Director Shareholdings
16 September 2003 - 8:09PM
UK Regulatory
RNS Number:8457P
ARC Risk Management Group PLC
16 September 2003
ARC Risk Management Group plc
(the "Company")
Director Shareholdings
The Chairman's Statement in the Report and Accounts for the year ended 31st
March 2003, which was published on 31 July 2003, stated that, inter alia, the
Company would be seeking shareholders approval at the Annual General Meeting to
raise additional working capital. The Directors and their associates,
accordingly, agreed to provide interim finance and a loan facility of #100,000
was put in place, with Sidebell Limited, a company in which Simon Richards, the
Chairman of the Company, has a beneficial interest, providing #85,000 and Rob
Whiting, the Chief Executive of the Company, providing #15,000. As part of the
consideration for this facility the Company agreed that, following the passing
of the relevant resolutions at the Annual General Meeting, it would grant
warrants to Sidebell Limited and Mr Whiting to subscribe for 8,500,000 and
1,500,000 ordinary shares respectively at 1p per share, exercisable up to 30
September 2006. Following the passing of all the resolutions at the Annual
General Meeting, these warrants were formally granted on 27 August 2003.
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