Hardide PLC Equity Fundraising of £750,000 (3899S)
21 Novembre 2011 - 8:00AM
UK Regulatory
TIDMHDD
RNS Number : 3899S
Hardide PLC
21 November 2011
Press Release 21 November 2011
Hardide plc
("Hardide" or "the Group")
Equity Fundraising of GBP750,000
Hardide plc (AIM: HDD), the provider of unique surface
engineering technology, is pleased to announce that it has raised
GBP750,000 from the issue of 125,000,000 new ordinary shares of
0.1p each ("New Ordinary Shares") at 0.6p per share in a Placing
(the "Placing") with existing and new investors through its broker
Brewin Dolphin Limited.
The New Ordinary Shares, which constitute 15 per cent of the
current issued share capital, have been issued under the authority
granted at the Group's most recent Annual General Meeting.
Application has been made for the New Ordinary Shares to be
admitted to trading on AIM and dealings are expected to commence on
25 November 2011.
The Group intends to use the net Placing proceeds in:
-- Expansion of working capital to facilitate near-term sales growth;
-- Modest capital expenditure;
-- Improving its balance sheet;
-- Investigating new markets for Hardide.
Robert Goddard, executive chairman, commented: "The Board is
confident that the Group is well positioned to capitalise on the
continually expanding range of applications for the Hardide
technology. We plan to investigate certain markets more thoroughly
and undertake modest capital expenditure investment to enable us to
grow sales further."
A Badenoch & Associates and R Boyce & Associates,
existing Substantial Shareholders in the Group currently holding
28.78% and 29.53% respectively of Hardide's issued share capital,
have participated in the Placing as to 7,734,000 shares and
7,734,000 shares respectively. Following the Placing, A Badenoch
& Associates will hold 247,800,667 shares representing 25.84%
of the enlarged issued share capital and R Boyce & Associates
will hold 254,046,225 shares representing 26.49% of the enlarged
issued share capital. Consequently the Placing of shares with these
shareholders represent related party transactions under AIM Rule
13. The directors, having consulted Seymour Pierce, the Group's
nominated adviser, consider that the terms of these transactions
are fair and reasonable insofar as shareholders are concerned.
Application will be made for the New Ordinary Shares issued
pursuant to the Placing to be admitted to trading on AIM and it is
anticipated that Admission will become effective and that dealings
will commence on 25 November 2011.
Following the Placing, the number of Ordinary Shares in issue
will increase to 959,042,238 ordinary shares. As there are no
shares held in treasury, the total number of voting rights in the
Group is 959,042,238. This figure may be used by shareholders in
the Group as the denominator for calculations by which they will
determine if they are required to notify their interest in, or a
change to their interest under the Disclosure and Transparency
Rules.
Ends
For further information:
Hardide plc
Robert Goddard, Executive Chairman Tel: +44 (0) 1869 353830
Jackie Robinson, Communications www.hardide.com
Manager
jrobinson@hardide.com
Seymour Pierce Limited (Nominated
Adviser)
Guy Peters Tel: +44 (0) 20 7107 8000
guypeters@seymourpierce.com www.seymourpierce.com
Brewin Dolphin Limited (Broker)
Neil Baldwin Tel: +44 (0) 113 241 0126
neil.baldwin@brewin.co.uk www.brewin.co.uk
Hardide Coatings
Hardide provides and applies tungsten carbide-based coatings to
a wide range of engineering components. The Group'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 pump 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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