Completion of Acquisition and Admission

RNS Number : 3321X

Norcros PLC

23 November 2017

 

23 November 2017

Norcros plc ("Norcros")

Completion of Acquisition and Admission of New Ordinary Shares

Further to the announcement on 2 November 2017 of the proposed acquisition of Merlyn Industries Limited ("Merlyn") and a Firm Placing and Placing and Open Offer to raise gross proceeds of £31.4 million and the announcement yesterday of the result of the General Meeting and shareholder approval for the Acquisition and the associated Capital Raising, Norcros announces Completion of the Acquisition and Admission.

The Admission of the New Ordinary Shares pursuant to the Firm Placing and Placing and Open Offer both occurred at 8.00 a.m. today. 18,254,161 New Ordinary Shares were admitted to listing on the premium segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities.

All words and expressions which are detailed in the Prospectus issued to Norcros shareholders on 2 November 2017 shall, when used in this announcement, bear the meanings respectively ascribed to them in the prospectus.

Commenting on the acquisition, Nick Kelsall, Group Chief Executive, said:

"The acquisition of Merlyn is both an important strategic and financial step for the Group. Its premium brands will substantially broaden the Group's bathroom product offer as well as providing a number of opportunities to drive meaningful revenue synergies. I look forward to working with Charlie Soden and his team as we look to grow and develop the Merlyn business further, both in the UK and internationally."

For further information, please contact:

Norcros plc	Tel: [phone]
Nick Kelsall, Group Chief Executive
Shaun Smith, Group Finance Director
Numis	Tel: [phone]
Christopher Wilkinson
Richard Thomas Andrew Hackney Tom Ballard
Hudson Sandler	Tel: [phone]
Nick Lyon
Fern Duncan

For further information, please visit Norcros' website:

www.norcros.com

 

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