LONDON - Global Connectivity PLC (AQSE: GCON), a company involved in communication services and a stakeholder in UK broadband provider Voneus Limited, has made an announcement regarding the status of its Ordinary Shares subscriptions. The company has reported that out of 95 million Ordinary Shares that required payment by December 31, 57.5 million shares are either being paid for or returned to the company for cancellation by the specified date.
Of the shares allotted on September 10, 2019, 37.5 million were issued to the late former Chairman, Mr. Michael Meyer, and another 37.5 million to a former consultant, Mr. Barry Hersh, both at a price of 1 penny per share. The payment for these shares was deferred until December 31, 2024, with a total consideration amounting to potentially £950,000.
The company's current Executive Chairman, Dr. Keith Harris, will surrender his 20 million shares, which will then be cancelled. Simultaneously, his SIPP (Self-Invested Personal Pension) will purchase newly issued Ordinary Shares for a total consideration of £200,000 at the same price of 1 penny per share.
Furthermore, Mrs. Livia Meyer, the wife of the late Mr. Meyer, will return 32.5 million shares to the company for cancellation and will pay £50,000 for the remaining 5 million shares, thereby settling her £375,000 obligation to the company.
As for the shares allotted to the former consultant, the company has not received confirmation on how the £375,000 debt for his 37.5 million Ordinary Shares will be settled. The company has issued a reminder to the consultant about the impending due date.
The details provided in this announcement are considered inside information as defined by the Market Abuse Regulations (EU) No 596/2014, which is part of UK law under the European Union (Withdrawal) Act 2018. With the publication of this announcement, the information is now in the public domain.
This update is based on a press release statement and is intended to inform stakeholders and the market of the current status of share subscriptions due for Global Connectivity PLC.
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