Business
FIRST DAY OF DEALINGS
FIRST DAY OF DEALINGS.
About this update from Norcros Plc
[{"type":"text","content":"\n Norcros PLC\n16 July 2007\n\n\n\nNORCROS PLC\n\n(\"NORCROS\", THE \"GROUP\" OR THE \"COMPANY\")\n\n\nFIRST DAY OF DEALINGS\n\n\nThe Directors of Norcros are pleased to announce that the Company's shares have\nbeen admitted to the Official List of the UK Listing Authority and the London\nStock Exchange's main market for listed securities (\"Admission\") under the\nticker symbol \"NXR\".\n\n128,802,669 Norcros shares have been placed with institutional investors at 78\npence per share (the \"Placing Price\") raising £100.5 million in total, of which\n£72.0 million (net of expenses) was raised for the Company. At the Placing\nPrice, the Company's entire issued share capital is valued at approximately\n£116.0 million.\n\nNorcros is a highly focused home consumer products group with operations\nprimarily in the UK and South Africa. The Group is led by a strong management\nteam supported by an experienced operational team and a highly knowledgeable and\nwell informed non-executive team.\n\n\nThe Group enjoys leading positions in its chosen markets:\n\n • Triton has the leading position in the UK domestic shower market in which\n demand is underpinned by the strong replacement cycle and increased shower\n penetration per UK household. The business is highly cash generative\n\n • HRJ is the number 1 UK tile manufacturer and well positioned to increase\n market share and improve margins in an expanding tile market following a\n period of radical restructuring\n\n • Norcros SA has significant opportunities in the rapidly expanding South\n African tile market through its integrated manufacturing and retail\n operations with an exciting retail store refurbishment and roll out\n programme underway\n\n\nJoe Matthews, Chief Executive said:\n\n\"We are focused on continuing to deliver strong growth by building on our\nleading positions in our chosen markets through continued product development\nand dedication to customer service. In South Africa, we are committed to\nincreasing our share of the buoyant market by focusing on quality of both\nproduct and retail experience, in addition to the roll out of Tile Africa\nstores. We look forward to taking Norcros to the next stage of its development\nand would like to welcome our new institutional shareholders.\"\n\n 16th July 2007\nEnquiries:\n\nNorcros Tel: 01625 549010\n\nJoe Matthews, ...