Related Party Transaction


 

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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