Stock Exchange Announcements 2015

16-11-15 Director’s Dealings

The Company announces that, on 13 November 2015, it received notice that Peter Stephens, a director of the Company, and his wife, Veronica Stephens acquired 9,000 and 6,000 Ordinary Shares respectively at a price of 37p per share.

Accordingly, Peter Stephens now holds 1,068,000 Ordinary Shares in the Company, representing 3.25% of the issued share capital.

For further information, please contact:

GETECH Group plc
Raymond Wolfson, Chief Executive Tel: 0113 322 2200

WH Ireland Limited
Katy Mitchell Tel: 0161 832 2174

13-11-15 Director’s Dealings

The Company announces that, on 12 November 2015, it received notice that Peter Stephens, a director of the Company, and his wife, Veronica Stephens acquired 9,000 and 6,000 Ordinary Shares respectively at a price of 36p per share.

Accordingly, Peter Stephens now holds 1,053,000 Ordinary Shares in the Company, representing 3.20% of the issued share capital.

For further information, please contact:

GETECH Group plc
Raymond Wolfson, Chief Executive Tel: 0113 322 2200

WH Ireland Limited
Katy Mitchell Tel: 0161 832 2174

10-11-15 Board changes

The Company’s key industry sector is oil and gas exploration and production, and the Board has decided to strengthen its sector-specific capabilities by appointing a non-executive director with extensive and relevant industry experience. Chris Flavell has therefore been appointed as a director of the Company with immediate effect.

Christopher Hugh Flavell, aged 58, has 35 years’ experience in operating E&P companies and consultancies and brings a wealth of knowledge and contacts in the industry. Most recently he managed Tullow Oil’s exploration geoscience team from 2007-2013, which was a period of outstanding success for the company and in 2013 he left Tullow to form a geoscience focussed recruitment consultancy.

Chris is currently a director of Zinc Consultants Limited but is not and has not been a director or partner of any other companies or partnerships in the last 5 years.

In addition, Colin Glass has agreed to step down from his position as non-executive Director and Company Secretary, at the Annual General Meeting.

Stuart Paton, Chairman said “The Board is most grateful to Colin for his outstanding contribution to the Company’s overall development since its formation in 2000, and in particular his contributions as a board member throughout that period. In 2000 he led the negotiations for the spin-out of the Company from the University of Leeds, and in 2005 he played a significant part, together with IP Group, in the flotation of the Company on AIM.  His accountancy practice, WGN, supported the finance function of the Company until the Board agreed it was appropriate to appoint a full-time Financial Controller in June 2014, following which he helped to ensure a smooth transition. The Board wish Colin all the very best for the future.

We are very pleased to welcome Chris to the Board. His experience and contacts in the industry will be invaluable as the Company looks for opportunities to grow the business.”

There is no further information to be disclosed under paragraph (g), Schedule 2 and AIM Rule 17 of the AIM Rules of Companies in respect of this appointment.

For further information, please contact:

GETECH Group plc
Raymond Wolfson, Chief Executive Tel: 0113 322 2200

WH Ireland Limited
Katy Mitchell Tel: 0161 832 2174

03-11-15 Final results for the 12 months ended 31 July 2015

GETECH, the oil services business specialising in the provision of exploration data and petroleum systems studies and evaluations, announces its Preliminary Results for the year ended 31 July 2015.

Operational highlights

  • Significant increase in income and profit during a year in which the global oil and gas market suffered badly
  • Acquisition of ERCL in April 2015
  • Largest ever contract with Sonangol for $5m
  • Two other contracts with national oil companies, one of which generated income in the year

Financial highlights

  • Revenue £8,639k (up 32% from £6,593k) and profits £1,992k (up 99% from £1,001k)
  • Proposed final dividend for the year ended July 2015 of 1.74p giving full year dividend for the year ended July 2015 of 2.20p (2014: 2.20p)
  • Cash level £4,727k at 31 July 2015

Enquiries:

GETECH Group plc
Raymond Wolfson, Chief Executive
Tel: 0113 322 2200

WH Ireland Limited
Katy Mitchell
Tel: 0161 832 2174

  

Chairman’s statement

I am pleased to make my fifth report as Chairman of the Company, on the tenth full year results since its admission to AIM, of Getech Group plc and its subsidiary companies (“Getech” or “the Group”), for the year ended 31 July 2015. Getech is a geoscience services business specialising in the provision of data, studies and services to the oil, gas and mining exploration sectors.

 Results

I report a Group profit before tax of £1,992,236 (2014: £1,000,816) after interest receivable of £13,554 (2014: £32,914) on revenue of £8,638,588 (2014: £6,592,798). The post-tax profit was £1,812,996 (2014: £1,575,228) giving earnings per share of 5.77p (2014: 5.21p). These are a strong set of results and demonstrate the continued growth of the Company.

 Dividends

Getech is proposing a final dividend of 1.74p per share in respect of the year to 31 July 2015 (2014: 1.76p) in addition to the interim dividend of 0.46p per share announced in March 2015. The final dividend will be paid on 17 December to shareholders on the register of members on 20 November.

 Business review

For the exploration and production (E&P) sector, the financial year 2014-15 has proved to be even more challenging than the previous financial year. The reduction in exploration expenditure we had observed in 2013-14 has been followed by a very significant drop in the oil price in the last year. This oil price drop has led to significant reductions in capital expenditure across the whole E&P sector, and major redundancy rounds in many companies. The reductions in capital expenditure affect exploration spend most quickly and most dramatically. A wide range of service companies have been severely impacted, both in terms of income and profits, with a number going bankrupt and consolidation taking place across the sector.

 Against this very difficult backdrop, Getech has performed well in the last financial year. The Company has doubled its profits and increased revenue by 32%. Under the challenging circumstances affecting the sector, these are extremely strong figures and stand out relative to the rest of the sector.

 The acquisition of ERCL in April 2015 contributed to our growth in the year. This Henley-based consultancy provides services which are very complementary to the existing Getech offering. In particular, the expertise in seismic data and in planning and delivering field developments, significantly broadens the services we can provide. Further, the consideration paid, through a mixture of cash which was partly funded through new bank debt, shares, and contingent payments, reduced the up-front payment and aligns the key ERCL staff to the success of the combined Group.

 Outlook

There is clearly ongoing uncertainty in relation to the oil price although most analysts are suggesting a ‘lower for longer’ scenario with a key theme being that companies need to be ‘fit for $50’. The industry has already responded by reducing the cost profile. For example, seismic and rig rates are substantially lower than one year ago which should encourage companies to continue exploration. In the medium term, as has happened in previous cycles, the oil price will presumably increase due to supply constraints caused by the reduced investment we have witnessed in the last year. However, there remains considerable uncertainty about the timescale for the recovery of the oil price.

