16 Jan 2009 12:06
NORTHACRE PLC (the "Company")
16th January 2009
Placing and Dubai Venture
Northacre announces today the issue of 4,010,000 new ordinary shares of 2.5p each, representing 15% of the enlarged issued share capital, at a price of 30p per share to an investment vehicle owned by Mohamed Abdulsalam AlRafi, a Dubai based developer and entrepreneur. It is the Board of Directors' view that such an issue of new shares at this price represents a significant endorsement of the Company's activities, its performance and its prospects for the future.
In addition to this new share transaction, the Company has entered into a memorandum of understanding with Mohamed Abdulsalam AlRafi, for creating a Dubai based joint venture with its subsidiary interior design company, Intarya Limited. The purpose of this new venture will be to establish a platform to expand Intarya's existing interior design business across the Gulf region.
The Board of Directors is also pleased to confirm that it is commencing the process of appointing Mohamed Abdulsalam AlRafi as an executive Board Director of Northacre PLC. A further update will be issued in due course as appropriate.
The shares are expected to be admitted to trading on AIM on Monday 19th January 2009.
All enquiries:
Northacre Plc
John Hunter - Chief Executive
Manish Santilale - Finance Director
Tel: +44 20 7349 8000
KBC Peel Hunt Ltd
Capel Irwin
Nicholas Marren
Tel: +44 20 7418 8900