Result of Open Offer
June 26 2009 - 11:22AM
UK Regulatory
TIDMNBI
RNS Number : 6204U
Northbridge Industrial Services PLC
26 June 2009
For immediate release 26 June 2009
Northbridge Industrial Services Plc.
("Northbridge", "the Group" or "the Company")
RESULT OF OPEN OFFER
The Board of Northbridge is pleased to announce the result of the Open Offer
which closed at 11.00 am today, Friday 26 June 2009. The Company has raised
GBP1.5 million net of expenses by the issue of 1,382,108 Offer Shares.
The total issued share capital of the Company is now 9,092,257 Ordinary Shares
of which 152,150 shares are held by the Company as treasury shares. Therefore
the total issued voting share capital of the Company is now 8,940,107 Ordinary
Shares.
The total number of Offer Shares applied for by Qualifying Shareholders under
their basic pro rata entitlements and the Excess Application Facility amounted
to 1,382,108 Offer Shares representing 73.1 percent of the total number of Offer
Shares available.
Application has been made to the London Stock Exchange for the 1,382,108 Offer
Shares to be admitted to trading on AIM. It is expected that such Admission will
become effective and that dealings will commence at 8.00 a.m. on 29 June 2009.
The definitions used in this announcement, unless otherwise stated, are as
defined in the circular to shareholders dated 12 June 2009.
Commenting on the results of the Open Offer, Peter Harris, Chairman of
Northbridge said:
"We are pleased with the response that our shareholders have shown
in supporting us with this Open Offer. We will use these funds to expand our
hire fleet in line with our stated strategy of acquiring and developing rental
assets to complement further our existing hire equipment activities.
"Following the recent strengthening of our business in the Middle East we are
confident that there is a significant opportunity to grow our operations and
become a key supplier of industrial hire equipment in that area
"We expect to update shareholders on the development of our fleet in due
course."
For further information
Northbridge Industrial Services plc
Eric Hook, Chief Executive Officer 01283 531645
Ash Mehta, Finance Director
Cattaneo LLP (Financial Adviser)
Charles Cattaneo 07774 276512
Ian Stanway 07837
179502
Buchanan Communications 020 7466 5000
Charles Ryland / James Strong
Charles Stanley Securities (Nominated Adviser) 020 7149 6000
Mark Taylor / Freddy Crossley
About Northbridge:
Northbridge Industrial Services was incorporated for the purpose of acquiring
companies that hire and sell specialist industrial equipment supplying a
non-cyclical customer base including utility companies, the public sector and
the oil and gas industries. In particular it will seek to acquire specialist
businesses that have the potential for expansion into complete outsourcing
providers.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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