 At the same time, the deep cuts to staffing in many companies, including the international oil companies (IOCs) and large US independents, mean that their capability to undertake exploration is severely curtailed. This provides a real opportunity for Getech to provide focused, high quality advice to these companies and the last year has demonstrated that, even in challenging times for the sector, we can continue to develop a robust business. Nevertheless, in the short-term there remains considerable uncertainty about the state of the market and its impact on our trading and accordingly we believe the year ahead will be trading substantially below current market expectations. In this context we will seek to mitigate the immediate effects of the lower oil price while at the same time pursuing attractive opportunities as and when they are available to grow our business in the medium to long term.

 There are four areas where we continue to believe we have a strong foundation for maintaining profitability and growing our business in the longer term.

 Firstly, our Globe framework, which entered its second phase in August 2014, has seen continued support from the larger E&P companies. They clearly see the value of Getech’s support in improving their exploration performance. Globe continues to provide an environment which encourages increased interaction with our clients, which is essential to the longer-term benefits in terms of focused consultancy work.

 Secondly, we have seen continued demand for proprietary projects, where we can leverage the ERCL acquisition to provide a broader range of advice. The ERCL acquisition provides capability in seismic interpretation, well planning, field development and asset management, which mitigates to some extent the effect of low oil price on large-scale exploration.

 Thirdly, our relationships with a number of national oil companies and governments, which are generally less susceptible to oil price fluctuations, provide a degree of robustness. Our ongoing relationship with Sonangol and ERCL’s experience in managing licence rounds demonstrate our strengths in these areas.

 Fourthly, our strong knowledge base and financial robustness allow us to look at new opportunities. We are in the process of developing new business streams, which build on our core strengths and which we hope will be major revenue generators in the medium term. Following the successful completion of the ERCL acquisition, we are also actively looking at further acquisition opportunities, which will grow our core areas of expertise.

 Finally, I would like to say how pleased I am to continue to be involved with the Company and to thank the staff and my fellow Directors for all their hard work and dedication. I am also very pleased to welcome the ERCL staff based in Henley, who are a great addition to the Getech team. The whole organisation has shown great fortitude and delivered great results in challenging circumstances.

Dr Stuart Paton
Non-executive Chairman

Operating review

I report that in our tenth year as a public quoted company, Getech Group plc (“Getech” or “the Group”) returned a pre-tax profit of £1,992,236 (2014: £1,000,816) for the year ended 31 July 2015.

 Business setting

We reported that the previous year to July 2014 was difficult for the E&P sector. The year to July 2015 has seen a significant drop in oil prices, and subsequent major job losses in both oil companies and service companies. The high seismic and drilling costs, and poor exploration success that had affected the sector in the prior year were exacerbated by the oil price, which fell from over $100 at the start of August 2014 to below $50 by early January 2015. Although the oil price recovered slightly for a brief period in the first quarter of 2015, it subsequently fell again and has since remained close to or below $50. There remains considerable uncertainty as to when the oil price will significantly increase.

 Business activities

The strategy to increase our resilience against market volatility has underpinned the performance in the current year. This comprised two main elements: significant longer-term contracts to generate increased forward visibility of income; and a focus on relationships with national oil companies, which tend to react less to changes in the oil market.

 In September we announced our largest ever contract, which was $5m of consultancy work for Sonangol, the Angolan national oil company. This involved generating structural and related interpretation for all the Angolan basins. The project has been completed to schedule, and as indicated in the announcement in September 2014, the majority of the income was recognised within the year to July 2015.

 We also announced in November a further umbrella contract with a major national oil company, and in December announced the first order under this contract amounting to £400k.

 In April 2015, we announced that we had successfully passed through the tender process with a further major national oil company, under which we are one of three qualified bidders for a three year programme comprising several basin work packages per year, each of which we believe would be significant.

 We have continued the Globe development programme during the year. While we continue to enhance the data content, our Globe clients have been particularly pleased by the software that we have developed to improve the user experience. Globe continues to be our global exploration database and is actively used to add value to new sub-global products and proprietary contracts. It is essential that Globe is built with a balance between primary data (i.e. data measurements) and interpreted data. Our staff continue to build the interpretations but we have also added two significant third party data-sets – a well data-set comprising more than a million North American wells, and a seismic data-set which covers a number of areas of interest across the world. These help to provide the important assurance to Globe clients that our work is controlled by independent data.

 In March 2015, we announced the agreement to acquire ERCL, which is a consultancy company based in Henley-on-Thames. ERCL is highly complementary to Getech both in terms of its skill-sets and in terms of its position in client exploration workflows. Getech has historically been known for gravity and magnetic data, and for geological work at global and regional scale. ERCL has a range of geoscientists of various disciplines, but has a particularly strong seismic interpretation team, which had previously been a gap in Getech’s resources. ERCL typically operates at a smaller geographical scale and at stages in client workflows which are later than the Getech focus. With some clients, they also directly plan the drilling programmes. This means that Getech is now able to offer a significantly broader coverage of client workflows. In addition, ERCL works closely with governments and national oil companies providing, amongst other things, strategic and advisory services.

 ERCL was formed in January 2014 by merger of the businesses of two existing companies, and in its first year of trading it delivered income of £3.8m with profit before tax of approximately £1.2m. The reaction from our clients to this acquisition has been very positive, particularly as regards the strategic synergies.

 The ERCL acquisition also fits with our strategy of long-term relationships with national governments, with ERCL recognised for its experience in licence round management.

 In prior years one of our main constraints was the inability to recruit experienced staff. However, with the market conditions during the year we have been able to recruit a number of key staff. This, combined with the resources in ERCL, has enabled us to significantly extend our capabilities and credibility into new areas of working.

 The future

While the previous two years have been very difficult for the oil and gas market in general, we enter the new year with increased net assets and with increased cash. This gives us a firm foundation from which we can continue to execute a long-term growth strategy.

 We have continued to enhance Globe as an exploration data-set and to increasingly realise the value from it in a number ways. We anticipate that the work in the current three year development period will continue to add to its intrinsic value as well as increasingly enabling us to realise value directly through its use at a variety of scales and in a range of product types.

 In line with the existing strategy, we aim to increase the level of business with national oil companies (NOCs). We recently recruited an extremely experienced International Business Development Manager whose role is renewing and establishing relationships with a range of NOCs and governments, as well as seeking new government data-sets that may become available for use in Globe. The acquisition of ERCL further strengthened this strategy through their existing links and reputation with a number of governments and NOCs.

