Plant Health Care PLC
27 September 2007
Embargoed until 0700, 27 September 2007
PLANT HEALTH CARE PLC
Plant Health Care plc ('the Company' or 'Plant Health Care')
£5 Million Equity Placing
Plant Health Care plc, the provider of natural products for plant and soil care,
announces that it has raised £4,993,240 (before expenses) by way of a placing of
2,098,000 new ordinary shares at a price of 238 pence per share ('Placing
Shares'). The Placing Shares have been placed with existing shareholders by
Evolution Securities, the Company's Nominated Adviser and broker.
As stated in the Company's interim results released on 24 September 2007, the
Company currently has net cash balances of approximately US$2.0 million as well
as credit facilities in place adequate for its current needs. However, following
discussions with a number of the Company's major shareholders, the Board has
decided that it would be appropriate to take the opportunity to strengthen its
balance sheet and to provide additional resources to accelerate the momentum
which has been achieved as regards the commercialisation of Myconate and Harpin.
The placing is conditional only upon Admission of the Placing Shares to AIM.
Application will be made for the Placing Shares, which rank pari passu with the
existing issued trading shares, to be admitted to trading on AIM and dealings
are expected to commence on Tuesday, 2 October 2007.
John Brady, Chief Executive, commented:
'We are very pleased with the progress we have made towards the
commercialisation of Myconate and Harpin; these additional funds enable us to
invest in the resources necessary to accelerate development'.
He added: 'We are very appreciative of the support given by our shareholders'.
For Further Information:
Plant Heath Care plc
John Brady, Chief Executive
27 and 28 September Tel: 020 7920 3150
Thereafter: 001 603 525 3702
Evolution Securities Limited Tavistock Communications
Tim Worlledge/Tim Redfern Jeremy Carey/Matt Ridsdale
Tel: 020 7071 4300 Tel: 020 7920 3150
This information is provided by RNS
The company news service from the London Stock Exchange
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