Sorbic International Regulatory News (SORB)

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

COMPANY NAME:

Ninety Plc (to be renamed Sorbic International plc)

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

Registered office: 17 Hanover Square, London W1S 1HU

Trading: 

CURRENT - 53 Davies Street, London W1K 5JH

ON ADMISSION - 3/F, 46 Lyndhurst Terrace, Central, Hong Kong

COUNTRY OF INCORPORATION:

England & Wales

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

CURRENT:

www.ninetyplc.co.uk

ON ADMISSION:

www.sorbicinternational.com

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING STRATEGY).  IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:

Ninety Plc ("Ninety") is an AIM quoted investment company seeking a suitable acquisition target to increase shareholder value.

Honour Field, the private holding company of Linyi Van Science and Technique Co., Ltd ("LVST"), is reversing into Ninety plc, subject to the forthcoming Ninety EGM (29 September 2008) ("EGM")

Ninety is to be renamed Sorbic International plc, subject to the EGM.

LVST's principal activity is the production and sale of the food preservatives Sorbic Acid and Potassium Sorbate from its 33,000 sq. m. production facility in Linyi City, Shandong Province, PRC. LVST currently produces approximately 3,000 metric tonnes of Sorbic Acid and 5,000 metric tonnes of Potassium Sorbate per year. LVTS has customers in over forty six countries and for the six months to 30 June 2008 has been profitable and cash flow positive (pre dividend).

China is the world's largest producer and exporter of Sorbic Acid and Potassium Sorbate. Sorbates are a naturally occuring preservative. Originally found in rowan berries, they have been used as preservatives since the 1970's. In 2006, the total worldwide production was estimated at 50,000 tonnes.

The enlarged entity's main country of operation will be the PRC.

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

23,088,499 ordinary shares of 6p each

No treasury shares

No restrictions as to transfer

CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

Capital to be raised on Admission: £240,000

Anticipated mkt cap: £17.3m

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

91.6%

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED:

none

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):

DIRECTORS:

John Nigel Major McLean (Executive Director, proposed Non-executive Chairman)

Michael Gretton (Non-executive Director)

Thomas Francis Vaughan (Non-executive Director)

Michael Gretton and Thomas Vaughan have agreed to resign from the Board immediately prior to Admission.

PROPOSED DIRECTORS:

Ray Ang Wee Boon (Proposed Chief Executive Officer)

Susan Chong Hooi San (Proposed Chief Financial Officer)

Wang Yan Ting (Proposed President & Executive Director)

Nicholas Michael Norman Smith (Proposed Non-executive Director)

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):

DETAILS BEFORE PROPOSED ACQUISITION, PLACING AND ADMISSION

Albany Capital Plc, 269,600,020* = 71.9%

JM Finn Nominees Limited, 37,500,000 = 10.0%

The Bank of New York (Nominees) Limited, 20,000,000 = 5.3%

Fiske Nominees Limited, 11,750,000 = 3.1%

DETAILS AFTER PROPOSED ACQUISITION, PLACING, 1 for 60 CONSOLIDATION AND ADMISSION:

Albany Capital Plc, 8,937,778 = 38.7%

JM Finn Nominees Limited, 731,666 = 3.2%

The Bank of New York (Nominees) Limited, 333,333  = 1.4%

Fiske Nominees Limited, 195,833 = 0.8%

Prime Mega International Limited, 9,860,000 = 42.7%

* includes 10 shares held by Albany Advisers Limited, a wholly owned subsidiary of Albany Capital Plc

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

None

ANTICIPATED ACCOUNTING REFERENCE DATE 

DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

(i) 30 September

(ii) 3 and a half years to 30/6/08

(iii)

Full accounts for 15 ½ month period ended 30/9/08 - publish by 31/12/08

Interims to 31/3/09 - notify by 30/6/09

Annual accounts to 30/9/09 - publish by 31/3/09

EXPECTED ADMISSION DATE:

Tuesday 30 September 2008

NAME AND ADDRESS OF NOMINATED ADVISER:

JMFinn Capital Markets Ltd (trading as FinnCap)

4 Coleman Street, London EC2R 5TA

NAME AND ADDRESS OF BROKER:

as above

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

See company website address above

DATE OF NOTIFICATION:

12 September 2008

NEW/ UPDATE:

NEW