Business
Placing of Shares
Placing of Shares.
About this update from Hardide Plc
[{"type":"text","content":"\n Hardide PLC\n26 May 2006\n\n\nPress Release 26 May 2006\n\n Hardide Plc\n\n ('Hardide' or 'the Company')\n\n Placing of Shares\n\n\nHardide Plc (AIM:HDD), the provider of unique surface engineering technology\nannounces that it has conditionally raised £1.55 million (before expenses) for\nthe Company via a placing for cash of 12,386,832 Ordinary Shares of 1 pence each\n('Ordinary Shares') at 12.5 pence per share ('the Placing'). In addition,\n601,650 Ordinary Shares held by Dr Yuri Zhuk, Technical Director of Hardide, and\n8,598,350 Ordinary Shares held by Flintstone Management Services Limited \n('FMS'), a subsidiary of Proventec PLC, have also been placed at the placing\nprice with institutional and other investors.\n\nThe net receivable proceeds of the Placing will be used to fund the Company's\ncontinuing expansion.\n\nMr David Chestnutt, non-executive Chairman of Hardide, is also a director of\nFMS. FMS has undertaken not to dispose of any further Ordinary Shares without\nthe permission of the Company's broker, Daniel Stewart & Co plc, before 30\nNovember 2006.\n\nApplication has been made for the admission of the 12,386,832 Ordinary Shares\nsubject to the Placing to be admitted to trading on AIM ('Admission'). It is\nexpected that Admission will take place on 1 June 2006. At Admission, the\nCompany will have 146,742,236 Ordinary Shares in issue.\n\nJim Murray-Smith, Chief Executive of the Company, has subscribed for 200,000\nOrdinary Shares in the Placing. Following Admission, Mr Murray-Smith will have\nan interest in 428,000 Ordinary Shares, representing 0.27% of the issued share\ncapital.\n\nFollowing Admission, Dr Zhuk will have a residual interest in 4,364,465 Ordinary\nShares, representing 2.97% of the issued share capital.\n\nFollowing Admission, FMS will have a residual interest in 31,499,725 Ordinary\nShares, representing 21.47% of the issued share capital.\n\nCommenting on the Placing, Jim Murray-Smith, Chief Executive of Hardide Plc,\nsaid: 'The proceeds from the Placing will enable the Company to strengthen the\nsenior management team, underpin and accelerate expansion in the US. Initial\nindications from the US oil, gas and pump markets continue to suggest extremely\nhigh demand for Hardide's unique products. The opening of our new manufacturing\nfacility in Houston is still on schedule for October 2006...