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

 

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