Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSorbic International Regulatory News (SORB)

  • There is currently no data for SORB

Application to PLUS Markets

15 Apr 2011 07:00

RNS Number : 9657E
Sorbic International PLC
15 April 2011
 



 

 

Press Release

 15 April 2011

 

 

Sorbic International plc

 

("Sorbic" or the "Company")

 

Application to PLUS Markets for equity and convertible debt

 

The Directors of Sorbic (AIM:SORB), the third largest sorbates producer in China, are pleased to announce that the Company has applied for an introduction to the PLUS quoted market ("PLUS markets") for both the Company's ordinary shares and £2.4 million of the Company's convertible loan notes, which comprises all of the issued A Loan Notes and B Loan Notes (the "Loan Notes"). There are 1,562 A Notes in issue and 876 B Notes in issue giving 2,438 Loan Notes in aggregate.

 

To accommodate the fundraise of 25 February 2011, certain of the A Loan Notes will, in due course, be surrendered to be replaced with an identical number of B Loan Notes.

 

It is intended that dealing will commence on PLUS markets on 5 May 2011. The Company is classified under "Food Producers".

 

The Company has applied to admit to PLUS markets its entire issued ordinary share capital and the £2.4 million of the A and B Loan Notes of GBP 1,000 each. The Company has 38,563,499 ordinary shares of 6 pence each ("Ordinary Shares") in issue. The A and B Loan Notes pay a coupon of 10.0% and may be converted into equity at a price of 26 pence per ordinary share, if not converted, the A and B Loan Notes are redeemable on 26 February 2013. The terms of the A Notes have been amended to be identical to the terms of the B Notes. Full details of the terms of the Loan Notes can be found on the Company's website at http://www.sorbicinternational.com/investor-info/aim-rule.php.

 

The ticker for the A loan Notes is SA.P. The ticker for the B Loan Notes is SB.P.

 

Whilst the A and B Notes have identical terms, they will trade as two separate lines of stock.

 

The Ordinary Shares will continue to trade on AIM (as well as on PLUS markets).

 

The Loan Notes to be admitted to PLUS markets exclude the £1.6 million of A Loan Notes that are due to be subscribed for by Hermes Holdings Ltd ("Hermes"), based in Seoul. Hermes has yet to pay the Company and accordingly has not been issued with any A Loan Notes.

 

Operations

 

The Company, based in the Chinese province of Shandong in the People's Republic of China, a region with a population of circa 94 million, is involved in the production and sale of the food preservative sorbates.

 

Sorbic operates from its 33,000 m² production facility in Linyi City, (population 10 million), Shandong province. The Company is the third largest sorbates producer in China, with a current production capacity of 7,500 tonnes per annum of sorbate, 46% of which is exported to the European and North American markets.

 

Construction is ongoing on the Company's new production facility in Ulanqab City, Inner Mongolia, work on which commenced in April 2010. The new site in Ulanqab City will double Sorbic's existing manufacturing capacity. The factory building is largely complete and construction remains on track. The project is expected to be completed by late 2011.

 

Sorbic operates within a growing industry with global demand for sorbates being driven by the increase in the world's population and rising demand for processed food. As Sodium Benzoate, the main alternative to the Company's product is being phased out in the US, Europe and Japan, the Directors believe the market opportunity for Sorbic is significant.

 

The Company listed on AIM on 30 September 2008.

 

- Ends -

 

 

For further information:

Sorbic International plc

Tel: +44 (0)7768 031 454

John McLean, Chairman

www.sorbicinternational.com

PLUS Corporate Adviser, Nomad and Broker

finnCap Limited

Geoff Nash / Ben Thompson (Corporate Finance)

Simon Starr (Corporate broking)

Tel: +44 (0) 20 7600 1658

 

Media enquiries:

Abchurch Communications

Joanne Shears / Mark Dixon

Tel: +44 (0)20 7398 7709

joanne.shears@abchurch-group.com

www.abchurch-group.com

 

 

Notes to Editors: www.sorbicinternational.com

 

About Sorbic International plc

Sorbic International's principal activity is the production and sale of the food preservatives Sorbic Acid and Potassium Sorbate from its base in Linyi City, Shandong Province, Peoples Republic of China. Approximately half of Sorbic International's production is sold to overseas markets, across 46 countries and half into the Chinese domestic market.

