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23 Jul 2008 07:00
Pan Pacific Aggregates PLC
23 July 2008
Pan Pacific Aggregates PLC ('PPA' or 'the Company') raises £750,000
The Board of Pan Pacific Aggregates PLC (AIM: PPA) reports that the Company has provisionally raised up to a total of £750,000 through the placing of 75,000,000 new ordinary shares by VSA Capital Ltd. ('VSA') at a placing price of 1 pence. The proceeds of the fundraising will be used for the continued integration of Pumptown Quarry Inc. and CNI Equipment Ltd., as capital expenditure for existing operations and for future acquisitions.
VSA has received a fee for broking services to the Company, representing a 5% commission on the money raised. The Managing Director and majority shareholder of VSA is William Voaden who is also CEO of the Company and this is therefore a related party transaction as defined under AIM Rule 13. Mr. Voaden has not been involved in the fundraising process. With the exception of Mr. Voaden, the Directors consider, having consulted with the Company's Nominated Adviser Hanson Westhouse Limited, that this commission is a fair and reasonable amount insofar as shareholders are concerned, and representative of normal market rates given the circumstances.
It is expected that the new ordinary shares will be admitted to trading on 28 July 2008.
Enquires:
Pan Pacific Aggregates PLC
William Voaden Tel: 020 7096 9580
Hanson Westhouse Limited
Bill Staple / Harry Barraclough Tel: 020 7601 6100
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