27th Apr 2009 07:00
27 April 2009
NORCON PLC
£4.8M PLACING OF EXISTING STOCK
AND DIRECTORS' HOLDINGS
Norcon plc ("Norcon" or "the Company"; LSE/AIM: NCON) is pleased to announce that its broker, FinnCap, has arranged a £4.8 million placing of existing Norcon shares at 65 pence per share (the "Placing") to institutions to increase the Company's free float.
Norconsult Telematics Holdings Limited ("NTH") will sell 5,796,693 ordinary shares and Gaute Vik, an executive director of Norcon, will sell 1,586,807 ordinary shares, subject to completion of a placing agreement, to institutional clients of FinnCap.
Following this transaction, the revised shareholdings of NTH and Gaute Vik are as follows:
|
Number of Ordinary Shares |
Percentage of Ordinary Shares in Issue |
|
|
NTH* |
22,524,664 |
54.8% |
|
Gaute Vik |
6,171,647 |
15.0% |
Arnold Rørholt, Chief Executive Officer of Norcon, commented, "I am delighted that Norcon has received such strong support from institutional investors as this dramatically increases the level of free float in the shares of the Company."
*Jørn Longem, a non-executive director of Norcon, is considered to be interested in the share capital of NTH.
CONTACTS:
|
Norcon plc |
|
|
Arnold Rørholt, Chief Executive Officer |
+47 (0) 90 11 66 90 |
|
Marne Martin, Chief Financial Officer |
+44 (0) 78 13 92 09 74 |
|
|
|
|
Finncap |
|
|
Clive Carver or Rose Herbert |
+44 (0) 20 7600 1658 |
|
ICIS |
|
|
Tom Moriarty or Caroline Evans-Jones |
+44 (0) 20 7651 8688 |
ABOUT NORCON:
Norcon is an international project management and outsourcing services business, operating in the telecommunications, IT and defence sectors. Registered in Isle of Man, headquartered in Cyprus, the Company has provided project management services since 1957 in more than 20 countries around the world. www.norconplc.com
Related Shares:
NCON.L