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Highlights:
Hornby strengthens its financial position through a share transaction involving CFO Kirstie Gould.
The company has agreed to sell its subsidiary, LCD Enterprises Limited, to EKD Enterprises Limited for £1.38 million.
Hornby repurchases shares from Lyndon Davies, reducing his stake in the company.
Hornby PLC (LSE:HRN) , the renowned model railway brand, has undertaken strategic steps to bolster its financial position through a share transaction involving its Chief Financial Officer (CFO), Kirstie Gould. As part of a broader deal related to the disposal of a subsidiary, Gould has subscribed for new shares in the company.
This move follows Hornby’s announcement on November 5, 2024, of a conditional agreement to sell its wholly-owned subsidiary, LCD Enterprises Limited, to EKD Enterprises Limited for approximately £1.38 million. EKD Enterprises is owned by Lyndon Davies and his family. In a separate transaction, Davies will sell his 0.9% stake in Hornby, equating to 1,526,627 ordinary shares, back to the company for a nominal sum.
To facilitate the share buyback, ensuring the company has sufficient distributable reserves, CFO Kirstie Gould purchased 5 new ordinary shares at £0.22 per share. This transaction occurred today, with the new shares set to be admitted to trading on the AIM market of the London Stock Exchange on November 26, 2024. The newly issued shares will have the same rights as existing shares.
As a result of these transactions, Hornby’s issued share capital will increase to 169,853,775 ordinary shares, with no shares held in treasury. This figure will be used as the denominator for calculating shareholder notifications of interest, in line with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
These actions are part of Hornby's broader strategy to manage its capital and reserves effectively, offering transparency to shareholders and the market. The company’s disclosures related to these transactions have been made in compliance with regulatory requirements.
