Ethics and the Window Industry – Make your own mind up

We don’t think this needs a comment – make your own mind up

 

“Safestyle UK plc, the leading retailer and manufacturer of PVCu replacement windows and doors to the UK homeowner market, announces that it has been informed that on 20 January 2014 Steve Birmingham, Executive Director, entered into an agreement (the “Loan Agreement”) with Mr Mitu Misra pursuant to which Mr Misra lent Mr Birmingham £1,555,556 (the “Loan”). Pursuant to the Loan Agreement, Mr Birmingham agreed, inter alia, to grant to Mr Misra a charge over 1,555,556 shares in the capital of the Company (the “Shares”) by way of legal mortgage (the “Security”). In addition, pursuant to the Loan Agreement, Mr Misra had the option for repayment of the Loan to be satisfied in full in cash or by the transfer to him of the 1,555,556 Shares or by some combination of cash and Shares (the “Option”).

 Mr Misra was the founded and majority shareholder of the Company who exited fully through the Company’s IPO in December 2013. 

 On 18 December 2017, the Company announced that Mr Birmingham had sold 1,400,000 ordinary shares of £0.01 each (“Ordinary Shares”) in the Company at a price of 160p (the “Sale”). Mr Birmingham has informed the Company that the proceeds of the Sale were paid over in full to or at the direction of Mr Misra and that this was in order to fully repay the Loan and in order to fully discharge Mr Birmingham’s other obligations under the Loan Agreement in order to release the Security and Option. “

 

Read the full announcement here