26 Jun 2009 16:22
For immediate release 26 June 2009
Northbridge Industrial Services Plc.
("Northbridge", "the Group" or "the Company")
RESULT OF OPEN OFFER
The Board of Northbridge is pleased to announce the result of the Open Offer which closed at 11.00 am today, Friday 26 June 2009. The Company has raised £1.5 million net of expenses by the issue of 1,382,108 Offer Shares.
The total issued share capital of the Company is now 9,092,257 Ordinary Shares of which 152,150 shares are held by the Company as treasury shares. Therefore the total issued voting share capital of the Company is now 8,940,107 Ordinary Shares.
The total number of Offer Shares applied for by Qualifying Shareholders under their basic pro rata entitlements and the Excess Application Facility amounted to 1,382,108 Offer Shares representing 73.1 percent of the total number of Offer Shares available.
Application has been made to the London Stock Exchange for the 1,382,108 Offer Shares to be admitted to trading on AIM. It is expected that such Admission will become effective and that dealings will commence at 8.00 a.m. on 29 June 2009.
The definitions used in this announcement, unless otherwise stated, are as defined in the circular to shareholders dated 12 June 2009.
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."
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.