13 Feb 2009 07:00
Sorbic International plc
("Sorbic International" or "the Company") (AIM: SORB.L)
Holdings in Company
The Company was notified yesterday that on 12 February 2009 Hermes Financial Group (BVI) Ltd, a significant shareholder by way of a holding of 2,222,222 shares in the Company representing 9.6 per cent. of the Company's total issued share capital, gave a charge over its whole shareholding in the Company to Albany Capital plc ("Albany"), as security over a loan made by Albany.
In addition, the Company was notified yesterday that on 12 February 2009 Prime Mega International (BVI) Ltd ("Prime Mega"), a significant shareholder by way of a holding of 9,860,000 shares in the Company representing 42.7 per cent. of the Company's total issued share capital, gave a charge over 3,338,850 shares in Company, representing 14.5 per cent. of the Company's total issued share capital, to Albany, as security over a loan made by Albany.
The charged shares remain subject to orderly market arrangements.
It was disclosed in the Company's September 2008 admission document that up to a further 10,300,000 new ordinary shares are to be issued to Prime Mega by the Company, in the event that a profit target is met. It is now the Board's belief that the profit target has been met and it is therefore their expectation that the full 10,300,000 new ordinary shares will be issued by the Company to Prime Mega shortly.
In the event that Albany were to take ownership of the shares over which they now hold a charge, following the issue of 10,300,000 new ordinary shares to Prime Mega, Albany would be interested in a total of 14,498,850 shares in the Company, representing 43.4 per cent. of the Company's total issued share capital.
| Enquiries: | |
| Sorbic International plc, John McLean, Chairman | Tel: +44 (0)7768 031 454 |
| FinnCap, Geoff Nash | Tel: +44 (0) 20 7600 1658 |
| Hansard Group, John Bick | Tel: +44 (0) 7872 061007 |
www.sorbicinternational.com
Notes to Editors:
Sorbic International's principal activity is the production and sale of the food preservatives Sorbic Acid and Potassium Sorbate from its base in Linyi City, Shandong Province, Peoples Republic of China ("PRC"). Approximately half of Sorbic International's production is sold to overseas markets, across 46 countries and half into the Chinese domestic market.
Sorbic Acid is a naturally occurring organic compound that is used in all kinds of foods for its anti-decomposition and anti-fungus function and also in grains, medicines, cosmetics, toothpaste, tobacco, animal feed, latex, paper-manufacturing and pesticides. Potassium Sorbate is used to inhibit moulds and yeasts in many foods, such as cheese, wine, yogurt, dried meat, baked goods, cosmetics and pharmaceuticals.