Business
Proposed placing
Proposed placing.
About this update from Norman Broadbent Plc
[{"type":"text","content":"\n \nRNS Number : 7772F Norman Broadbent PLC 03 May 2011 \n \n\n3 May 2011\n \nNorman Broadbent Plc\n(\"Norman Broadbent\" or \"the Company\")\n \nProposed placing to raise £1.75 million\n \nFurther to the announcement of the final results of the Company for the year ended 31 December 2010 earlier today, Norman Broadbent is pleased to announce that it has raised £1.75 million (the \"Placing\") through the issue of 2,692,308 new ordinary shares in the capital of the Company at a placing price of 65 pence per share (the \"Placing Shares\") to certain Directors of the Company, Institutional and other investors. The Placing is conditional upon the passing of certain resolutions at the annual general meeting of the Company, to be held on 31 May 2011 and admission of the Placing Shares to trading on AIM (\"Admission\"). The net proceeds of the Placing, amounting to approximately £1.71 million, will provide the capital to implement the Company's growth strategy.\nCertain directors of the Company have agreed to subscribe for an aggregate of 410,770 Placing Shares as part of the Placing. The respective subscriptions, together with the resultant holdings in the enlarged issued share capital are as follows:\n \n\n\n\n\n\n\n\nNo. of Placing Shares\n\n\nShareholding following Admission\n\n\nPercentage holding of enlarged issued share capital\n\n\n\n\nPierce Casey, Executive Chairman\n\n\n389,232\n\n\n2,611,454\n\n\n24.85\n\n\n\n\nBrian Stephens, Non-executive Director\n\n\n7,692\n\n\n12,692\n\n\n0.12\n\n\n\n\nJanet Cameron, Executive Director\n\n\n7,692\n\n\n15,523\n\n\n0.15\n\n\n\n\nSue O'Brien, Group Managing Director\n\n\n3,077\n\n\n46,254\n\n\n0.44\n\n\n\n\nBen Felton, Chief Financial Officer\n\n\n3,077\n\n\n3,077\n\n\n0.03\n\n\n\n\n \nIn addition, Jon Moulton, a substantial shareholder of the Company, has agreed to subscribe for 389,231 Placing Shares. Following Admission, Mr Moulton will be beneficially interested in a total of 2,611,453 ordinary shares, equivalent to 24.85 per cent. of the enlarged issued share capital of the Company.\n \nDue to the fact that he is a director of the Company and to the size of his shareholding and subscription, the participation in the Placing by Pierce Casey constitutes a related party transaction as defined by the AIM Rules. The participation in the Placing by Jon ...