Business
First Day of Dealings
First Day of Dealings.
About this update from Coral Products Plc
[{"type":"text","content":"\n \nRNS Number : 6556N Coral Products PLC 06 September 2011 \n\n6 September 2011\nCORAL PRODUCTS PLC\n(\"Coral\" or the \"Company\")\n \nFIRST DAY OF DEALINGS\n \nThe board of Coral (AIM: CRU) is pleased to announce the commencement of dealings in its ordinary shares (\"Ordinary Shares\") on the AIM market of the London Stock Exchange. \n \n \nHIGHLIGHTS\n \n- Completion of the Company's move from the premium segment of the Official List to AIM\n \n- Acquisition of Interpack Limited (\"Interpack\"), a reseller and distributor of plastic containers primarily to the food manufacturing and food packaging sector\n \n- Successful placing of 12,000,000 new Ordinary Shares to raise £1.8 million (before commissions and expenses)\n \n \nOVERVIEW\nOn 30 June 2011, the Company announced its intention to cancel its admission to the premium segment of the Official List and trading on the London Stock Exchange's main market for listed securities (\"Cancellation\"), for which approval by the Company's shareholders was given at a general meeting of the Company on 18 July 2011, and to apply for admission of the entire issued and to be issued share capital of the Company to trading on AIM (\"Admission\"). The Company also announced that it was in discussions regarding a potential significant acquisition and fundraising which would, if agreed, be subject to approval by the Company's shareholders in due course. As a result of these discussions, the Company's Ordinary Shares were suspended from trading on 30 June 2011. \nOn 18 July 2011, the Company announced that shareholders had approved the Cancellation and submitted a request to the UKLA for the Cancellation to become effective on 16 August 2011, which was duly granted. \nOn 17 August 2011, the Company entered into an acquisition agreement, pursuant to which it conditionally agreed to acquire the entire issued share capital of Interpack for a maximum consideration of £4.1 million (the \"Acquisition\"), comprising:\n- an initial consideration of £3.0 million, to be satisfied by £2.1 million in cash and £0.9 million by the issue of 6,000,000 new Ordinary Shares at a price of 15 pence per share (\"Co...