Orchard Furniture PLC
7 April 2000
Orchard Furniture PLC
Placing of new ordinary shares to raise £6.2 million
Appointment of director
Orchard Furniture PLC ('Orchard') has today placed 310,000,000 new ordinary
shares at a price of lp per share, raising £3.1m before expenses. Application
will be made for these shares to be admitted to trading on AIM, and it is
expected that dealings in the new ordinary shares will commence on 18 April
2000. The Company has placed a further 310,000,000 new ordinary shares at lp
subject to shareholder consent. Application will be made for these shares to be
admitted to trading on AIM.
An Extraordinary General Meeting has been convened for 2 May 2000 at which a
Resolution will be proposed to approve the issue of 310,000,000 new ordinary
shares.
It is the intention that existing shareholders will also be given an entitlement
to subscribe for additional shares at lp per share on the basis of 1 new
Ordinary Share for every 1 Ordinary Share currently held. The record date for
such entitlement will be 17th April 2000. A circular giving further details will
be sent to shareholders shortly.
Orchard also announces that Mark Wilsher has been appointed to the Board of the
Company. Mr Wilsher is Chief Executive of Venture Technologies Limited, an
independent venture capital firm specialising in early stage investments in
companies involved with emerging technologies. He is on the board of several
technology companies in which funds he advises have taken major stakes,
including Durlacher Corporation pie. A fund advised by Mr Wilsher has subscribed
for 50,000,000 shares in the placing. In addition, Hugh Gillespie, a director of
the company, has subscribed for 5,000,000 shares in the placing.
Orchard intends to strengthen its Board further by appointing additional
directors with expertise in emerging technologies.
When Orchard's shares were requoted on 25th January, the Directors stated that
it was the intention of the Board to identify suitable investments of a single
acquisition with a view to enhancing shareholder value. Since that time, a
number of opportunities have been examined. The Board believes that it will be
better able to take advantage of opportunities available by raising additional
capital. Following both the placing and the subsequet Open Offer to
shareholders, Orchard will be able to invest selectively, while its ability to
acquire a business that is considering a flotation will be enhanced.
6 April 2000
Appendix
Mark Wilsher currently holds, or has held within the last five years,
directorships in the following companies:
Current
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Blaze Imaging Limited
Cyberlife Technology Limited
Durlacher Corporation plc
Flying Null Limited
ImagoQA
Leisurehunt.com Limited
Venture Consulting Limited
Venture Technologies Limited
WhereonEarth.com Limited
Winvista Corporation
Within the last five years
--------------------------
Infemet Limited
JCP Computer Services Limited
Peopledoc Limited
Zoo Corporation Plc
Blaze Imaging Limited is in liquidation. Zoo Corporation was wound up in
1998, within 12 months of Mr. Wilsher's resignation as a director.