Business
Northern Bear joins AIM
Northern Bear joins AIM.
About this update from Northern Bear Plc
[{"type":"text","content":"\n Northern Bear Plc\n19 December 2006\n\n\nPress Release 19 December 2006\n\n\n\n Northern Bear Plc\n\n\n Northern Bear joins AIM\n\n\nNorthern Bear PLC ('Northern Bear' or 'the Group'), today announces the\ncommencement of dealings in its Ordinary Shares on the Alternative Investment\nMarket ('AIM') of the London Stock Exchange.\n\nNorthern Bear was incorporated in 2006 to centralise the strategy and finance\nfunctions of a group of otherwise autonomous building services and materials\ncompanies, each of which provides products and/or services to the construction\nindustry and house builders within the North East of England.\n\nThe Company's Nominated Adviser is Dawnay, Day Corporate Finance Limited and its\nBroker is Dawnay, Day Corporate Broking.\n\n\nPlacing and Admission Statistics\n\nIssue Price 88p\nNumber of Placing Shares being issued 2,751,133\nProportion of the enlarged issued Share Capital being issued under \nthe Placing 24.36%\nNumber of Ordinary Shares in issue at Admission 11,293,019\nGross proceeds of the Placing £2,421,000\nMarket capitalisation of the Ordinary Shares on Admission at the \nIssue Price £9.94m\nEstimated net proceeds of the Placing to be received by the \nCompany £1.52m\n\n\nReasons for Admission, the Placing and use of Funds\n\nThe Board believe that Admission to AIM will raise the profile of the Group,\nhelping to attract future acquisition targets, as well as providing acquisition\ncurrency for future deals and liquidity in the Ordinary Shares. The equity\nincentives offered under the Share Options Schemes should also help the Group\nattract and retain experienced staff. The estimated net proceeds of the Placing\nafter expenses will be approximately £1.52 million. The Company plans to use\nthe majority of the funds raised from the Placing and to which it is entitled to\nprogress its current acquisition policy and the Board also intends to use a\nproportion of the funds to pay off the deferred consideration from the\nacquisitions of the Acquired Subsidiaries.\n\n\nIt is the intention of the Directors that Northern Bear will continue to make\nacquisitions following Admission provided that suitable target businesses can be\nidentified.\n\n Ends\n\n\nFor further information:\n\nNorthern Bear PLC\nGraham Forrest, Chief Executive Officer Tel: +44 (0)191 371 2934\n \nDawnay, Day Corporate Financ...