NSH.L Regulatory News (NSH)

3 Mar 2005 07:01

Norish PLC03 March 2005 Norish plc ("Norish" or the "Company") 3 March 2005 Proposed Transfer from the Official List of the United Kingdom Listing Authorityto the Alternative Investment Market of the London Stock Exchange and Delistingfrom the Official List of the Irish Stock Exchange Introduction The Board of Norish plc announces its intention to implement the fast trackadmission procedures available in the United Kingdom to companies moving fromthe Official List of the United Kingdom Listing Authority to the AlternativeInvestment Market of the London Stock Exchange ("AIM"), (the "Admission") and todelist from the Official List of the Irish Stock Exchange. By providing 20 business days notice trading in the issued ordinary sharecapital of the Company (the "Ordinary Shares") on the London Stock Exchange andIrish Stock Exchange markets for listed securities and the listing of theOrdinary Shares on the Official Lists of the United Kingdom Listing Authorityand the Irish Stock Exchange (together the "Listings") will be cancelled. As the AIM admission procedures allow eligible companies to gain admission bygiving 20 business days notice, but without the need to publish an AdmissionDocument, it is expected that the Listings will be cancelled and the Admissionto AIM will become effective on 31 March, 2005. Following the Admission to AIM, the Company will be subject to the regulatoryand disciplinary controls of AIM as a constituent market of the London StockExchange. The Ordinary Shares will continue to be traded on SEAQ. Trading in theCompany's shares following the transfer to AIM may be conducted in the same wayas on the main markets, through a broker. Reasons for Admission to AIM After careful consideration the Board of Norish has concluded that the AIM isthe most appropriate market for its shares. Overall the regulatory regime attaching to AIM companies is better suited tocompanies of our size giving us the ability to undertake transactions, subjectto the AIM Rules, more quickly and cost effectively than on the Official Listsof the United Kingdom Listing Authority and the Irish Stock Exchange. Over thelast 3 years we have substantially reduced our cost base in order to accommodatethe various changes and challenges to our business. With this reduced cost baseand business wins during 2004 we look forward to 2005 with more confidence than12 months ago. It is our aim to further develop the business by either beingpart of some form of consolidation or increase our coverage by acquisition inour chosen market of food services. AIM companies enjoy wide investor support. AIM is gradually attracting anincreasing number of international companies and is, the Board believes, wellplaced to become the European market of choice for successful growth companies.The inclusion of Norish on the FTSE AIM index may of itself encouragesignificant additional interest in the Company. NCB will act as broker to the company following its admission to AIM. NCB hasalso been appointed Nominated Adviser to Norish under the AIM Rules. Twin Share Scheme Whilst at present every share in Norish plc is twinned with a non voting sharein its subsidiary Norish (UK) plc, the Board is currently reviewing the utilityof such a structure and may consider discontinuance of the scheme in due course. Enquiries: NorishTed O'Neill, Executive Chairman Telephone: + 44 208 320 5680 NCBLiam Booth, Managing Director Telephone: + 353 1 611 5611 This information is provided by RNS The company news service from the London Stock Exchange