Result of General Meeting and Placing completion

RNS Number : 1445P

Hardide PLC

14 August 2014

 



Hardide plc

("Hardide" or the "Company")

Result of General Meeting and Completion of Placing

Hardide plc, provider of advanced surface-coating technology, confirms that at its General Meeting held earlier today, both resolutions were duly passed.

Accordingly, as set out in the announcement dated 22 July 2014, the Company is pleased to announce that it has the requisite authorities to complete the placing of 167,875,000 new ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary Shares") with new and existing shareholders at a price of 1.6 pence per Ordinary Share (the "Placing Shares") to raise, in aggregate, £2.7 million before expenses (£2.5 million net of expenses) (the "Placing").

The Company intends to use the net proceeds of the Placing to invest in capacity to meet future projected demand, including an additional coating reactor in the UK which the Board expects will increase available capacity there by approaching 50 per cent., and the creation of a processing facility in North America.

The Placing Shares are expected to be admitted to trading on AIM ("Admission") no later than 8.00 a.m. on 15 August 2014. Following Admission, the Company will have 1,334,626,304 Ordinary Shares in issue, all with voting rights. The Company does not hold any shares in treasury.

The above figure of 1,334,626,304 Ordinary Shares may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

For further information please contact:

Hardide plc                                                                              Tel: [phone]

Philip Kirkham, CEO  

Peter Davenport, Finance Director

finnCap Ltd                                                                              Tel: [phone]     

Stuart Andrews / Grant Bergman / James Thompson

 

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