Business
Admission to AIM & First Day
Admission to AIM & First Day.
About this update from Panther Metals Plc
[{"type":"text","content":"\n RNS Number : 2471D Asian Plantations Limited 30 November 2009 \n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN\n\nnews release\n\n30 November 2009\n\nASIAN PLANTATIONS LIMITED\n\nFIRST DAY DEALINGS\n\nThe Board of Asian Plantations Limited (the \"Company\"), a Singapore incorporated company established to act as a holding company with subsidiaries (together the \"Group\") involved in the acquisition, development, operation and management of palm oil plantations in Malaysia, is pleased to announce its admission to the AIM market of the London Stock Exchange (\"Admission\") and the first day of dealings in its ordinary shares under ticker symbol PALM.\n\nThe Company has raised £5.26 million through a Company sponsored placing of 7,010,000 new ordinary shares representing 23.7% of the enlarged share capital of the Company. The approximate market capitalisation of the Company at the subscription price is £22.18 million.\nStrand Hanson Limited is acting as nominated adviser in relation to the Admission with Mirabaud Securities LLP as broker.\n\nOverview\n\nThe Group owns 4,795 hectares of titled and agricultural land, zoned for palm oil plantations in Sarawak, Malaysia (the \"Sarawak Estate\"). To date, the Group has spent approximately RM42 million (US$12.43 million) in respect of the acquisition and development of the Sarawak Estate.\nFollowing the arrival of the first seedlings at the nursery in April 2008 and the first planting of palm oil trees in April 2009, the directors of the Company (the \"Directors\") expect to have approximately 2,000 hectares of the total Sarawak Estate planted and developed by the end of 2009, with the expectation of revenue-generating harvests commencing in December 2010. \n\nIn addition to the continued development and future operation of the Sarawak Estate, the Group has identified a number of potential acquisition opportunities which would increase the amount of land held for the development and operation of palm oil plantations. The Directors intend to complete at least one acquisition within...