 We acquired ERCL as part of our growth strategy. It not only adds new skills and income streams, but also a number of synergies. We can now offer a more comprehensive service to our current clients, extending into later stages of the exploration workflow. There are real opportunities to cross-sell to existing clients, and to provide more efficient overall marketing and sales for both companies. ERCL is based in Henley-on-Thames, which is very close to London and many companies working in the oil and gas sector. While Leeds has been a very successful location, it is outside the mainstream areas of the industry and ERCL brings an established base in proximity to large parts of the UK oil and gas industry.

 Finally, while the market is at best uncertain, we are still regularly engaged with our clients and have a number of significant sales proposals awaiting approval. Client budgets are clearly under significant pressure, but even where there is little current money there has still been a willingness to consider proposals for inclusion in 2016 budgets. While there remains significant uncertainty about the short term and we cannot predict how the market will develop during 2016, we remain convinced that our products and staff are well regarded and satisfy a clear industry need. As such, whilst we anticipate a slow start to 2016, we remain confident about the long-term prospects for the extended Getech Group.

Raymond Wolfson
Chief Executive Officer

Consolidated statement of comprehensive income

For the year ended 31 July 2015

2015 2014
£ £
Revenue 8,638,588 6,592,798
Cost of sales (3,001,898) (2,126,433)
Gross profit 5,636,690 4,466,365
Administrative costs (3,649,666) (3,497,841)
Operating profit 1,987,024 968,524
Finance income 13,554 32,914
Finance costs (8,342) (622)
Profit before tax 1,992,236 1,000,816
Income tax (expense)/credit (179,240) 574,412
Profit for the year attributable to owners of the Parent 1,812,996 1,575,228
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Currency translation differences on translation of foreign operations 19,807 (95,030)
Total comprehensive income for the year attributable to owners of the Parent 1,832,803  1,480,198
Earnings per share
Basic earnings per share 5.77p 5.21p
Diluted earnings per share 5.61p 4.95p

All activities relate to continuing operations.

Consolidated statement of financial position

As at 31 July 2015
Company registration number 2891368

2015 2014
£ £
Assets
Non-current assets
Property, plant and equipment 2,852,508 2,747,916
Goodwill 3,131,538
Intangible assets 2,046,499 513,476
Deferred tax assets 159,127 311,644
8,189,672 3,573,036
Current assets
Inventories 292,005 180,092
Trade and other receivables 4,235,047 2,850,538
Current tax assets 117,522 812,767
Cash and cash equivalents 4,726,734 3,422,594
9,371,308 7,265,991
Total assets 17,560,980 10,839,027
Liabilities
Current liabilities
Borrowings 266,132
Trade and other payables 4,628,221 2,707,710
Current tax liabilities 395,155
5,289,508 2,707,710
Non-current liabilities
Borrowings 765,665
Trade and other payables 979,785
Deferred tax liabilities 319,062 321,452
2,064,512 321,452
Total liabilities 7,354,020 3,029,162
Net assets 10,206,960 7,809,865
Equity
Equity attributable to owners of the Parent
Share capital 81,824 75,790
Share premium account 4,195,918 3,012,960
Capital redemption reserve 6 6
Share option reserve 155,492 125,948
Currency translation reserve (110,950) (130,757)
Retained earnings 5,884,670 4,725,918
Total equity 10,206,960 7,809,865

The financial statements were approved by the Board of Directors on 3 November 2015.

Dr Stuart Paton
Director

Consolidated statement of cash flows

For the year ended 31 July 2015

2015 2014
£ £
Cash flows from operating activities
Profit before tax 1,992,236 1,000,816
Share-based payment charge 58,912 21,186
Depreciation and amortisation charges 366,268 239,704
Impairment of intangible assets 298,110
Fair value adjustments (303,887)
Finance income (13,554) (32,914)
Finance costs 8,342  622
Exchange adjustments (59,058) 44,686
Increase in inventories (111,913) (14,092)
Decrease/(increase) in trade and other receivables 202,006 (727,154)
Increase/(decrease) in trade and other payables 483,349 (833,048)
Cash generated/(used in) from operations 2,920,811  (300,194)
Income taxes paid 456,650 (180,226)
Net cash generated/(used in) from operating activities 3,377,461 (480,420)
Cash flows from investing activities
Purchase of property, plant and equipment (258,856) (106,897)
Purchase of intangible assets (128,090)
Development costs capitalised (976,831) (82,867)
Acquisition costs, net of cash received (1,130,619)
Funds transferred into fixed-term deposits 500,000
Interest received 13,554 32,914
Net cash (used in)/generated from investing activities (2,480,842)  343,150
Cash flows from financing activities
Proceeds from issue of share capital 24,495 20,339
New term loan 1,100,000
Repayment of long-term borrowings (68,203) (119,048)
Equity dividends paid (683,610) (616,538)
Interest paid (8,342) (622)
Net cash generated from/(used in) financing activities 364,340 (715,869)
Net increase/(decrease) in cash and cash equivalents 1,260,959 (853,139)
Cash and cash equivalents at beginning of year 3,422,594 4,357,927
Exchange adjustments to cash and cash equivalents at beginning of year 43,181  (82,194)
Cash and cash equivalents at end of year 4,726,734  3,422,594

Consolidated statement of changes in equity

For the year ended 31 July 2015

Share capital Share premium account Merger relief reserve Capital redemption reserve Share option reserve Currency translation reserve Retained earnings Total
£ £ £ £ £ £ £ £
At 1 August 2013 75,319 2,993,092 6 122,717 (35,727) 3,749,273 6,904,680
Dividends (616,538) (616,538)
Issue of capital under share‑based payment options 471 19,868 (17,955) 17,955 20,339
Share-based payment charge 21,186 21,186
Transactions with owners 471 19,868 3,231 (598,583) (575,013)
Profit for the year 1,575,228 1,575,228
Other comprehensive income
Currency translation differences (95,030) (95,030)
Total comprehensive income for the year (95,030) 1,575,228 1,480,198
At 31 July 2014 75,790 3,012,960 6 125,948 (130,757) 4,725,918 7,809,865
Dividends (683,612) (683,612)
Issue of capital under share‑based payment options 592 23,903 (29,368) 29,368 24,495
Share-based payment charge 58,912 58,912
Issue of share capital 5,442 1,159,055 1,164,497
Transactions with owners 6,034 23,903 1,159,055 29,544 (654,244) 564,294
Profit for the year 1,812,996 1,812,996
Other comprehensive income
Currency translation differences 19,807 19,807
Total comprehensive income for the year 19,807 1,812,996 1,846,506
At 31 July 2015 81,824 3,036,863 1,159,055 6 155,492 (110,950) 5,884,670 10,206,960

Notes to the consolidated financial statements

For the year ended 31 July 2015

Nature of operations

The principal activity of Getech Group plc and its subsidiary companies Geophysical Exploration Technology Inc. and ERCL Limited (collectively “Getech” or “the Group”) is the provision of gravity and magnetic data, services and geological studies to the petroleum and mining industries to assist in their exploration activities.

