9th Feb 2005 15:16
Stanelco PLC09 February 2005 Stanelco plc Agreement And Placing of New Ordinary Shares Stanelco is pleased to announce that it has granted ASDA a 60 day option periodduring which the two organisations will endeavour to reach agreement concerningASDA's access to Stanelco's RF sealing technology for food retail in the UK andIreland. Such agreement will include details of the duration of anyexclusivity. The Board of Stanelco plc (the "Company") is pleased to announce the placing byKBC Peel Hunt of 38,000,000 ordinary shares ("New Ordinary Shares") at a priceof 12.825p per share to raise approximately £4.8 million (approximately £4.7million after expenses). The proceeds of this placing will be used primarily forworking capital relating to existing development projects. Application will be made to the UK Listing Authority for the New Ordinary Sharesto be admitted to the Official List and to the London Stock Exchange for suchshares to be admitted to trading on the London Stock Exchange's Market forlisted securities. Admission of the New Ordinary Shares is expected to becomeeffective on 15 February 2005. The New Ordinary Shares will be issued credited as fully paid and will rank paripassu in all respects with the existing Ordinary Shares, including the right toreceive all dividends and other distributions declared or paid thereon followingadmission. The Placing is conditional upon the Placing Agreement between KBC Peel Hunt andthe Company having become unconditional in all respects and not having beenterminated prior to Admission of the New Ordinary Shares, and admission of theNew Ordinary Shares becoming effective by 15 February 2005 or such later date(not being later than 25 February 2005) as the Company and KBC Peel Hunt mayagree. For further information please contact: Ian Balchin, Chief ExecutiveStanelco PLCTel: +44 (0)2380 867100 Jonathon Brill/Billy CleggFinancial DynamicsTel: +44 (0)20 7831 3113 Julian BluntKBC Peel Hunt LtdTel: +44 (0)20 7418 8900 Notes to Editors: Stanelco was founded in 1953 and is a world leader in the development of radiofrequency technologies for processing polymers for edible and packagingapplications and the design and manufacture of optical fibre technology,induction heating and dielectric welding equipment. The Company's current corebusiness is the manufacture of optical fibre using Radio Frequency (RF)technology. Stanelco has been applying its technology to other markets. Currentdevelopments include biodegradable air cushion packaging, sealing of low-costconventional plastics for food packaging, water-soluble detergent capsules,foamed starch trays, edible sachets and waste packing. END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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