HYR.L Regulatory News (HYR)

21 Apr 2008 12:43

HydroDec Group plc21 April 2008 HYDRODEC GROUP PLC ("Hydrodec" or "the Company") Placing of new shares to raise £5.0 million (before expenses) The Board of Hydrodec announces that it has raised £5.0 million (beforeexpenses) in a placing with investors at a price of 50.0 pence per shareconditional only on admission of the new ordinary shares to trading on AIM ("thePlacing"). The Placing will provide Hydrodec with additional funds which may berequired in connection with its proposed offer for Virotec International plc andalso for general corporate purposes including the further expansion ofHydrodec's operations. Details of the Placing Hydrodec has conditionally placed 10,000,000 new ordinary shares of 0.5 penceeach in Hydrodec ("New Ordinary Shares") at a price of 50.0 pence per share ("the Placing Price") to raise £5.0 million (before expenses) representingapproximately 5.2 per cent. of the enlarged share capital in the Company. ThePlacing has been arranged by Ludgate Investments Limited. The New Ordinary Shares will rank pari passu in all respects with the existingHydrodec ordinary shares. It is expected that the admission to trading on AIMof the New Ordinary Shares will become effective on 7th May 2008. Before the Placing, the Company's issued ordinary share capital amounted to193,845,402 ordinary shares. Immediately following the Placing the total numberof issued ordinary shares with voting rights is expected to be 203,845,402ordinary shares. Contacts: John Gunn, Chairman 020 7621 5770John Dickson, Finance DirectorHydrodec Group plc Charles Sebag-Montefiore, 020 7621 5770Robert PetchLudgate Investments Limited Anthony Richardson 020 7260 1000Nick WestlakeNumis Securities Limited, Nominated Adviser This information is provided by RNS The company news service from the London Stock Exchange