Northern Bear Plc
30 August 2007
Northern Bear Plc
('Northern Bear' or the 'Company')
Result of Extraordinary General Meeting ('EGM')
Northern Bear, the integrated North of England based building materials and
services supplier, is pleased to announce that, at the EGM held earlier today,
the resolutions required to approve the placing of 2,415,250 new ordinary shares
of 1p each ('Placing Shares') at 145 pence per share (the 'Placing') were duly
passed.
The Placing has raised approximately £3.15 million, net of expenses, for the
Company. As stated in the circular sent to shareholders dated 2 August 2007, the
net proceeds will be applied to progressing the Company's stated strategy, being
the acquisition of mature, North East based owner-managed businesses in the
buildings services and materials sector which demonstrate consistent
profitability and positive operating cash flow.
Furthermore, the Company has ,in connection with the Placing, allotted to Strand
Partners Limited, the Company's nominated adviser, 13,793 new ordinary shares of
1p ('Strand Shares') at a subscription price of 145 pence per share.
The Placing Shares and the Strand Shares will rank pari passu with the existing
issued ordinary shares of 1p each in the Company ('Ordinary Shares').
Application has been made for the new Ordinary Shares to be admitted to trading
on AIM which is expected to take place on 31 August 2007.
Following the issue of the Placing Shares and the Strand Shares pursuant to the
Placing, the Company's issued and voting share capital comprises 15,887,612
Ordinary Shares.
On 14 May 2007 the Company announced that the remuneration committee had
approved the grant of warrants to subscribe for 1,050,000 new ordinary shares of
1p each at a time when the Company is not in a close period. The Company has now
granted those warrants, of which 1,000,000 have been issued to Graham Forrest
(Chief Executive) and 50,000 to Springtime Consultants Limited, a company
controlled by Marcus Yeoman (a non-executive director). The subscription price
payable pursuant to the warrants is 145 pence.
Enquiries please contact:
Northern Bear Plc
Graham Forrest, Chief Executive
0191 371 2934
Strand Partners Limited
James Harris / Braden Saunders
020 7409 3494
This information is provided by RNS
The company news service from the London Stock Exchange