Placing and Dubai venture

RNS Number : 7828L

Northacre PLC

16 January 2009

 

NORTHACRE PLC (the 'Company')

16th January 2009

Placing and Dubai Venture

Northacre announces today the issue of 4,010,000 new ordinary shares of 2.5p each, representing 15% of the enlarged issued share capital, at a price of 30p per share to an investment vehicle owned by Mohamed Abdulsalam AlRafi, a Dubai based developer and entrepreneur.  It is the Board of Directors' view that such an issue of new shares at this price represents a significant endorsement of the Company's activities, its performance and its prospects for the future.

In addition to this new share transaction, the Company has entered into a memorandum of understanding with Mohamed Abdulsalam AlRafi, for creating a Dubai based joint venture with its subsidiary interior design company, Intarya Limited. The purpose of this new venture will be to establish a platform to expand Intarya's existing interior design business across the Gulf region.

The Board of Directors is also pleased to confirm that it is commencing the process of appointing Mohamed Abdulsalam AlRafi as an executive Board Director of Northacre PLC. A further update will be issued in due course as appropriate.

The shares are expected to be admitted to trading on AIM on Monday 19th January 2009.

All enquiries:

Northacre Plc

John Hunter - Chief Executive 

Manish Santilale - Finance Director

Tel: [phone]

KBC Peel Hunt Ltd        

Capel Irwin

Nicholas Marren

Tel: [phone]

 

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