20 Jun 2007 07:00
20 June 2007 Brady plc Placing and Notice of EGM
Brady plc ("the Company") announces that it has today conditionally placed1,000,000 new ordinary shares of 1 pence each in the capital of the Company ata price of 60 pence per share with Paul Fullagar, who will join the Board ofthe Company as Non-Executive Chairman on 2 July 2007 ("the Placing").
The Placing represents 3.7% of the Company's issued share capital and will raise ‚£600,000, which will be used for working capital purposes. For the information of shareholders the Company had a cash balance of approximately ‚£ 5.5 million as of 31 May 2007. The Placing is conditional, inter alia, on shareholder approval at an Extraordinary General Meeting.
An Extraordinary General Meeting ("the EGM") of the Company will be held at The Trinity Centre, Cambridge Science Park, Milton Road, Cambridge, CB4 4FN on Tuesday 17 July 2007 at 3pm. A number of special resolutions to approve the following will be proposed:
1. To authorise the Directors to allot relevant securities up to an aggregate nominal value of ‚£38,000.
2. To authorise the Directors, subject to the passing of resolution 1 above, toallot such relevant securities free of pre-emption rights to Paul Fullagarpursuant to the Placing, and otherwise, up to an aggregate nominal amount of ‚£38,000.
3. To ratify all issues and allotments of options over Ordinary Shares since 20 May 2004.
4. To ratify all issues and allotments of equity securities by the Directors of the Company since 20 May 2004.
5. To adopt new Articles of Association of the Company.
The Directors consider that the proposed resolutions are in the best interestsof Shareholders as a whole and unanimously recommend that Shareholders vote infavour of the resolutions as they intend to do so in respect of their ownshareholdings of 12,128,728 Ordinary Shares, representing approximately 46.1per cent of the Company's issued share capital.Brady is today posting to shareholders the Notice of EGM, a Form of Proxy, anExplanatory Note and a copy of the proposed new Articles of Association of theCompany. Copies of these documents can be obtained, free of charge, from theoffices of the Company at 281 Cambridge Science Park, Milton Road, Cambridge,CB4 0WE and will be available on the Company's website, www.bradyplc.com
For further information, please contact:
Robert Brady, Chief Executive Officer Tony Ratcliffe, Finance Director
Brady plc 281 Cambridge Science Park Milton Road Cambridge CB4 0WE Telephone: +44 (0)1223 479479 Andrew Edwards
Oriel Securities Limited (Nominated Adviser)
Telephone: +44 (0)20 7710 7600
BRADY PLC