Placing of Shares
26 Maggio 2006 - 9:02AM
UK Regulatory
RNS Number:6319D
Hardide PLC
26 May 2006
Press Release 26 May 2006
Hardide Plc
("Hardide" or "the Company")
Placing of Shares
Hardide Plc (AIM:HDD), the provider of unique surface engineering technology
announces that it has conditionally raised #1.55 million (before expenses) for
the Company via a placing for cash of 12,386,832 Ordinary Shares of 1 pence each
("Ordinary Shares") at 12.5 pence per share ("the Placing"). In addition,
601,650 Ordinary Shares held by Dr Yuri Zhuk, Technical Director of Hardide, and
8,598,350 Ordinary Shares held by Flintstone Management Services Limited
("FMS"), a subsidiary of Proventec PLC, have also been placed at the placing
price with institutional and other investors.
The net receivable proceeds of the Placing will be used to fund the Company's
continuing expansion.
Mr David Chestnutt, non-executive Chairman of Hardide, is also a director of
FMS. FMS has undertaken not to dispose of any further Ordinary Shares without
the permission of the Company's broker, Daniel Stewart & Co plc, before 30
November 2006.
Application has been made for the admission of the 12,386,832 Ordinary Shares
subject to the Placing to be admitted to trading on AIM ("Admission"). It is
expected that Admission will take place on 1 June 2006. At Admission, the
Company will have 146,742,236 Ordinary Shares in issue.
Jim Murray-Smith, Chief Executive of the Company, has subscribed for 200,000
Ordinary Shares in the Placing. Following Admission, Mr Murray-Smith will have
an interest in 428,000 Ordinary Shares, representing 0.27% of the issued share
capital.
Following Admission, Dr Zhuk will have a residual interest in 4,364,465 Ordinary
Shares, representing 2.97% of the issued share capital.
Following Admission, FMS will have a residual interest in 31,499,725 Ordinary
Shares, representing 21.47% of the issued share capital.
Commenting on the Placing, Jim Murray-Smith, Chief Executive of Hardide Plc,
said: "The proceeds from the Placing will enable the Company to strengthen the
senior management team, underpin and accelerate expansion in the US. Initial
indications from the US oil, gas and pump markets continue to suggest extremely
high demand for Hardide's unique products. The opening of our new manufacturing
facility in Houston is still on schedule for October 2006.
We have been particularly encouraged by the strong demand from both existing and
new institutional investors and look forward to sharing Hardide's future success
with them. The Board remains confident of meeting market expectations for the
full year."
For further information:
Hardide plc
Jim Murray Smith, Chief Executive Tel: +44 (0) 1869 353 830
jmurray-smith@hardide.com www.hardide.com
Daniel Stewart & Company plc
Paul Shackleton, Corporate Finance Tel: +44 (0) 20 7776 6550
www.danielstewart.co.uk
Media enquiries:
Abchurch
Chris Lane / Katherine Murphy Tel: +44 (0) 20 7398 7700
chris.lane@abchurch-group.com www.abchurch-group.com
Notes to editors
Hardide provides and applies tungsten carbide coatings to a wide range of
engineering components. The Company's patented technology is unique in that it
combines both abrasion and corrosion resistant properties in one coating. When
applied to components, the technology is proven to offer dramatic cost savings
through reduced downtime and extended component life. Customers include leading
companies operating in oil and gas exploration and production, valve and pumps
manufacturing and general engineering.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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