Result of General Meeting
17 Juli 2009 - 1:00PM
UK Regulatory
TIDMHDD
RNS Number : 8699V
Hardide PLC
17 July 2009
+------------------------------------+------------------------------------+
| Press Release | 17 July 2009 |
+------------------------------------+------------------------------------+
Hardide plc
("Hardide" or the "Group")
Result of General Meeting
The Board of Hardide (AIM: HDD), the provider of unique metal surface
engineering technology, is pleased to announce that at the General Meeting of
the Company held earlier today, all resolutions were duly passed.
The Fundraising
The Company has raised GBP2,566,200 (before expenses) via a Fundraising. The
Fundraising comprises a placing of 311,066,667 new ordinary shares in the
Company at 0.3p per share (the "Placing Price") to raise GBP933,200 and the
issue of a new loan note, convertible into new ordinary shares at a 50% premium
to the Placing Price, of GBP633,000. Thus new funds into the Company total
GBP1,566,200. In addition, loans totaling GBP1 million are being converted into
new ordinary shares at the Placing Price.
Following the Fundraising, the Directors of Hardide have an interest in the
following ordinary shares of the Company:
+----------------+----------------------+---------------+----------------+
| Name | Position | Total holding | % holding |
+----------------+----------------------+---------------+----------------+
| Graham Hine | CEO | 10,000,000 | 1.20% |
| | | | |
+----------------+----------------------+---------------+----------------+
| Yuri Zhuk | Technical Director | 6,031,132 | 0.72% |
| | | | |
+----------------+----------------------+---------------+----------------+
| Peter | Finance Director | 2,226,667 | 0.27% |
| Davenport | | | |
+----------------+----------------------+---------------+----------------+
| William | Non-Executive | 1,691,667 | 0.20% |
| Zakroff | Director | | |
+----------------+----------------------+---------------+----------------+
| Hugh Smith | Non-Executive | 30,679,567 | 3.68% |
| | Director | | |
+----------------+----------------------+---------------+----------------+
| Robert | Non-Executive | 3,468,333 | 0.42% |
| Goddard | Chairman | | |
+----------------+----------------------+---------------+----------------+
Admission of the new ordinary shares is expected to take place on 20 July 2009.
Following the Fundraising there will be 834,042,236 ordinary GBP0.001 shares in
issue. This figure may be used by shareholders 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, Hardide under the FSA's
Disclosure and Transparency Rules.
Share Re-organisation
Each Existing Ordinary Share has been sub-divided into one New Ordinary Share of
GBP0.001 each and one Deferred Share of GBP0.009 each, thus enabling the Company
lawfully to implement the Placing at the Placing Price. No new certificates for
the New Ordinary Shares will be dispatched.
- Ends -
For further information:
+-------------------------------------------+----------------------------+
| Hardide plc | |
+-------------------------------------------+----------------------------+
| Dr Graham Hine, Chief Executive | Tel: +44 (0) 1869 353 830 |
| Jackie Robinson, Corporate Communications | |
+-------------------------------------------+----------------------------+
| jrobinson@hardide.com | www.hardide.com |
| | |
+-------------------------------------------+----------------------------+
+-------------------------------------------+----------------------------+
| Seymour Pierce Limited | |
+-------------------------------------------+----------------------------+
| Nicola Marrin | Tel: +44 (0) 20 7107 8000 |
+-------------------------------------------+----------------------------+
| | www.seymourpierce.com |
+-------------------------------------------+----------------------------+
Media enquiries:
+-------------------------------------------+----------------------------+
| Abchurch | |
+-------------------------------------------+----------------------------+
| Chris Lane / George Parker / Simone Alves | Tel: +44 (0) 20 7398 7708 |
+-------------------------------------------+----------------------------+
| chris.lane@abchurch-group.com | www.abchurch-group.com |
+-------------------------------------------+----------------------------+
Notes to editors:
Hardide manufactures and applies tungsten carbide-based coatings to a wide range
of engineering components. The Group's patented technology provides a unique
combination of ultra-hardness, toughness, low friction and chemical resistance
in one coating. When applied to components, the technology is proven to offer
dramatic cost savings through reduced downtime and extended part life.
Customers include leading companies operating in oil and gas exploration and
production, valve and pumps manufacturing, general engineering and aerospace.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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