipeline gathering and transmission. The division is a
designer and manufacturer of skid-mounting steam generating and ancillary
water treatment equipment for use primarily in enhanced oil recovery (EOR)
projects around the world.
The Drilling Services division, based in Aberdeen, Scotland, is responsible
for international sales and representation of environmental which allow it to
provide a comprehensive package of equipment and support services on both a
rental and sales basis.
The International Supply division is an export supplier, providing
procurement, logistical support and manufacturer representation to
international oil and gas companies.
The full names of the directors of the Company and their functions are listed
below:
Howard Wolf, Chairman
Kendal Allen Gladys, Chief Executive
Leo Georgy Deschuyteneer*
Charles Rich Hipp, Senior Vice President, Marketing and Business Development
Kase Lukman Lawal*
Hugh Anthony Lewis Holland Mumford*
Gregory Edward O'Brien, Finance Director
The Honourable Robert Anthony Rayne*
*non-executive
Insofar as is known to the Company, noted below are the names of all persons
other than directors who are directly or indirectly interested in 3% or more
of the issued ordinary share capital of the Company together with the amount
of such interest as at 12 December 1997.
Number of ordinary % of total
5p shares
Sidro SA 38,845,018 16.00
Camac International Limited 30,235,737 12.45
Westpool Investment Trust plc 27,769,348 11.43
B J M Duroc-Danner 22,519,349 9.27
ECC Overseas Investments Limited 20,077,369 8.27
Norwich Union PLC 15,172,763 6.25
Electra Investments Trust plc 9,852,289 4.06
The directors' interests in contracts which are or may be significant in
relation to the Company's business are as follows:
(a) Mr Mumford is a director of Electra Flemings Holdings
Limited, the manager of Electra Investment Trust PLC, a substantial
shareholder of the Company.
(b) Mr Wolf is a partner in Fulbright & Jaworski, legal counsel
who carry out general corporate legal work for the Group, for which they
charged fees of $146,719 in the preceding 12 months.
(c) Mr Lawal is Chairman and Chief Executive Officer of Camac
International Limited, a substantial shareholder of the Company. Mr Lawal and
his immediate family beneficially own approximately 90% of Camac International
Limited with the balance of 10% being owned by Mr Wolf.
(d) Mr Lawal with his immediate family beneficially own approximately 40% of
Camac Holdings Inc. which is the lessor under a five year lease agreement with
International Tool & Supply Company Inc., a wholly owned subsidiary of the
Company. Mr Wolf beneficially owns approximately 3.85% of Camac Holdings Inc.
$255,756 was paid to Camac Holdings Inc. in the 12 months preceding the date of
this announcement in respect of the lease of ITS premises and sundry services
provided.
(e) Mr Rayne has been a director of London Merchant Securities
plc, the parent company of Westpool Investment Trust plc since 1983.
The Company's nominated adviser is:
Henderson Crosthwaite Corporate Finance
(a division of Guinness Mahon & Co Limited)
32 St Mary at Hill
London
EC3P 3AJ
The Company's nominated broker is:
Henderson Crosthwaite Institutional Brokers Limited
32 St Mary at Hill
London
EC3P 3AJ
No AIM admission document is being published in connection with this
announcement or the application to AIM.
END
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