 

Sorbic Acid is a naturally occurring organic compound that is used in all kinds of foods for its anti-decomposition and anti-fungus function and also in grains, medicines, cosmetics, toothpaste, tobacco, animal feed, latex, paper-manufacturing and pesticides. Potassium Sorbate is used to inhibit moulds and yeasts in many foods, such as cheese, wine, yogurt, dried meat, baked goods, cosmetics and pharmaceuticals.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCMMGMDNDDGMZM
12
Date   Source Headline
30th Jun 201512:40 pmRNSInterim Results
19th Jun 20151:35 pmRNSResignation of ISDX Corporate Adviser
16th Jun 20157:00 amRNSResignation of Nominated Adviser
7th May 201512:20 pmRNSResult of AGM
7th May 20157:00 amRNSUpdate on suspension
1st May 20157:00 amRNSSuspension of trading
30th Apr 20157:30 amRNSSuspension - Sorbic International Plc
22nd Apr 20157:16 amRNSBoard changes and update on fund's transfer
31st Mar 20157:00 amRNSNotice of AGM and Posting of R&As
19th Jan 20157:00 amRNSPreliminary Unaudited Results
19th Jan 20157:00 amRNSDirector Appointment
22nd Dec 20147:00 amRNSUpdate on Loan Notes and Notice of Results
10th Dec 20147:00 amRNSIssue of Equity Correction
9th Dec 20142:30 pmRNSIssue of Equity Correction
8th Dec 20147:00 amRNSIssue of Equity
10th Nov 20147:00 amRNSTrading Update
29th Aug 20147:00 amRNSRoll Over of Loan Notes
15th Jul 201410:45 amRNSResult of General Meeting
27th Jun 20143:15 pmRNSNotice of General Meeting
23rd Jun 20143:20 pmRNSFundraising of £0.25 million
23rd Jun 20143:15 pmRNSInterim Results
30th Apr 20147:00 amRNSTrading Update and Change of Broker
25th Feb 201411:30 amRNSResult of AGM
25th Feb 20147:00 amRNSAGM Statement
31st Jan 20147:00 amRNSTrading Update
16th Dec 20137:00 amRNSHolding(s) in Company
10th Dec 20137:00 amRNSPreliminary Unaudited Results
21st Oct 20137:00 amRNSTrading Update and Notice of Results
25th Sep 20139:10 amRNSNotification of Shareholding
11th Sep 20137:23 amRNSNotification of Shareholding
2nd Sep 20133:40 pmRNSChange of Registered Office
17th Jun 20137:00 amRNSInterim Results
30th May 20137:00 amRNSUpdate on Manufacturing Facilities
23rd Apr 201312:00 pmRNSResult of AGM
23rd Apr 20137:00 amRNSAGM Statement
3rd Apr 20137:00 amRNSBoard Change
25th Mar 20131:30 pmRNSFundraising of £0.7 million
26th Feb 201311:30 amRNSRoll over of Loan Notes and funding update
18th Jan 201311:00 amRNSNotification of Shareholding
31st Dec 20127:00 amRNSAgreement with APAC Chemical Corporation
20th Dec 20127:00 amRNSFurther update on Loan Notes
21st Nov 20127:00 amRNSPreliminary Results
4th Oct 20127:00 amRNSTR-1 Notification of Major Interest in Shares
24th Sep 20127:00 amRNSNotification of Shareholding
9th Aug 20127:00 amRNSUpdate on Ulanqab City manufacturing facility
17th Jul 20127:00 amRNSUpdate on Ulanqab City manufacturing facility
28th Jun 20127:00 amRNSInterim Results
28th Mar 201212:00 pmRNSResult of AGM
26th Mar 20123:00 pmRNSUpdate on Ulanqab City manufacturing facility
22nd Feb 201212:30 pmRNSPlacing to raise £0.7 million
12

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.