Last checked at 8 Dec 2009 09:38
Quintain Estates and Development plc
Pledge of ordinary shares in the Company
Further to the announcement by the Company on 5 November 2009 of the rights issue to raise approximately £191.2 million (before expenses) (the "Rights Issue"), the Company was notified on 7 December 2009 that Nicholas Shattock, Deputy Chief Executive of the Company, entered into an agreement on 7 December 2009 whereby security over 39,524 existing ordinary shares in the Company and 1,020,408 new ordinary shares which Nicholas Shattock is intending to acquire pursuant to the Rights Issue (the "Pledged Shares") held by him was granted in favour of Barclays Bank plc ("Barclays"), as security against a personal loan of £250,000 entered into on 7 December 2009 (together the "Pledge Agreement").
Under the terms of the Pledge Agreement, title to the Pledged Shares can be transferred to Barclays following the occurrence of certain events including, but not limited to, a default event on the personal loan.
In total, Nicholas Shattock will have an interest in 1,536,400 ordinary shares in the Company representing approximately 0.29 per cent. of the Company's issued share capital following the Rights Issue, assuming his intended acquisition of 1,132,350 ordinary shares pursuant to the Rights Issue but excluding any new ordinary shares acquired through the sale of nil paid rights by the trustees of the deferred bonus plan or the trustees of the share incentive plan and in which Nicholas Shattock may have an interest. The Pledged Shares will represent approximately 0.2 per cent. of the Company's issued share capital following the Rights Issue