Business
Replacement:Acquisition, Prop
Replacement:Acquisition, Prop.
About this update from Michelmersh Brick Holdings Plc
[{"type":"text","content":"\n RNS Number : 8573H Michelmersh Brick Holdings PLC 01 March 2010 \n \n\nThis announcement replaces RNS number 8038H issued at 7.00 am on 01 March 2010. The amended information in this announcement concerns the acquisition of new Ordinary Shares pursuant to the Placing, by Eric Gadsden, Chairman of Michelmersh. Mr Gadsden will invest £324,714.60 to acquire 1,082,382 new Ordinary Shares. Mr Gadsden will own 39.0 per cent. of the Company's enlarged issued share capital.\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, SOUTH AFRICA OR SWITZERLAND OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL\nMichelmersh Brick Holdings plc\n(\"Michelmersh\", the \"Group\" or the \"Company\")\n \nAcquisition of Freshfield Lane Brickworks Limited\nProposed Placing of 10,000,000 Ordinary Shares at 30 pence per Ordinary Share,\nNotice of General Meeting\n \nMichelmersh Brick Holdings plc (AIM: MBH), the specialist brick, land development and landfill company, is pleased to announce that it has conditionally agreed to acquire Freshfield Lane Brickworks Limited (FLB), a leading independent manufacturer of high quality clamp-fired stock bricks based in Danehill, Sussex, for a total consideration of £10.0 million.\n \nThe Company also announces that it has conditionally placed 10,000,000 new Ordinary Shares at a price of 30 pence per Ordinary Share, raising gross proceeds of £3.0 million from new and existing institutional and other investors. \n \nMichelmersh will shortly publish a shareholder circular in connection with the above and will convene a General Meeting for 24 March 2010 to approve certain matters necessary to implement the proposed fundraising. \n \nSUMMARY\n \n* Acquisition of FLB, a leading independent manufacturer of high quality clamp-fired stock bricks based in Danehill, Sussex.\n \n* The consideration of £10.0 million for FLB, comprises a cash consideration of £5.0 million plus £3.0 million through the issue of approximately 7.69 million Consideration Shares issued at a price of 39 pence per Ordinary Share and £2.0 million in Loan Notes maturing in 2012. \n \n* FLB will be acquired with stock, work...