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LONDON - Sabien Technology Group plc (AIM:SNT), a provider of energy reduction technologies, announced Monday it will issue new ordinary shares to its board of directors to settle outstanding remuneration totaling £135,990.
The company will issue 1,766,102 new ordinary shares at a deemed price of 7.7 pence per share, based on the average of the last five trading days’ closing prices. This share issuance aligns with Sabien’s previously announced cost-saving strategy from November 19, 2024.
According to the press release statement, the decision allows the company to pursue its growth plans "without unduly diluting shareholders in a difficult funding environment."
The largest allocation will go to Chairman Richard Parris, who will receive 746,753 shares valued at £57,500 through Parris Group Limited. Following the issuance, Parris will hold a 26.65% stake in the company.
Other directors receiving shares include Ranald McGregor-Smith (438,312 shares), Charles Goodfellow (292,208 shares), and Edward Sutcliffe (288,829 shares).
The company stated that VAT payable on the remuneration will be settled in cash.
Sabien has applied for the new shares to be admitted to trading on the AIM market of the London Stock Exchange (LON:LSEG), with trading expected to commence on or around July 4, 2025.
Upon admission, Sabien will have 26,793,485 ordinary shares in issue, each carrying one voting right. The company noted that shareholders may use this figure as the denominator for calculations to determine if they need to notify their interest under the FCA’s Disclosure Guidance and Transparency Rules.
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