PGI Pgi Grp

    RNS Number : 4121A
  PGI Group PLC
  01 August 2008
   
    PGI Group plc

    1 August 2008 

    PGI Group Plc ("PGI" or the "Company")

    Result of Placing / Transaction in Own Shares / Total voting Rights

    Further to the announcement dated 24 July 2008, PGI wishes to advise that they will receive approximately �0.34 million from Jensen
Group Holdings LLC ("Jensen") under the terms of the Amendment and Operations Agreement dated 30 June 2008, being the consideration received
from the sale of one half of the 3,750,000 ordinary shares sold by Jensen (net of placing costs). 

    In addition, PGI has on 31 July 2008 purchased from Jensen 2,725,000 ordinary shares for an aggregate consideration of �1, representing
one half of the unplaced PGI Sale Shares held by Jensen. PGI will hold the 2,725,000 ordinary shares in treasury.

    Following the above purchase the Company now has 129,602,665 ordinary shares in issue, including 2,725,000 shares held by the Company as
treasury shares. Therefore the total number of voting rights in PGI is 129,602,665, including 2,725,000 attaching to shares held in
treasury. Accordingly the total number of voting rights excluding those attaching to shares held in treasury is 126,877,665.

    The above figure, 126,877,665 may be used by shareholders as the denominator for the calculations by which they will determine if they
are required to notify their interest in, or a change to their interest in PGI under the FSA's Disclosure and Transparency Rules. 

    Background to the Share Placing 

    Under the terms of the Amendment and Operations Agreement, a placing of 3,750,000 of Jensen's 9,200,000 shares in PGI has taken place.
An amount equal to half of the proceeds (net of any placing costs) arising from the placing is to be paid to PGI under the terms of the
Amendment and Operations Agreement. In addition to the payment described above, Jensen was also required to sell to the Company for a total
aggregate consideration of �1 one half of its 5,450,000 unplaced shares in accordance with a contingent purchase agreement entered into
between Jensen and the Company on 24 July 2008. 

    It has been agreed that, in the interests of the maintenance of an orderly market in the shares of the Company, Jensen shall only sell
its remaining shares through Panmure Gordon. 

    Terms used and not defined in this announcement will bear the meanings given to them in the circular to shareholders dated 30 June 2008.


        

 PGI                               020 7236 6135
 Geoff Moores, Finance Director

 Panmure Gordon                    020 7459 3600
 Andrew Potts, Corporate Finance
 Tom Nicholson, Corporate Broking


This information is provided by RNS
The company news service from the London Stock Exchange
 
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