Hardide PLC Result of General Meeting and Placing completion (1445P)
14 August 2014 - 12:29PM
UK Regulatory
TIDMHDD
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,
GBP2.7 million before expenses (GBP2.5 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: +44 (0) 1869 353830
Philip Kirkham, CEO
Peter Davenport, Finance Director
finnCap Ltd Tel: +44 (0) 20 7220 0500
Stuart Andrews / Grant Bergman / James Thompson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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