Business
Result of EGM
Result of EGM.
About this update from Northern Bear Plc
[{"type":"text","content":"\n Northern Bear Plc\n30 August 2007\n\n\n Northern Bear Plc\n ('Northern Bear' or the 'Company')\n\n Result of Extraordinary General Meeting ('EGM')\n\nNorthern Bear, the integrated North of England based building materials and\nservices supplier, is pleased to announce that, at the EGM held earlier today,\nthe resolutions required to approve the placing of 2,415,250 new ordinary shares\nof 1p each ('Placing Shares') at 145 pence per share (the 'Placing') were duly\npassed.\n\nThe Placing has raised approximately £3.15 million, net of expenses, for the\nCompany. As stated in the circular sent to shareholders dated 2 August 2007, the\nnet proceeds will be applied to progressing the Company's stated strategy, being\nthe acquisition of mature, North East based owner-managed businesses in the\nbuildings services and materials sector which demonstrate consistent\nprofitability and positive operating cash flow.\n\nFurthermore, the Company has ,in connection with the Placing, allotted to Strand\nPartners Limited, the Company's nominated adviser, 13,793 new ordinary shares of\n1p ('Strand Shares') at a subscription price of 145 pence per share.\n\nThe Placing Shares and the Strand Shares will rank pari passu with the existing\nissued ordinary shares of 1p each in the Company ('Ordinary Shares').\nApplication has been made for the new Ordinary Shares to be admitted to trading\non AIM which is expected to take place on 31 August 2007.\n\nFollowing the issue of the Placing Shares and the Strand Shares pursuant to the\nPlacing, the Company's issued and voting share capital comprises 15,887,612\nOrdinary Shares.\n\n\nOn 14 May 2007 the Company announced that the remuneration committee had\napproved the grant of warrants to subscribe for 1,050,000 new ordinary shares of\n1p each at a time when the Company is not in a close period. The Company has now\ngranted those warrants, of which 1,000,000 have been issued to Graham Forrest\n(Chief Executive) and 50,000 to Springtime Consultants Limited, a company\ncontrolled by Marcus Yeoman (a non-executive director). The subscription price\npayable pursuant to the warrants is 145 pence.\n\n\nEnquiries please contact:\n\nNorthern Bear Plc\nGraham Forrest, Chief Executive\n0191 371 2934\n\nStrand Partners Limited\nJames Harris / Braden Saunders\n020 7409 3494\n\n\n\n\n\n\n This information is provided ...