General information

Getech Group plc is the Group’s ultimate Parent Company (“the Parent Company”). It is incorporated in England and Wales and domiciled in England (CRN: 2891368). The address of its registered office is Convention House, St Mary’s Street, Leeds LS9 7DP. Its principal place of business is Kitson House, Elmete Hall, Elmete Lane, Leeds LS8 2LJ. Getech Group plc shares are admitted to trading on the London Stock Exchange’s AIM.

Basis of preparation

These consolidated financial statements (“the financial statements”) have been prepared in accordance with International Financial Reporting Standards (IFRS) in issue as adopted by the European Union. IFRS include interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC).

The financial statements have been prepared under the historical cost convention.

The Directors have instituted regular reviews of trading and cash flow forecasts and have considered the sensitivity of these forecasts to different assumptions about future income and costs. With the sound cash levels and continued prospects for profitable trading, the Directors are fully satisfied that the Group is a going concern and will be able to continue trading for the foreseeable future.

Financial information

The financial information set out above, which was approved by the Board on 2 November 2015, is derived from the full Group accounts for the year ended 31 July 2015 and does not constitute the statutory accounts within the meaning of section 434 of the Companies Act 2006. The Group accounts on which the auditors have given an unqualified report, which does not contain a statement under section 498(2) or (3) of the Companies Act 2006 in respect of the accounts for 2015, will be delivered to the Registrar of Companies in due course.

 The statutory accounts for the year ended 31 July 2014 which have been delivered to the Registrar of Companies, contained an unqualified audit report and did not include a statement under s498(2) or s498(3) of the Companies Act 2006.

 Dividends

2015 2014
£ £
Paid during the year
Final dividend in respect of the year ended 31 July 2014 at 1.76p per share (2013: 1.60p) 534,015 482,125
Interim dividend at 0.46p per share (2014: 0.44p) 149,597 134,413
683,612 616,538
Proposed after the year end (not recognised as a liability)
Final dividend in respect of the year ended 31 July 2015 at 1.74p per share (2014: 1.76p) 572,386 533,565

The proposed final dividend per share for the year ended 31 July 2015 is subject to approval by shareholders at the Annual General Meeting on 8 December 2015.

Earnings per share

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Group by the weighted average number of the Ordinary Shares in issue in the year.

2015 2014
Profit attributable to equity holders of the Group £1,812,996 £1,575,228
Weighted average number of Ordinary Shares in issue 31,416,845 30,249,212
Basic earnings per share 5.77p 5.21p
Diluted earnings per share 5.61p 4.95p

Diluted earnings per share is calculated by dividing the profit attributable to equity holders of the Group by the weighted average number of the Ordinary Shares which would be in issue if all the options granted, other than those which are anti-dilutive, were exercised. The addition to the weighted number of the Ordinary Shares used in the calculation of diluted earnings per share for the year ended 31 July 2015 is 1,510,171 (2014: 1,560,109).

Notice of Annual General Meeting

The Annual Report and Accounts, and notice convening the Annual General Meeting of the Company will be posted to shareholders on 12 November 2015 and will be available from the Company’s website www.getech.com, from that date. The Annual General Meeting of Getech Group plc (“the Company”) will be held at Kitson House, Elmete Hall, Elmete Lane, Leeds LS8 2LJ on 8 December 2015 at 12 noon.

12-08-15 Director’s dealings

The Company announces that it has today received notice that Raymond Wolfson has sold 17,500 Ordinary Shares at a price of 57p in order to settle the remainder of his income tax bill, following the exercise of options announced on 11 August 2015. Accordingly, Raymond Wolfson now holds 457,979 Ordinary Shares in the Company, representing 1.39% of the issued share capital.

For further information, please contact:

GETECH Group plc
Raymond Wolfson, Chief Executive Tel: 0113 322 2200

WH Ireland Limited
Katy Mitchell Tel: 0161 832 2174

11-08-15 Trading update

The Company announces that it has today received notice to exercise options over ordinary shares in the Company by certain directors of the Company as set out below:

Name

Price

Number of Shares

Colin Glass

9.87p

82,979

Raymond Wolfson        

9.87p

82,979

Total Shares        

165,958

The Company also confirms that it has received notice to exercise options over Ordinary Shares from certain employees of the Company, as set out below:

Date of exercise

Exercise Price        

Number of Shares

27 July 2015

15p

19,149

6 July 2015

9.87p

75,000

18 May 2015

9.87p

114,895

1 December 2014

15p

1,200

9 December 2014

15p

1,200

18 November 2014        

9.87p

25,532

Total Shares

236,976

Accordingly, the Company has today issued 402,934 new Ordinary Shares (“New Ordinary Shares”). The New Ordinary Shares rank pari passu with the Company’s existing issued Ordinary Shares. Application has been made to admit the New Ordinary Shares to trading on AIM, and dealings in these shares are anticipated to commence on 14 August 2015. On admission, the Company will then have 32,895,748 shares in issue.

Raymond Wolfson has simultaneously sold 12,500 Ordinary Shares at a price of 57p in order to settle part of his income tax bill on the exercise of these options. Accordingly, Raymond Wolfson now holds 470,479 Ordinary Shares in the Company, representing 1.43% of the issued share capital.

Colin Glass now holds 656,807 Ordinary Shares, representing 2.00% of the issued share capital of the Company.

There are no shares held in treasury, therefore the total number of voting rights in the Company will be 32,895,748. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest under the Disclosure and Transparency Rules.

For further information, please contact:

GETECH Group plc
Raymond Wolfson, Chief Executive Tel: 0113 322 2200

WH Ireland Limited
Katy Mitchell Tel: 0161 832 2174

07-08-15 Trading update

Getech, the geoscience services business specialising in the provision of data, studies and services to the oil, gas and mining exploration sectors, provides a trading update.

The Directors anticipate that the Company will return trading figures for the year to 31 July 2015 which show a very significant year on year improvement. The current estimate, which is subject to review and audit, is profit before tax of £2.0m (2014: £1.0m) on income of £8.5m (2014: £6.6m), representing a 100% increase in profit before tax and a 29% increase in income. This result would be slightly below current market expectations.

