Business
First Day of Dealings on AIM
First Day of Dealings on AIM.
About this update from Hargreaves Services Plc
[{"type":"text","content":"\n Hargreaves Services PLC\n30 November 2005\n\n NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, JAPAN, AUSTRALIA OR THE\nREPUBLIC OF IRELAND\n\nFor Release 7.00am 30 November 2005\n\n Hargreaves Services plc\n ('Hargreaves' or the 'Group'),\n\n FIRST DAY OF DEALINGS ON AIM\n\nHargreaves Services plc (AIM: HSP), a leading provider of transport and support\nservices to the energy and waste sectors, is pleased to announce its flotation\non AIM today.\n\nFounded in 1994 as a coal haulage business with approximately 20 vehicles, the\nGroup's activities have now been transformed to cover mineral trading, coke\nproduction, waste handling and transportation, handling and processing of\nminerals through its two port facilities as well as specialist bulk road\nhaulage. The Group employs approximately 600 staff with a fleet of 370 vehicles.\n\nAt the Issue Price of 243 pence per share, £21.5million before expenses has been\nraised on behalf of the Company via an oversubscribed Placing. The proceeds of\nthe Placing will be used to reduce gearing allowing the Group to fund the growth\nof the business organically and by acquisition.\n\nA further £1.2 million of existing ordinary shares have also been placed at the\nIssue Price on behalf of existing venture capital shareholders.\n\nOn admission to AIM, the market capitalisation of Hargreaves at the Issue Price\nis expected to be approximately £57.5 million.\n\nBrewin Dolphin Securities is acting as Nominated Adviser and Broker to the\nGroup.\n\nPlacing Statistics\n\nIssue Price 243p\nNumber of Placing Shares placed on behalf of the Company 8,847,737\nNumber of Ordinary shares in issue upon Admission 23,675,437\nPercentage of Enlarged Share Capital placed 40%\nMarket Capitalisation at the Issue Price £57.5m\n\nFor further information, please contact:\n\nHargreaves Services plc\nGordon Banham 0191 373 4485\n\nBuchanan Communications\nTim Anderson/Diane Stewart/James Strong 020 7466 5000\n\nBrewin Dolphin Securities\nAndrew Kitchingman/Andrew Emmott 0113 241 0130\n\nBrewin Dolphin Securities Limited, a member of the London Stock Exchange,\nauthorised and regulated by the Financial Services Authority, is acting for the\nCompany only and will not be responsible to any other persons for providing the\nprotections afforded to clients of Brewin Dolphin Securities Limited or for\nadvising such ...