Norcros PLC
16 July 2007
NORCROS PLC
("NORCROS", THE "GROUP" OR THE "COMPANY")
FIRST DAY OF DEALINGS
The Directors of Norcros are pleased to announce that the Company's shares have
been admitted to the Official List of the UK Listing Authority and the London
Stock Exchange's main market for listed securities ("Admission") under the
ticker symbol "NXR".
128,802,669 Norcros shares have been placed with institutional investors at 78
pence per share (the "Placing Price") raising £100.5 million in total, of which
£72.0 million (net of expenses) was raised for the Company. At the Placing
Price, the Company's entire issued share capital is valued at approximately
£116.0 million.
Norcros is a highly focused home consumer products group with operations
primarily in the UK and South Africa. The Group is led by a strong management
team supported by an experienced operational team and a highly knowledgeable and
well informed non-executive team.
The Group enjoys leading positions in its chosen markets:
• Triton has the leading position in the UK domestic shower market in which
demand is underpinned by the strong replacement cycle and increased shower
penetration per UK household. The business is highly cash generative
• HRJ is the number 1 UK tile manufacturer and well positioned to increase
market share and improve margins in an expanding tile market following a
period of radical restructuring
• Norcros SA has significant opportunities in the rapidly expanding South
African tile market through its integrated manufacturing and retail
operations with an exciting retail store refurbishment and roll out
programme underway
Joe Matthews, Chief Executive said:
"We are focused on continuing to deliver strong growth by building on our
leading positions in our chosen markets through continued product development
and dedication to customer service. In South Africa, we are committed to
increasing our share of the buoyant market by focusing on quality of both
product and retail experience, in addition to the roll out of Tile Africa
stores. We look forward to taking Norcros to the next stage of its development
and would like to welcome our new institutional shareholders."
16th July 2007
Enquiries:
Norcros Tel: 01625 549010
Joe Matthews, Group Chief Executive
Nick Kelsall, Group Finance Director
Altium Tel: 0161 831 9133
Phil Adams
Mike Fletcher
College Hill Tel: 0207 457 2020
Mark Garraway
Matthew Gregorowski
For further information please visit the company website: www.norcros.com
This information is provided by RNS
The company news service from the London Stock Exchange