The Directors regard this as a strong performance given the current market conditions, which include the rapid fall and volatility in the oil price, and an extended period of retrenchment and redundancies throughout the oil and gas market globally.

Getech had previously stated that it aimed to reduce its exposure to volatility in the market through a number of means. Specific strategies included focussing on major contracts with National Oil Companies (“NOCs”), and signing multi-year contractual commitments with clients. In both respects the Company has achieved successes – three major NOC contracts were announced during the year and longer term contracts include the commitments to Globe as well as the highly successful multi-satellite project. While these have not guaranteed isolation from movements in the market, the impact has been substantially reduced and as a result the Company has been very much more resilient than in 2009.

The Company also notes that although three major contracts with NOCs were announced during the year to July 2015, only the Sonangol contract (announced in September 2014) generated income during the year. The Company anticipates that all three clients will generate significant income in the coming year.

In May 2015 the Company completed the acquisition of ERCL, the Henley based consultancy. The Directors are delighted with progress on the integration programme and although, like other service companies, it is seeing the impact of the market downturn, in its first four months as part of the Getech group it has made a positive contribution to group profits.

Overall, the directors believe that the market conditions in the year ahead will remain challenging but, based on the existing contracts and continued client interest, the directors remain optimistic for the future.

Stuart Paton, Non-Executive Chairman of Getech Group plc, said “In market conditions as difficult as these, we are delighted with the performance for the year and the resilience that this demonstrates to market volatility. I am particularly pleased that we have achieved this while two of the three new NOC contracts we announced during the year are still to start generating income. The market is expected to remain tight, with uncertainty about the timing of recovery of the oil price. However, we are increasingly confident about the prospects for 2016 as a number of significant discussions have already, at the request of our clients, been aimed at inclusion of Getech products in their 2016 budgets. This will supplement the income already committed to the Globe and Multi-satellite projects as well as the anticipated returns from the three NOC clients who signed contracts in the year to July 2015.”

Enquiries:

GETECH Group plc
Raymond Wolfson, Chief Executive Tel: 0113 322 2200

WH Ireland Limited
Katy Mitchell Tel: 0161 832 2174

17-06-15 Director’s Dealings

The Company confirms today that on 9 June 2015, Veronica Stephens, the wife of Peter Stephens, a director of the Company, acquired 25,000 Ordinary Shares in the Company at a price of 53p each and on 12 June 2015, she acquired a further 25,000 Ordinary Shares in Company at a price of 53p (a total of 50,000 Ordinary Shares). Accordingly, Peter Stephens is now interested in 1,038,000 ordinary shares in the Company representing 3.19% of the issued share capital and total voting rights of the Company.

For further information please contact:

GETECH Group plc
Raymond Wolfson, Chief Executive Tel: 0113 322 2200

WH Ireland Limited
Katy Mitchell Tel: 0161 832 2174

17-04-15 Notification Of Major Interest In Shares

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES 
 
1. Identity of the issuer or the underlying issuer
of existing shares to which voting rights are
attached:
GETECH GROUP PLC
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):  Increase in total voting rights  X
3. Full name of person(s) subject to the
notification obligation:
Investec Wealth & Investment Limited
4. Full name of shareholder(s)
 (if different from 3.):
 N/A
5. Date of the transaction and date on
which the threshold is crossed or
reached:
13 April 2015
6. Date on which issuer notified: 25 April 2015
7. Threshold(s) that is/are crossed or
reached: 
Below 3%
 
8. Notified details:
A: Voting rights attached to shares
Class/type of
shares

if possible using
the ISIN CODE
Situation previous
to the triggering
transaction
Resulting situation after the triggering transaction
Number
of
Shares
Number
of
Voting
Rights
Number
of shares
Number of voting
rights
% of voting rights 
Direct Indirect Direct  Indirect  Direct Indirect
GB00B0HZVP95  971,830  971,830 971,830 2.99%

 

 

B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial
instrument
Expiration
date
Exercise/
Conversion Period
Number of voting
rights that may be
acquired if the
instrument is
exercised/ converted.
% of voting
rights
n/a
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments 
Resulting situation after the triggering transaction
Type of financial
instrument
Exercise price Expiration date  Exercise/
Conversion period 
Number of voting rights instrument refers to % of voting rights 
n/a Nominal Delta
Total (A+B+C)
Number of voting rights Percentage of voting rights
971,830 2.99%
9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable:
n/a
 
Proxy Voting:
10. Name of the proxy holder: n/a
11. Number of voting rights proxy holder will cease
to hold:
n/a
12. Date on which proxy holder will cease to hold
voting rights:
n/a
13. Additional information:
14. Contact name: Phil Beardwell Chartered FCSI
Senior Compliance Manager
15. Contact telephone number: 020 7597 1356

 

For further information, please contact:

GETECH Group plc
Raymond Wolfson, Chief Executive Tel: 0113 322 2200

WH Ireland Limited
Katy Mitchell Tel: 0161 832 2174

13-04-15 Further National Oil Company Multi-Year Contract

Getech (AIM; GTC), the geoscience business specialising in the provision of data, studies and services to the oil, gas and mining exploration sectors, announces a further significant multi-year contract with a major National Oil Company (“NOC”).

This contract is for a three year period with the NOC having the option to extend for a further two years. Getech has progressed successfully through an extended tender process and the NOC has now confirmed that Getech is one of three companies contracted to provide basin evaluation services. It is anticipated that the NOC will offer by way of tender to these three companies several basin evaluation packages per year, and that the value of each package will, if won by Getech, significantly affect the Company’s results and therefore be the subject of further announcements.

Raymond Wolfson, Chief Executive of Getech Group plc, said: “We previously announced that the strategy in relation to our Commissions division was to continue to build the regular range of consultancy projects, but also to focus on a number of key clients who, individually, could be material to Getech’s trading. In the second half of 2014 we announced two such contracts and this third contract represents a further success for our stated strategy, in what is currently a very challenging marketplace.

“This NOC has a global exploration remit and specifically requested bidders to provide information about their global databases. We cited our Globe framework and were informed that the workflow approach within Globe was a contributor to our success with the bid, although any sale of Globe would be carried out through a separate process and budget.

“While our historic business was primarily new ventures and early stage exploration, in recent years our strategy has included extending our work further along client workflows to leverage additional value from our skills and products and to increase the range of projects we could deliver. Both our recent acquisition of ERCL and this new contract are key components within this strategy.”

