Sorbic International Regulatory News (SORB)

24 Oct 2007 09:34

Albany Capital PLC24 October 2007 24/10/07 Albany Capital Plc ("Albany Capital") Albany Capital investee company Ninety PLC - first day of dealings Albany Capital has invested £2.15m in Ninety Plc, a newly incorporated companythat has been established in order to acquire a controlling interest in acompany, partnership or joint venture which will be located in the UK or Asia.Albany Capital Plc is pleased to announce that Ninety Plc ("Ninety") was floatedon AIM today. Albany Capital holds 264,500,000 ordinary shares representing70.63% of the issued share capital of Ninety. Ninety will focus upon an acquisition target in one of the following sectors:investment, consumer goods, engineering, industrials, leisure and hotels, mediaand entertainment, professional and support services, retailing, technology andtelecommunications. • Placing price of 1p per ordinary share; • Based on the above placing price per share, the market capitalisation of Ninety Group will be approximately £3.7 million; John McLean, Chairman of Albany Capital Plc, commented: "Ninety is the second listed shell company to be created by Albany Capital Plcfollowing the successful fund raising and flotation of Vestpa PLC on AIM in June2007. Each shell company will be used to undertake a development capitaltransaction and are attractive to entrepreneurs as they combine capital andimmediate liquidity. Albany Capital Plc is attractive to investors as itprovides exposure to private equity style transactions with early liquidity inthe underlying investments." Enquiries: John McLean, Albany Capital tel: +44(0)203-178-4506 Adam Reynolds, Hansard Group tel: +44 (0)20 7250 1100 James Joyce/Sarang Shah, WH Ireland tel: +44 (0)20 7220 1666 This information is provided by RNS The company news service from the London Stock Exchange