29 Jun 2009 14:09
For immediate release 29 June 2009
Northbridge Industrial Services Plc.
("Northbridge", "the Group" or "the Company")
DIRECTORS' INTERESTS
The Board of Northbridge announced the result of its successful Open Offer on Friday 26 June 2009 which raised £1.5 million net of expenses by the issue of 1,382,108 Offer Shares. Admission of the 1,382,108 Offer Shares to trading on AIM became effective and dealings commenced at 8.00 a.m. this morning.
The Directors interests in the voting share capital voting capital of the Company following Admission of the Offer Shares to trading on AIM are as follows:
| Director | Number of shares | % of the voting share capital |
| P Harris* | 550,000 | 6.15 |
| E Hook | 266,250 | 2.98 |
| A Mehta | 25,147 | 0.28 |
| J W Gould | 250,750 | 2.80 |
| M Dodson | 281,250 | 3.15 |
| D Marshall | - | - |
| Total | 1,373,397 | 15.36 |
*In addition to Peter Harris' own beneficial shareholding of 550,000 Ordinary Shares, through a power of attorney in his favour he is able to exercise voting control over the shares beneficially owned by his mother amounting to a further 250,000 Ordinary Shares (including 50,000 Offer Shares taken up in the Open Offer) amounting to 2.8 percent of the voting share capital of the Company.
Two Directors of the Company, Peter Harris and Jim Gould subscribed for 25,000 Offer Shares and 14,750 Offer Shares respectively, in excess of the irrevocable undertakings they gave when the Open Offer was announced.
Western Selection PLC, which prior to the Open Offer held 1,500,000 Ordinary Shares representing 19.8 percent of the voting share capital, has acquired a further 375,000 Offer Shares and is now interested in aggregate in 1,875,000 Ordinary Shares representing 20.97 percent of the enlarged voting share capital of the Company. Due to the number of applications made by shareholders other than by those who gave irrevocable undertakings to apply for Offer Shares, Western Selection PLC was not required to take up the 363,637 included in its irrevocable undertaking. D Marshall, a director of the Company, is also a director of Western Selection PLC.
Commenting on the results of the Open Offer, Peter Harris, Chairman of Northbridge said:
"We are pleased with the response that our shareholders have shown in supporting us with this Open Offer. We will use these funds to expand our hire fleet in line with our stated strategy of acquiring and developing rental assets to complement further our existing hire equipment activities.
"Following the recent strengthening of our business in the Middle East we are confident that there is a significant opportunity to grow our operations and become a key supplier of industrial hire equipment in that area
"We expect to update shareholders on the development of our fleet in due course."
The definitions used in this announcement, unless otherwise stated, are as defined in the circular to shareholders dated 12 June 2009.
For further information
Northbridge Industrial Services plc
Eric Hook, Chief Executive Officer 01283 531645
Ash Mehta, Finance Director
Cattaneo LLP (Financial Adviser)
Charles Cattaneo 07774 276512
Ian Stanway 07837 179502
Buchanan Communications 020 7466 5000
Charles Ryland / James Strong
Charles Stanley Securities (Nominated Adviser) 020 7149 6000
Mark Taylor / Freddy Crossley
About Northbridge:
Northbridge Industrial Services was incorporated for the purpose of acquiring companies that hire and sell specialist industrial equipment supplying a non-cyclical customer base including utility companies, the public sector and the oil and gas industries. In particular it will seek to acquire specialist businesses that have the potential for expansion into complete outsourcing providers.