13 November 2023
Mobile Tornado Group plc
("Mobile Tornado", the "Company" or the "Group")
Director dealing and update re debts to InTechnology
Mobile Tornado (AIM: MBT), a leading provider of resource management mobile solutions to the enterprise market, announces an update on the ownership of its preference shares and other indebtedness, and a director dealing.
The Company has been notified by Peter Wilkinson that InTechnology plc ("InTechnology"), a company of which Mr Wilkinson is a controlling shareholder, has on 10 November 2023 transferred its entire holding of Mobile Tornado's ordinary shares of 2p each ("Ordinary Shares"), to Holf Investments Limited ("Holf"). Holf is 100% owned by Peter Wilkinson and his wife and is the vehicle through which Mr and Mrs Wilkinson hold 49.90% of their total 75.90% interest in InTechnology's issued share capital. In total, 205,988,314 Ordinary Shares have been transferred from InTechnology to Holf for a total consideration of £5 million, equivalent to 2.43p per Ordinary Share. Following this transfer, Peter Wilkinson has a total direct and indirect beneficial interest in 244,134,455 Ordinary Shares, representing 58.44% of Mobile Tornado's issued share capital. Further detail is set out in the PDMR disclosure table below.
The Company also announces that a significant amount of its total indebtedness to InTechnology has today been transferred to Holf. This indebtedness comprises: £5.7 million of redeemable preference shares (the "Preference Shares"); £2.7 million of accrued Preference Share coupon and interest; and £2.8m of loan indebtedness, comprising historic short-term borrowings and rent and services incurred under the Services Agreement (details of which were announced on 26 July 2018). Following this transfer, all interest accruing under the Preference Shares will accrue or be payable to Holf in accordance with their existing terms. All other terms of the Preference Shares agreement remain the same and as previously announced.
The transfer of the debts from InTechnology to Holf is not expected to have any financial impact on Mobile Tornado. The only remaining debt between the Company and InTechnology is the £150,000 drawn under the Revolving Loan Facility (details of which were announced on 27 September 2018 and most recently updated on 22 September 2023) ("RCF") and accrued interest under the RCF of £40,000. The RCF and the Services Agreement which covers, inter alia, the Company's rental of its office space within Cardale House, Harrogate, will continue with InTechnology in their current form.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Peter Wilkinson, Non-Executive Director | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | See 1 a) above | ||||
| b)
| Initial notification /Amendment | Initial notification | ||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Mobile Tornado Group plc | ||||
| b) | LEI | 213800N3WLD78UBKC521 | ||||
| 4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a)
| Description of the financial instrument, type of instrument Identification code | Ordinary shares of 2p each in Mobile Tornado Group plc
Identification code (ISIN) for Mobile Tornado Group plc ordinary shares: GB00B01RQV23 | ||||
| b) | Nature of the transaction | Transfer of ordinary shares | ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume - Price | N/A | ||||
| e) | Date of the transaction | 10 November 2023 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
Enquiries:
| Mobile Tornado Group plc | +44 (0)7734 475 888 |
| Jeremy Fenn, Chairman and acting CEO
| |
| Allenby Capital Limited (Nominated Adviser & Broker) | +44 (0)20 3328 5656 |
| James Reeve / Piers Shimwell (Corporate Finance) David Johnson (Sales and Corporate Broking)
| |
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