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10 Nov 2011 07:00
Norish plc ("Norish" or the "Company")
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10 November 2011
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Share Placing
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The Board of Norish announces that it has decided to exercise its powers under resolutions passed at the 2011 Annual General Meeting to issue 846,623 new shares at 30p per share which represent just under 10% of the existing issued share capital, in order to raise ÂŁ245,000, net of fees and expenses ("the Offer").
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The funds will be used to partly finance the replacement of the R22 refrigeration system with a new Ammonia Refrigeration system at the cold store at Brierley Hill, West Midlands which will cost in the region of ÂŁ1.2m. HSBC have agreed to fund ÂŁ900,000 over 10 years at bank base rate plus a margin.
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A Circular with further details of the Offer along with an Application Form will be posted to those shareholders on the register as at 9 November 2011 ("the Record Date"). Shareholders will have a primary entitlement to subscribe for 1 Norish share for every 10 Norish shares held on the Record Date, such entitlement rounded down to the nearest whole number.
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The Closing date for applications will be 9 December 2011.
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Timetable of principal events
Record date for entitlement to participate in the Offer 9 November 2011
Closing date for application to participate in the Offer 9 December 2011
New shares admitted to trading on AIM 14 December 2011
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Enquiries:
Norish | |
Aidan Hughes, Finance Director | Telephone: + 44 1293 862 498 |
Davy | |
Ivan Murphy, Director | Telephone: + 353 1 679 6363 |
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