Enquiries:

GETECH Group plc
Raymond Wolfson, Chief Executive Tel: 0113 322 2200

WH Ireland Limited
Katy Mitchell Tel: 0161 832 2174

08-04-15 Completion of Acquisition of ERCL

Getech (AIM; GTC), the geoscience business specialising in the provision of data, studies and services to the oil, gas and mining exploration sectors, is pleased to announce that further to the announcement of 24 March 2015, the agreement to acquire the entire issued share capital of ERCL Limited, an upstream oil and gas consultancy, (the “Agreement”) has now completed.

 Issue of Equity

Accordingly, Getech has today paid an initial payment of cash £1,750,000 and issued 2,176,630 ordinary shares (“New Shares”) to Huw Edwards, Richard Heath, Steve Lawrence and Chris Irons, who will all remain with ERCL following completion, and SAER Limited as follows:

Name

Shareholding

Percentage of issued equity

Huw Edwards

870,652

2.68%

Richard Heath

217,663

0.67%

Steve Lawrence

217,663

0.67%

Chris Irons

217,663

0.67%

SAER Limited

652,989

2.01%

Application has been made to admit the New Shares to trading on AIM and it is anticipated that trading in the New Shares will commence on 13 April 2015, it is agreed that New Shares will be retained by the shareholders set out above for a minimum period of one year from completion.  Deferred consideration is also payable, as set out in the announcement of 24 March 2015.

There are no shares held in treasury, therefore the total number of voting rights in the Company will then be 32,492,814. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest under the Disclosure and Transparency Rules.

Appointment of Director

William Huw Edwards (“Huw”), aged 59, one of the founding directors and shareholders of ERCL, is to be appointed a director with effect from today.

Huw is currently a director of ERCL Limited and Edwards Resource Consultants Limited. He was previously a director of PGS 2011 Limited, which was dissolved in 2013, and a director of Exploration Reservoir Consultants Limited, which was put into voluntary liquidation in 2010 on the advice of Huw’s accountants. This was a private company owned only by Huw and his wife and there are no outstanding debts in this company.

As a consequence of the acquisition of ERCL by Getech, Huw now holds Ordinary Shares in the Company, as set out in the table above.

There is no further information to be disclosed under paragraph (g), Schedule 2 and AIM Rule 17 of the AIM Rules of Companies in respect of this appointment.

For further information, please contact:

GETECH Group plc
Raymond Wolfson, Chief Executive Tel: 0113 322 2200

WH Ireland Limited
Katy Mitchell Tel: 0161 832 2174

24-03-15 Conditional Acquisition of ERCL by Getech

Getech (AIM; GTC), the geoscience business specialising in the provision of data, studies and services to the oil, gas and mining exploration sectors, is pleased to announce the execution of an agreement to acquire the entire issued share capital of ERCL Limited, an upstream oil and gas consultancy, (the “Agreement”).

Completion is scheduled for the week commencing 7 April 2015, conditional on payment of the consideration.

Getech has previously stated a strategic aim of acquiring companies with clear commercial fit and synergies, in parallel with the strategic aim of organic growth.

Getech’s market position has historically been focussed on global and regional scale work, which are relatively early in the exploration workflows. However, Getech has been extending its work towards basin and block scale evaluation, where there is greater expenditure and more focus on drilling risk reduction.  ERCL’s skills, experience and reputation are primarily in the use and application of seismic and well data in all stages of the workflow and hence strongly complement Getech’s current capabilities and market position.

The directors believe the new combined Group will be able to offer a significantly more comprehensive range of services and products, addressing exploration and development issues across a broader spectrum of client workflows.  In particular ERCL brings to the Group a proven track record of working with Governments and National Oil Companies.

ERCL

ERCL is based in Henley-on-Thames, UK, and was formed in January 2014 by a merger of the businesses of two companies – Exploration Reservoir Consultants Limited and SAER Limited. It is a specialist upstream oil and gas consultancy currently employing 26 staff and supported by a network of specialist associates who further enhance its capabilities.

The directors of ERCL are all well respected within the industry and each brings key technical skills developed from having operated since 1971, in virtually every global petroleum province. Collectively the directors and staff of ERCL have been involved in projects in over 100 countries.

ERCL is a high technology company and has more than $1,000,000 of specialist oil industry geoscience software under license that is utilised by its staff to analyse technical data on behalf of its clients. The directors believe it’s investment in technology, innovative approach and creativity is well respected and is one of the company’s key differentiators in the industry.

ERCL works closely with governments and national oil companies providing strategic and advisory services, together with associated license round management, capacity building and training, data management and multi-client products.

ERCL also provides geo-technical expertise to oil companies for exploration and development projects, and to service companies on a proprietary basis. It also applies this expertise to create new multi-client data projects.

More information about the services ERCL provides can be found by visiting www.ercl.com.

In its first year of trading as ERCL, it delivered (unaudited) income of £3.8m and profit before tax in excess of £1.2m. This was supported by exceptional contributions from work in Africa.

The net book value of the assets in the ERCL accounts is £40,000.

Getech will acquire 100% of the issued share capital from the existing shareholders: Huw Edwards, Richard Heath, Steve Lawrence and Chris Irons, who will all remain with ERCL following completion, and SAER Limited. It is proposed that, subject to due diligence and Nominated Adviser approval, Huw Edwards will be appointed a director of Getech at a date to be confirmed, after completion.

The consideration

Getech will pay consideration as follows:

  • On the date of completion, an initial payment of cash £1,750,000
  • On the date of completion, an initial issue of 2,176,630 shares. Application will be made to admit these shares to trading on AIM and it is anticipated that trading in the shares will commence on 13 April 2015. It is agreed that the shares will be retained by the ERCL shareholders for a minimum period of one year from completion. A further announcement will be made when the transaction completes and the shares are issued.
  • Deferred consideration, based on the performance of the company over a three-year period. This has an expectation of generating a total of £1,550,000 over the three years if performance targets are met. The deferred consideration will be based on the profit before tax to the extent it exceeds a hurdle level in each year.

The expected value of the aggregate consideration is £4,300,000.

Bank loan

Although Getech has strong cash levels, a loan has been arranged with RBS/NatWest for £1.1m, repayable over four years or less (at Getech’s discretion), with interest rate at 2.04% above base rate. The loan is secured against the Getech office building in Leeds. The Directors believe this is the prudent approach and will reduce the up-front net cash cost of the deal to £650,000.

Raymond Wolfson, Chief Executive of Getech Group plc, said: “We are delighted that agreement has been reached with ERCL. We see a very strong strategic fit between Getech and ERCL, and believe that this will open up an extended range of opportunities for the enlarged group to work with oil and gas exploration companies and national oil companies. The combined group will have a strong asset base, a broader range of skills and products, and the ability to address exploration issues across the full spectrum of clients from the smallest companies to the super-majors and NOCs.

