Sorbic International PLC Fundraising of £0.25 million (3015K)
June 23 2014 - 9:20AM
UK Regulatory
TIDMSORB
RNS Number : 3015K
Sorbic International PLC
23 June 2014
Press Release 23 June 2014
Sorbic International plc
("Sorbic" or the "Company")
Fundraising of GBP0.25 million
Sorbic International plc (AIM:SORB), a leading sorbates producer
in China, is pleased to announce that it proposes, conditional upon
admission, loan stock and shareholder approval, to raise
approximately GBP0.25 million (before expenses) through the issue
of GBP125,000 of convertible loan notes (the "A Loan Notes") and
2,500,000 new ordinary shares of 6 pence (each to be issued at 5
pence each ("New Ordinary Shares").
A circular will shortly be sent to shareholders setting out a
resolution to sub-divide each Ordinary Share into six shares of 1
pence (new par value) to be passed at a general meeting of the
Company to be held on or around 15 July 2014.
The proceeds of the fundraising will be used to meet the ongoing
costs of Sorbic International plc to enable the change in legal
representative to be completed which will then enable funds to be
transferred from the PRC to the UK.
Application will be made to the London Stock Exchange for the
New Ordinary Shares to be admitted to trading on AIM. It is
expected that such Admission will be admitted at 8.00 a.m. on 16
July 2014 following shareholder and loan note approval.
- Ends -
For further information:
Sorbic International plc Tel: +44 (0)7768
031 454
John McLean, Chairman www.sorbicinternational.com
finnCap (Nomad)
Geoff Nash / Ben Thompson Tel: +44 (0) 20
7220 0500
Hybridan LLP (Broker)
Claire Louise Noyce Tel: +44 (0) 20
3713 4581
Media enquiries:
Abchurch Communications
Henry Harrison-Topham / Tel: +44 (0)20 7398
Canace Wong 7714
canace.wong@abchurch-group.com www.abchurch-group.com
Notes to Editors: www.sorbicinternational.com
About Sorbic International plc
Sorbic International's principal activity is the production and
sale of the food preservatives Sorbic Acid and Potassium Sorbate
from its base in Linyi City, Shandong Province, Peoples Republic of
China. Approximately half of Sorbic International's production is
sold to overseas markets and half into the Chinese domestic
market.
Sorbic Acid is a naturally occurring organic compound that is
used in all kinds of foods for its anti-decomposition and
anti-fungus function and also in grains, medicines, cosmetics,
toothpaste, tobacco, animal feed, latex, paper-manufacturing and
pesticides. Potassium Sorbate is used to inhibit moulds and yeasts
in many foods, such as cheese, wine, yogurt, dried meat, baked
goods, cosmetics and pharmaceuticals.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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