LEO Leo Ins

 

TIDMLEO 
 
RNS Number : 2676Q 
Leo Insurance Services PLC 
30 July 2010 
 

30 July 2010 
 
                           Leo Insurance Services Plc 
                                (the "Company") 
 
    Result of Meetings, Completion of Disposal, 
 Changes to the Board and 
                            Holdings in the Company 
 
The Board of the Company is pleased to announce that, at the Annual General 
Meeting and the General Meeting of the Company held earlier today, all 
resolutions proposed to shareholders were duly passed. 
 
Accordingly, the Company has today completed the disposal of its 50 per cent. 
holding in Grafton Insurance Services Limited and has adopted the Investing 
Policy, both of which are as set out in the Circular to Shareholders dated 6 
July 2010. 
 
As also noted in the Circular, the Company has today been informed that Leo 
Holdings (2008) Corporation (a company controlled by Larry Lipman and Errol 
Lipman, both Existing Directors of the Company) has today completed the sale of, 
in aggregate, 2,157,570 Ordinary Shares (representing approximately 29.9 per 
cent. of the issued share capital of the Company) to Neil Sinclair, London 
Active Management Ltd, Stanley Davis, Pamela Sinclair and Andrew Perloff (the 
"Purchasers") at a price of 2.25 pence per share. 
 
Neil Sinclair and Stanley Davis have today been appointed as Directors of the 
Company and all the Existing Directors, being Larry Lipman, Errol Lipman, Paul 
Davis and Edward Young, have today resigned, with immediate effect, from the 
Board of the Company. 
 
In addition, certain of the Purchasers have today subscribed for GBP60,000 of 
Convertible Loan Notes (as described in the Circular), the proceeds of which 
will be used to fund the Company's working capital requirements in the short 
term and to pay for professional costs incurred in connection with the 
transaction. The Convertible Loan Notes are convertible on or before 31 July 
2012 at 2.25 pence per Ordinary Share. Assuming full conversion of the 
Convertible Loan Notes, 2,666,667 Ordinary Shares would be issued (equating to 
27.0 per cent. of the issued Ordinary Shares as enlarged by the Ordinary Shares 
to be issued on such conversion). 
 
A further announcement will be made in due course in respect of the registration 
of the change of name of the Company to Palace Capital plc. It is expected that 
the ticker will then be changed to "PCA". The ISIN & SEDOL numbers will not 
change. 
 
For further information please contact: 
 
+--------------------------------------+------------------------+ 
| Leo Insurance Services Plc           | 07785 226 666          | 
| Neil Sinclair                        |                        | 
|                                      |                        | 
+--------------------------------------+------------------------+ 
| Arbuthnot Securities Limited         | 020 7012 2000          | 
| Hugh Field / Ed Groome               |                        | 
|                                      |                        | 
+--------------------------------------+------------------------+ 
 
Further Information re Directors and Shareholdings in the Company 
 
Ronald Neil Sinclair, aged 67, is currently a director of the following 
companies: The Variety Club Children's Charity, Variety Children's Lifeline UK, 
Variety Club Events Limited, International Heart of Variety Inc, London Active 
Management Limited and Moorgate & City Investments Limited. 
 
Mr Sinclair has previously been a director, in the past five years, of the 
following companies: Mission Capital plc, Mission Parking Limited, Mission Real 
Estate Limited, Mission Car Parks Limited, Mission Properties Limited, 
Missionpark Limited, Mission Capital (Gloucester) Limited, Karspace Management 
Limited, Karspace Limited, Moorgate & City Group Limited, Essex Street 
Properties Limited, Moorgate & City Properties Limited and Moorgate & City 
Holdings Limited. 
 
Moorgate & City Properties Limited was put into liquidation on 5 May 2010, at 
which time Mr Sinclair was a director. 
 
Mr Sinclair today acquired a beneficial interest in 450,000 Ordinary Shares 
(representing approximately 6.24 per cent. of the issued share capital of the 
Company).  Pamela Sinclair, Mr Sinclair's wife, also today acquired an interest 
in 90,000 Ordinary Shares (representing approximately 1.25 per cent. of the 
issued share capital of the Company). In addition, London Active Management 
Limited, a company controlled by Neil and Pamela Sinclair, today acquired an 
interest in 179,190 Ordinary Shares (representing approximately 2.48 per cent. 
of the issued share capital of the Company). Mr Sinclair is therefore interested 
in 719,190 Ordinary Shares (representing approximately 9.97 per cent. of the 
issued share capital of the Company). In addition, Mr Sinclair and London Active 
Management Limited have each subscribed today for Convertible Loan Notes to the 
value of GBP2,000, which would, if converted, require the issue to each of them 
of 88,889 Ordinary Shares. 
 
Stanley Harold Davis, aged 72, is currently a director or member of the 
following companies and partnerships: Exchange Court (Covent Garden) LLP, Curzon 
Street (London) LLP, Curzon Street (Mayfair) LLP, Goodge Street (Tottenham Court 
Road) LLP, Goodge Street (TCR) LLP, Long Acre (Covent Garden) LLP, University 
Jewish Chaplaincy, York Place Company Services Limited, International Business 
Development Consultants Limited, Strategic Global Investments Limited, Unitguide 
Limited, The Foundation for Leading Minds, Stanley Davis Group Limited, Brady & 
Co. (Law Searchers) Limited and Tadsec Advance Homeland Security Technologies 
Limited. 
 
Mr Davis has previously been a director, in the past five years, of the 
following companies: Wide Learning Limited, Wide Learning Solutions Limited, LRN 
Limited, Fuel Holdings Limited, and LRN Group Limited. 
 
Mr Davis today acquired a beneficial interest in 719,190 Ordinary Shares, 
representing approximately 9.97 per cent. of the issued share capital of the 
Company.  Mr Davis has also today subscribed for Convertible Loan Notes to the 
value of GBP31,500, which would, if converted, require the issue to him of 
1,400,000 Ordinary Shares. In addition, Mr Davis today acquired 32,500 
Preference Shares in the Company for GBP7,500. 
 
There is no further information to be disclosed in respect of Mr Sinclair or Mr 
Davis under schedule 2(g) and Rule 17 of the AIM Rules. 
 
The Company has also been informed that Mr Andrew Perloff today acquired a 
beneficial interest in 719,190 Ordinary Shares, representing approximately 9.97 
per cent. of the issued share capital of the Company. 
 
As a result of the sale of Ordinary Shares referred to above, Leo Holdings 
(2008) Corporation now holds 476,356 Ordinary Shares (representing 6.6 per cent. 
of the issued share capital of the Company). For the avoidance of doubt, after 
this sale, (i) through the shareholding of Safeland in the Company, Larry Lipman 
and Errol Lipman each continue to have an interest in 511,919 Ordinary Shares 
(representing 7.09 per cent. of the issued share capital of the Company); (ii) 
Larry Lipman continues to have a beneficial interest in 65,283 Ordinary Shares 
(representing 0.09 per cent. of the issued share capital of the Company); and 
(iii) Errol Lipman continues to have a beneficial interest in 173,110 Ordinary 
Shares (representing 2.4 per cent. of the issued share capital of the Company). 
Paul Davis continues to have a beneficial interest in 24,346 Ordinary Shares 
(representing 0.03 per cent. of the issued share capital of the Company). 
 
Definitions used in this announcement have the same meanings as given to them in 
the Circular sent to Shareholders dated 6 July 2010 unless the context requires 
otherwise. 
 
ENDS 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 ROMDMGFNMGFGGZM 
 

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