Last checked at 17 Jul 2009 12:00
| Press Release | 17 July 2009 |
Hardide plc
("Hardide" or the "Group")
Result of General Meeting
The Board of Hardide (AIM: HDD), the provider of unique metal surface engineering technology, is pleased to announce that at the General Meeting of the Company held earlier today, all resolutions were duly passed.
The Fundraising
The Company has raised £2,566,200 (before expenses) via a Fundraising. The Fundraising comprises a placing of 311,066,667 new ordinary shares in the Company at 0.3p per share (the "Placing Price") to raise £933,200 and the issue of a new loan note, convertible into new ordinary shares at a 50% premium to the Placing Price, of £633,000. Thus new funds into the Company total £1,566,200. In addition, loans totaling £1 million are being converted into new ordinary shares at the Placing Price.
Following the Fundraising, the Directors of Hardide have an interest in the following ordinary shares of the Company:
| Name | Position | Total holding | % holding |
| Graham Hine | CEO | 10,000,000 | 1.20% |
| Yuri Zhuk | Technical Director | 6,031,132 | 0.72% |
| Peter Davenport | Finance Director | 2,226,667 | 0.27% |
| William Zakroff | Non-Executive Director | 1,691,667 | 0.20% |
| Hugh Smith | Non-Executive Director | 30,679,567 | 3.68% |
| Robert Goddard | Non-Executive Chairman | 3,468,333 | 0.42% |
Admission of the new ordinary shares is expected to take place on 20 July 2009. Following the Fundraising there will be 834,042,236 ordinary £0.001 shares in issue. This figure may be used by shareholders 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 in, Hardide under the FSA's Disclosure and Transparency Rules.
Share Re-organisation
Each Existing Ordinary Share has been sub-divided into one New Ordinary Share of £0.001 each and one Deferred Share of £0.009 each, thus enabling the Company lawfully to implement the Placing at the Placing Price. No new certificates for the New Ordinary Shares will be dispatched.
- Ends -
For further information:
| Hardide plc | |
| Dr Graham Hine, Chief Executive Jackie Robinson, Corporate Communications | Tel: +44 (0) 1869 353 830 |
| jrobinson@hardide.com | www.hardide.com |
| Seymour Pierce Limited | |
| Nicola Marrin | Tel: +44 (0) 20 7107 8000 |
| www.seymourpierce.com |
Media enquiries:
| Abchurch | |
| Chris Lane / George Parker / Simone Alves | Tel: +44 (0) 20 7398 7708 |
| chris.lane@abchurch-group.com | www.abchurch-group.com |
Notes to editors:
Hardide manufactures and applies tungsten carbide-based coatings to a wide range of engineering components. The Group's patented technology provides a unique combination of ultra-hardness, toughness, low friction and chemical resistance in one coating. When applied to components, the technology is proven to offer dramatic cost savings through reduced downtime and extended part life. Customers include leading companies operating in oil and gas exploration and production, valve and pumps manufacturing, general engineering and aerospace.