SORB Sorbic Int

TIDMSORB

RNS Number : 3377M

Sorbic International PLC

15 July 2014

 
 Press Release   15 July 2014 
 

Sorbic International plc

("Sorbic" or the "Company")

Result of General Meeting

Issue of Equity

Sorbic International plc (AIM:SORB), a leading sorbates producer in China, announces that all resolutions were passed at its general meeting held earlier today. The Company has also received approval from existing loan note holders for the issue of equity. Following the passing of the resolutions, the conditional placing to raise GBP250,000 by means of the issue of 2,500,000 New Ordinary Shares ("Placing Shares") at 5 pence per share and of 125 new Loan Notes at GBP1,000 per Loan Note will complete on 16 July 2014.

The subdivision of all of the Company's Existing Ordinary Shares into one New Ordinary Share and one Deferred Share will take effect from 16 July 2014.

Following Admission of the New Ordinary Shares and the Placing Shares, the Placing Shares will rank pari passu in all respects with the existing ordinary shares in issue including the right to receive all dividends and other distributions declared. Following the issue of the Placing Shares, the Company's total issued and voting share capital will comprise 55,885,980 Ordinary shares. 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, securities of the Company under the FCA's Disclosure and Transparency Rules.

- Ends -

 
 For further information: 
 Sorbic International plc               Tel: +44 (0)7768 
                                                 031 454 
 John McLean, Chairman       www.sorbicinternational.com 
 finnCap (Nomad) 
 Geoff Nash / Ben Thompson               Tel: +44 (0) 20 
                                               7220 0500 
 Hybridan LLP (Broker) 
 Claire Louise Noyce                     Tel: +44 (0) 20 
                                               3713 4581 
 

Media enquiries:

 
 Abchurch Communications 
 Henry Harrison-Topham /             Tel: +44 (0)20 7398 
  Canace Wong                                       7714 
 canace.wong@abchurch-group.com   www.abchurch-group.com 
 

Notes to Editors: www.sorbicinternational.com

About Sorbic International plc

Sorbic International's principal activity is the production and sale of the food preservatives Sorbic Acid and Potassium Sorbate from its base in Linyi City, Shandong Province, Peoples Republic of China. Approximately half of Sorbic International's production is sold to overseas markets and half into the Chinese domestic market.

Sorbic Acid is a naturally occurring organic compound that is used in all kinds of foods for its anti-decomposition and anti-fungus function and also in grains, medicines, cosmetics, toothpaste, tobacco, animal feed, latex, paper-manufacturing and pesticides. Potassium Sorbate is used to inhibit moulds and yeasts in many foods, such as cheese, wine, yogurt, dried meat, baked goods, cosmetics and pharmaceuticals.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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