Stanelco PLC
08 June 2005
8th June 2005
Stanelco plc (the 'Company'),
Placing of New Ordinary Shares
The Board of Stanelco plc the radio frequency (RF) applications group, is
pleased to announce the placing by KBC Peel Hunt of 44,000,000 ordinary shares
('New Ordinary Shares') at a price of 21.15p per share to raise approximately
£9.3 million (approximately £9.0 million after expenses). The proceeds of this
placing will be used primarily to fund the acquisition, conditional on
shareholder approval, of Biotech Holding Gmbh and subsidiaries as announced on 6
June 2005.
Application will be made to the UK Listing Authority for the New Ordinary Shares
to be admitted to the Official List and to the London Stock Exchange for such
shares to be admitted to trading on the London Stock Exchange's Market for
listed securities. Admission of the New Ordinary Shares is expected to become
effective on 13 June 2005.
The New Ordinary Shares will be issued credited as fully paid and will rank pari
passu in all respects with the existing Ordinary Shares, including the right to
receive all dividends and other distributions declared or paid thereon following
admission.
The Placing is conditional upon the Placing Agreement between KBC Peel Hunt and
the Company having become unconditional in all respects and not having been
terminated prior to Admission of the New Ordinary Shares, and admission of the
New Ordinary Shares becoming effective by 13 June 2005 or such later date (not
being later than 20 June 2005) as the Company and KBC Peel Hunt may agree.
Ian Balchin, CEO of Stanelco said:
'It is great that we have had such strong institutional support for this
acquisition and the Company's strategy. This exciting acquisition will
re-enforce our market leading position in the provision of viable, alternative,
environmentally responsible packaging methods.'
- Ends -
For further information please contact:
Ian Balchin, Chief Executive
Stanelco PLC
Tel: +44 (0)2380 867100
Jonathon Brill/Billy Clegg
Financial Dynamics
Tel: +44 (0)20 7831 3113
Capel Irwin/Megan MacIntyre
KBC Peel Hunt Ltd
Tel: +44 (0)20 7418 8900
Notes to Editors:
The Stanelco Group of companies (the Group) has brought together expertise in
radio frequency (RF) technology, RF applications and biodegradable material
sciences to create a revolutionary range of packaging technologies.
Stanelco's philosophy is that new products and processes must offer solutions
and applications which:
• give higher added value,
• are greener, more environmentally sustainable than those they replace
• and have protectable intellectual property rights.
Stanelco will develop the products and processes to a demonstration stage and
then work with partners in order to reach the markets; and under these
circumstances Stanelco will usually seek to license its technology. Stanelco
invests considerable time and resources in ensuring its technologies are
protected via layers of patents wherever possible.
In this way Stanelco believes it can minimise commercial risk and preserve the
highest value for shareholders.
The products offering the prospect of near term revenue generation are being
given priority over the Group's resources.
Stanelco was founded in 1953 and is a world leader in the development of radio
frequency technologies for processing polymers for edible and packaging
applications and the design and manufacture of optical fibre technology,
induction heating and dielectric welding equipment. Stanelco's Current
developments include GREENSEALTM Food tray lidding technology, STARPOLTM
(starch/ pva blended material), FrogPackTM high impact low cost packaging
format, CradleWrapTM range of biodegradable air cushion packaging, SolutapeTM
100% watersoluble films and adhesives, Biodegradable Airbag (void fill)
packaging, water-soluble detergent capsules, edible sachets and waste packing.
This information is provided by RNS
The company news service from the London Stock Exchange
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