11th Apr 2014 15:17
LONDON (Alliance News) - Norish PLC Friday said that it has conditionally raised GBP2 million before expenses in a placing, and is looking to raise up to a further GBP0.2 million in an open offer.
The warehousing company said it raised the GBP2 million before expenses, through a placing of 5.7 million shares, representing roughly 33.9% of the company's share capital, with institutional and other investors at 35 pence per share.
Norish said that it also intends to raise up to a further GBP0.2 million in an open offer of up to 587,411 shares to shareholders, at 35 pence each.
Norish shares were down 5.4% at 44.00 pence Friday afternoon.
The company said that should the open offer be fully taken up, it will have raised a total of GBP2.2 million.
Norish said it plans to use the proceeds to acquire the freehold to the cold store site in Birmingham, purchase some blast freezing equipment that is currently leased, and for development capital for the group's commodity trading operations.
The company said an opportunity has arose to acquire the cold store site in Birmingham for GBP2.4 million, which it currently pays rent of GBP370,000 per year for this site.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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