Update on acquisition and pla

RNS Number : 5221A
Renold PLC
04 August 2008
 



Renold PLC 

('Renold' or the 'Company')


Update on acquisition of industrial chain business of L.G. Balakrishnan & Bros. Ltd ('LGB') and placing of 7,000,000 new ordinary shares


Total Voting Rights

 

Further to its announcement of 25 June and update on 30 July 2008 Renold is pleased to announce that it has received the shareholder approval and consents needed to proceed with the placing to fund the acquisition of the industrial chain business of LGB (the 'Business'). 


Accordingly, application has been 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 the New Ordinary Shares to be admitted to trading. 


The new ordinary shares were placed at 76p each and £5,320,000 was raised gross before transaction expenses.  


Admission of the new ordinary Shares is expected to take place at 08.00am on 7 August

2008. The new ordinary shares will rank pari passu with the existing ordinary shares following admission.


Completion of the acquisition of the Business by Renold India is expected to occur in

August 2008.


Total Voting Rights

 

Following the issue of the 7,000,000 new ordinary shares Renold plc has an issued share capital of 77,057,988 ordinary shares with voting rights. No shares are held in Treasury. 

 

Therefore, the total number of Renold plc ordinary shares with voting rights is 

77,057,988. 

 

Shareholders may use the above figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Renold plc under the FSA's Disclosure and Transparency Rules. 


       4 August 2008


Enquiries:


Renold plc 

0161 498 4517

Bob Davies, Chief Executive 


Peter Bream, Finance Director 




Kaupthing Singer & Friedlander

020 3205 7500

Graham Swindells


Marc Young




College Hill 

020 7457 2020

Nicholas Potter


Adam Aljewicz



NOTES FOR EDITORS:


Renold plc is a global leader in the manufacture of industrial chains and a wide range of precision engineering products which are sold throughout the world to a broad range of original equipment manufacturers and distributors. Its products are used in a wide variety of industries including transportation, energy, steel, manufacturing and mining. The company has a well deserved reputation for quality that is recognized worldwide.


Following the acquisition in India, Renold will have 15 manufacturing plants throughout the world and employ 3,000 staff. 



For more information on Renold, visit www.renold.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
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