“We have known a number of the ERCL directors and staff for several years and are confident that there is both a cultural fit and a strong ability to work together to grow the combined group. We look forward to working with ERCL and the opportunities that this will bring.”

For further information, please contact:

GETECH Group plc
Raymond Wolfson, Chief Executive Tel: 0113 322 2200

WH Ireland Limited
Katy Mitchell Tel: 0161 832 2174

24-03-15 Interim Report for the six months ended 31 January 2015

Interim Report for the six months ended 31 January 2015

Getech, the geoscience services business specialising in the provision of data, studies and services to the oil, gas and mining exploration sectors, announces its interim results for the six months ended 31 January 2015.

Highlights

Revenue for the six months of £3,619,000 (six months ended 31 January 2014: £3,110,000)
Profit before tax of £707,000 (six months ended 31 January 2014: £233,000)
Interim dividend proposed of 0.46p per share (2014: 0.44p per share)
Cash levels strong at £4,733,000
Strong demand for consultancy work through the half year
Inertia in the market led to slowdown in major sales

Stuart Paton, Non-Executive Chairman of Getech Group plc, said:

“We start the second half of our year with strong cash balances and a substantial pipeline of sales opportunities. Our strategy of seeking major contracts which, individually, are material to Getech has continued to demonstrate success and we have signed two ongoing major contracts with further discussions underway. This is also a key part of our strategy to increase the level of forward committed income, the other components of which are Globe sponsorship, research and development projects (Multi-satellite altimeter gravity and Global depth‑to‑basement studies) and a portfolio of smaller proprietary projects.”

GETECH Group plcRaymond Wolfson, Chief Executive Tel:  0113 322 2200
WH Ireland LimitedKaty Mitchell Tel:  0161 832 2174

Chairman’s statement

“Globe continues to provide an environment that encourages increased interaction with our clients, which is essential to the longer-term benefits of improved exploration performance. The annual Globe workshops in Leeds and Houston have become a major event in the year.”

Results

Getech reports a Group profit before tax of £707,000 (six months ended 31 January 2014: £233,000) after interest receivable of £5,000 (six months ended 31 January 2014: £16,000) on revenue of £3,619,000 (six months ended 31 January 2014: £3,110,000). The post-tax profit was £691,000 (six months ended 31 January 2014: £193,000).

The accounts have been prepared under International Financial Reporting Standards (IFRS) in issue as adopted by the European Union.

Dividend

Your Board recommends an interim dividend of 0.46p per share.

Business review

Highlights:

half-year profit before tax was £707,000;
cash at 31 January was £4,733,000;
interim dividend increased to 0.46p per share;
satisfactory half-year position despite the difficult market;
commissions Group continued to perform strongly;
largest ever contract signed in September 2014 – $5,000,000 with Sonangol; and
first successes for strategy of major new contracts which are individually material.

During the half year the business has continued to be affected by the difficult market conditions. The very significant drop in oil price since mid-2014 has led to cuts in capital expenditure across the full range of exploration and production (E&P) companies and across the E&P business lifecycle. This has had a direct negative impact on the service companies, in particular those focused on exploration. Our previous experience of working through oil price cycles has led to a number of conclusions. First, the market can be difficult for a period of time. During this time it is important to focus on the key needs of clients and companies that are less affected by spending cuts. Second, short-term reductions in expenditure, and hence, activity, led to reduced reserves additions, and hence, a longer-term increase in activity. This observation gives us support for the longer-term prospects for the business. Third, downturns lead to opportunities for robust companies, such as Getech, to recruit good staff and consider acquisition opportunities. The Company remains in a very strong financial position. By the end of the period the cash balance amounted to £4,733,000, which is an increase of £1,310,000 on the position at 31 July 2014, despite the payment of a dividend costing £534,000 in December 2014.

Outlook

We start the second half of our year with strong cash balances and a substantial pipeline of sales opportunities. Our strategy of seeking major contracts which, individually, are material to Getech has continued to demonstrate success and we have signed two ongoing major contracts with further discussions underway. This is also a key part of our strategy to increase the level of forward committed income, the other components of which are Globe sponsorship, research and development projects (Multi-satellite altimeter gravity and Global depth‑to‑basement studies) and a portfolio of smaller proprietary projects.

We are continuing to build the Globe framework with the aim of making it the pre-eminent exploration tool for oil and gas explorers. As well as increasing the resolution of Globe, we are providing additional functionality to make it more accessible to a wider group of users and more flexible in terms of the sub-global and bespoke products that it can deliver.

While we are fully aware of the need to be vigilant about the potential impact of the current market conditions on our business, our strong position means that we are able to adopt the perspective that this represents an opportunity, and we continue to seek good staff and complementary acquisitions.

We remain confident about our medium and longer-term prospects.

Dr Stuart Paton

Non-executive Chairman

24 March 2015

Consolidated statement of comprehensive income

For the six months ended 31 January 2015

table1

 Consolidated statement of financial position

As at 31 January 2015

Company registration number 2891368

table2

Consolidated statement of cash flows

For the six months ended 31 January 2015

table3atable3b

Consolidated statement of changes in equity

For the six months ended 31 January 2015

 table4

Notes to the interim report

For the six months ended 31 January 2015

1 Nature of operations

The principal activity of Getech Group plc (“the Company”) and its subsidiary company, Geophysical Exploration Technology Inc. (collectively “Getech” or “the Group”) is the provision of gravity and magnetic data, services and geological studies to the petroleum and mining industries to assist in their exploration activities.

2 General information

Getech Group plc is the Group’s ultimate Parent Company. It is incorporated in England and Wales and domiciled in England (CRN: 2891368). The address of its registered office is Convention House, St Mary’s Street, Leeds LS9 7DP. Its principal place of business is Kitson House, Elmete Hall, Elmete Lane, Leeds LS8 2LJ. The Company’s shares are admitted to trading on the London Stock Exchange’s AIM.

The financial information for the six months ended 31 January 2015 and 31 January 2014 has not been audited and does not constitute full financial statements within the meaning of Section 434 of the Companies Act 2006. These consolidated interim financial statements (“the interim financial statements”) have been approved by the Board.

The financial information relating to the year ended 31 July 2014 is based on the Group’s statutory accounts for that period. The statutory accounts were prepared in accordance with IFRS in issue as adopted by the European Union. IFRS include interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC). The statutory accounts received an unqualified audit report, did not contain statements under Sections 498(2) or (3) of the Companies Act 2006 and have been filed with the Registrar of Companies.

