Share Placing

RNS Number : 8155R

Norish PLC

10 November 2011

 

Norish plc ("Norish" or the "Company")

10 November 2011

Share Placing

The Board of Norish announces that it has decided to exercise its powers under resolutions passed at the 2011 Annual General Meeting to issue 846,623 new shares at 30p per share which represent just under 10% of the existing issued share capital, in order to raise £245,000, net of fees and expenses ("the Offer").

The funds will be used to partly finance the replacement of the R22 refrigeration system with a new Ammonia Refrigeration system at the cold store at Brierley Hill, West Midlands which will cost in the region of £1.2m. HSBC have agreed to fund £900,000 over 10 years at bank base rate plus a margin.

A Circular with further details of the Offer along with an Application Form will be posted to those shareholders on the register as at 9 November 2011 ("the Record Date"). Shareholders will have a primary entitlement to subscribe for 1 Norish share for every 10 Norish shares held on the Record Date, such entitlement rounded down to the nearest whole number.

The Closing date for applications will be 9 December 2011.

Timetable of principal events

Record date for entitlement to participate in the Offer                                   9 November 2011

Closing date for application to participate in the Offer                                  9 December 2011

New shares admitted to trading on AIM                                                         14 December 2011

Enquiries:

Norish
Aidan Hughes, Finance Director	Telephone: + 44 1293 862 498
Davy
Ivan Murphy, Director	Telephone: + 353 1 679 6363

 

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