Result of the Firm Placing, P

RNS Number : 5207N

Stanelco PLC

14 June 2010

 



Stanelco plc ("Stanelco" or "the Company")

Results of the Firm Placing and Placing and Open Offer

On 27 May 2010, the Board of Stanelco announced details of a share issue of up to 2,806,525,416 New Ordinary Shares at a price of 0.125 pence per share to raise approximately £3.5 million gross (approximately £2.8 million net of expenses).

806,525,320 New Ordinary Shares will be issued through the Placing and Open Offer and 2,000,000,096 New Ordinary Shares will be issued through the Firm Placing.  

The Open Offer has now closed in accordance with its terms. Stanelco is pleased to announce that it has received valid acceptances under the Open Offer in respect of 574,096,803 Open Offer Shares from Qualifying Shareholders which represents a take-up of approximately 71.2% of the Open Offer Shares.  

Accordingly, the remaining 232,428,517 Open Offer Shares, representing 28.8% of the Open Offer Shares, have been allocated to certain institutional shareholders and other investors with whom they had been conditionally placed by Singer Capital Markets. 

The Firm Placing and Placing and Open Offer remain conditional, inter alia, upon shareholder approval, which will be sought at the General Meeting to be held today at the offices of Osborne Clarke at One London Wall, London, EC2Y 5EB at 10.00 a.m.

It is expected that Admission will become effective, and dealings in the New Ordinary Shares will commence, at 8.00 a.m. on 15 June 2010.  New Ordinary Shares in uncertificated form are expected to be credited to CREST accounts by 8.00 a.m. on 15 June 2010, and definitive share certificates for the New Ordinary Shares in certificated form are expected to be dispatched during the week commencing 22 June 2010. 

Terms defined in the prospectus published by the Company dated 27 May 2010 (the "Prospectus") shall have the same meaning in this announcement unless the context otherwise requires. 

This announcement should be read in conjunction with the full text of the Prospectus. Copies of the Prospectus are available at the UK Listing Authority's Document Viewing Facility, which is situated at The UK Listing Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS and on the Company's website (http://www.stanelcoplc.com/).

ENQUIRIES:

Stanelco plc	023 8086 7100
Paul Mines / Sue Bygrave
Financial Dynamics	020 7831 3113
Jonathon Brill / Caroline Stewart
Singer Capital Markets Limited (Financial adviser and broker)	020 3205 7500
James Maxwell / Richard Savage

 

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