22 Dec 2009 12:00
PITTARDS PLC
Result of General Meeting
Pittards plc ("Pittards" or "the Company"), the specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors, is pleased to announce that at the General Meeting held today for the purpose of approving the acquisition of the Ethiopia Tannery Share Company ("ETSC") and a related placing to raise approximately £2.8m, all resolutions were duly passed.
ETSC is the largest tannery in Ethiopia and has been operated since August 2005 under Pittards' supervision during which time there has been a significant enhancement in quality, efficiency and productivity.
The 186,591,652 new ordinary shares have been placed by WH Ireland with a number of institutional and private clients, including Pittards' management. In addition, 20,000,000 new ordinary shares have been issued in respect of certain loan conversions detailed in the acquisition and placing announcement. Admission to AIM and dealings in the new ordinary shares are expected to take place with effect from the opening of business tomorrow, 23 December 2009.
| Contacts: | |
| Pittards plc | www.pittards.com |
| Stephen Boyd | +44 (0) 7768 443 195 |
| Reg Hankey, Chief Executive | +44 (0) 1935 474 321 |
| Jill Williams, Finance Director | +44 (0) 1935 474 321 |
| WH Ireland Limited | www.wh-ireland.co.uk |
| John Wakefield / Marc Davies | +44 (0) 117 945 3470 |
PTD.L (PTD)