Business
Proposed Placing
Proposed Placing.
About this update from Norcros Plc
[{"type":"text","content":"\n \n \n \n THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT 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 OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. \n \n \n \n \n THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN NORCROS PLC OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY INVESTMENT DECISION IN RESPECT OF NORCROS PLC.\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF EU REGULATION 596/2014, WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"MAR\").\n \n \n \n \n \n \n \n \n \n 11 May 2022\n \n \n \n \n \n \n \n Norcros plc (\"Norcros\" or the \"Company\")\n \n \n \n \n \n \n \n Proposed Placing to raise approximately £18 million\n \n \n \n \n \n \n \n \n Norcros, a market leading supplier of high quality and innovative bathroom and kitchen products, announces its intention to undertake a placing to raise gross proceeds of approximately £18 million (before expenses), representing up to 9.9 per cent. of Norcros' existing issued share capital, with institutional investors (the \"Placing\").\n \n \n \n \n \n The proceeds of the Placing will be used to part-fund the acquisition of Granfit Holdings Limited (the \"Target\" or \"Grant Westfield\"), a market leading designer, manufacturer and supplier of waterproof bathroom wall panels in the UK (the \"Acquisition\") and associated costs. Details of the Acquisition are contained in a separate announcement released by the Company today, which should be read in conjunction with this announcement.\n \n \n \n \n \n The Placing is being conducted, subject to the satisfaction of certain conditions, through an accelerated bookbuilding process, which will be launched immediately following this announcement.\n \n \n \n \n \n \n \n \...