Related Party Transaction
05 11월 2009 - 9:08PM
UK Regulatory
TIDMMVH
RNS Number : 0357C
Medic Vision Limited
05 November 2009
Medic Vision Limited
("Medic Vision" or the "Company")
Related Party Transaction
London, 5 November 2009
Medic Vision (ASX/AIM: MVH) is proposing to issue ordinary shares of nil par
value in the capital of the Company (the "Ordinary Shares") to Mr Vince Leone,
Mr Frank Cannavo and Mr Ross Horley (together the "Related Parties") in
satisfaction of accrued but unpaid remuneration under their respective
employment contracts.
Further details of the proposed issue of Ordinary Shares are set out below. Mr
Leone and Mr Cannavo are existing directors of the Company and Mr Horley was a
director of the Company within the last twelve months.
+---------------------------+-------------+---------------+
| Name of Related Party | Number of | Amount being |
| | Ordinary | satisfied |
| | Shares to | (AU$) |
| | be Issued | |
+---------------------------+-------------+---------------+
| Vince Leone | 2,305,000 | 46,100 |
+---------------------------+-------------+---------------+
| Ross Horley | 1,886,700 | 37,734 |
+---------------------------+-------------+---------------+
| Frank Cannavo | 908,350 | 18,167 |
+---------------------------+-------------+---------------+
| Total | 5,400,050 | 102,001 |
+---------------------------+-------------+---------------+
The issue of the Ordinary Shares to the Related Parties, as set out above, is
considered to be a related party transaction under the AIM Rules for Companies.
The independent director of the Company (being Indrajit (Jitto) Arulampalam)
considers, having consulted with Strand Hanson Limited, that the issue of the
Ordinary Shares is fair and reasonable insofar as the Company's shareholders are
concerned.
For further information contact:
+--------------------------------------+---------------------------------------+
| Vince Leone | Email: vince.leone@medicvision.com.au |
| Chief Executive Officer & President | Mob: +61 421 054 140 |
| Medic Vision | |
| | |
+--------------------------------------+---------------------------------------+
| Stuart Faulkner / David Altberg | Tel: +44 20 7409 3494 |
| Strand Hanson Limited | |
| | |
+--------------------------------------+---------------------------------------+
| Ruari McGirr | Tel: +44 20 7628 5582 |
| Astaire Securities Plc | |
| | |
+--------------------------------------+---------------------------------------+
Background on Medic Vision Limited
Medic Vision is a technology based company specialising in the application of
technology for surgical and medical skills training. Medic Vision provides
consulting services in the development of skills training centres as well as
developing and deploying computer-based surgical and medical high fidelity
simulators.
See www.medicvision.com.au for more details
This information is provided by RNS
The company news service from the London Stock Exchange
END
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