3 Basis of preparation

The interim financial statements are for the six months ended 31 January 2015. They have been prepared using the recognition and measurement principles of IFRS. The interim financial statements do not include all the information required for full annual financial statements and should be read in conjunction with the financial statements of the Group for the year ended 31 July 2014.

The interim financial statements have been prepared under the historical cost convention except in relation to financial instruments held at face value through profit or loss. They have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year ended 31 July 2014.

The accounting policies have been applied consistently throughout the Group for the purpose of preparation of the interim financial statements.

table5

The proposed dividend is payable on 1 May 2015 to members on the register at 7 April 2015.

5 Earnings per share

Basic earnings per share is calculated on the basis of the profit for the period after tax, divided by the weighted average number of Ordinary Shares in issue in the period of 30,327,196 (six months ended 31 January 2014: 30,183,332; year ended 31 July 2014: 30,249,212).

Diluted earnings per share is calculated on the basis of the profit for the period after tax, divided by the weighted average number of Ordinary Shares in issue plus the weighted average number of Ordinary Shares which would be issued if all options granted were exercised. The addition to the weighted average number of Ordinary Shares used in the calculation of diluted earnings per share for the six months ended 31 January 2015 is 905,712 (six months ended 31 January 2014: 1,820,077; year ended 31 July 2014: 1,560,109)

6 Interim Report

This Interim Report is being sent to the shareholders of Getech and will be available at its registered office, Convention House, St Mary’s Street, Leeds LS9 7DP, UK, and from its website, www.getech.com, from 2 April 2015.

Directors, secretary and advisors

Directors

Dr Stuart Paton

Non-executive Chairman

Raymond Wolfson

Chief Executive Officer

Professor Paul Carey

Marketing and Sales Director

Dr Paul Markwick

Technical Director

Peter Stephens

Non-executive Director

Colin Glass

Non-executive Finance Director

Dr Alison Fielding

Non-executive Director

Company Secretary

Colin Glass

Registered office

Convention House

St Mary’s Street

Leeds LS9 7DP

Company registration number

2891368

Nominated advisor and broker

WH Ireland Limited

Third Floor

Royal House

28 Sovereign Street

Leeds LS1 4BJ

Auditor

Grant Thornton UK LLP

No. 1 Whitehall Riverside

Whitehall Road

Leeds LS1 4BN

Solicitors

Walker Morris

Kings Court

12 King Street

Leeds LS1 2HL

Principal bankers

NatWest

PO Box 183

8 Park Row

Leeds LS1 1QT

Registrars

Capita Asset Services

Northern House

Woodsome Park

Fenay Bridge

Huddersfield HD8 0LA

23-03-15 Notification Of Major Interest In Shares

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES 
 
1. Identity of the issuer or the underlying issuer
of existing shares to which voting rights are
attached:
GETECH GROUP PLC
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the
notification obligation:
Old Mutual Plc
4. Full name of shareholder(s)
 (if different from 3.):
5. Date of the transaction and date on
which the threshold is crossed or
reached:
20 MARCH 2015
6. Date on which issuer notified: 23 MARCH 2015
7. Threshold(s) that is/are crossed or
reached: 
Fallen Below 5%
 
8. Notified details:
A: Voting rights attached to shares
Class/type of
shares

if possible using
the ISIN CODE
Situation previous
to the triggering
transaction
Resulting situation after the triggering transaction
Number
of
Shares
Number
of
Voting
Rights
Number
of shares
Number of voting
rights
% of voting rights 
Direct Indirect Direct  Indirect  Direct Indirect
GB00B0HZVP95  1,531,811  1,531,811 1,511,000 4.98%

 

 

B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial
instrument
Expiration
date
Exercise/
Conversion Period
Number of voting
rights that may be
acquired if the
instrument is
exercised/ converted.
% of voting
rights
n/a
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments 
Resulting situation after the triggering transaction
Type of financial
instrument
Exercise price Expiration date  Exercise/
Conversion period 
Number of voting rights instrument refers to % of voting rights 
n/a Nominal Delta
Total (A+B+C)
Number of voting rights Percentage of voting rights
1,511,000 4.98%
9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable:
n/a
 
Proxy Voting:
10. Name of the proxy holder: n/a
11. Number of voting rights proxy holder will cease
to hold:
n/a
12. Date on which proxy holder will cease to hold
voting rights:
n/a
13. Additional information:
14. Contact name: Rose Coyle
15. Contact telephone number: 0207 002 7503

 

For further information, please contact:

GETECH Group plc
Raymond Wolfson, Chief Executive Tel: 0113 322 2200

WH Ireland Limited
Katy Mitchell Tel: 0161 832 2174

09-03-15 Notification Of Major Interest In Shares

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES 
 
1. Identity of the issuer or the underlying issuer
of existing shares to which voting rights are
attached:
GETECH GROUP PLC
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the
notification obligation:
Old Mutual Plc
4. Full name of shareholder(s)
 (if different from 3.):
5. Date of the transaction and date on
which the threshold is crossed or
reached:
26 FEBRUARY 2015
6. Date on which issuer notified: 6 MARCH 2015
7. Threshold(s) that is/are crossed or
reached: 
5%
 
8. Notified details:
A: Voting rights attached to shares
Class/type of
shares

if possible using
the ISIN CODE
Situation previous
to the triggering
transaction
Resulting situation after the triggering transaction
Number
of
Shares
Number
of
Voting
Rights
Number
of shares
Number of voting
rights
% of voting rights 
Direct Indirect Direct  Indirect  Direct Indirect
GB00B0HZVP95 1,531,811 1,531,811 5.05%

 

 

B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial
instrument
Expiration
date
Exercise/
Conversion Period
Number of voting
rights that may be
acquired if the
instrument is
exercised/ converted.
% of voting
rights
n/a
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments 
Resulting situation after the triggering transaction
Type of financial
instrument
Exercise price Expiration date  Exercise/
Conversion period 
Number of voting rights instrument refers to % of voting rights 
n/a Nominal Delta
Total (A+B+C)
Number of voting rights Percentage of voting rights
1,531,811 5.05%
9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable:
n/a
 
Proxy Voting:
10. Name of the proxy holder: n/a
11. Number of voting rights proxy holder will cease
to hold:
n/a
12. Date on which proxy holder will cease to hold
voting rights:
n/a
13. Additional information:
14. Contact name: Rose Coyle
15. Contact telephone number: 0207 002 7503

 

For further information, please contact:

GETECH Group plc
Raymond Wolfson, Chief Executive Tel: 0113 322 2200

WH Ireland Limited
Katy Mitchell Tel: 0161 832 2174