5th May 2006 11:15
Plant Health Care PLC05 May 2006 Immediate release 5 May 2006 Plant Health Care plc ("PHC", the "Company" or "Plant Health Care") Result of EGM and Update of French Myconate Trials The Board of Plant Health Care, a leading provider of natural products forplants and soil, announces that at its Extraordinary General Meeting ("EGM")held today, the special resolutions proposed to shareholders (as set out in itsnotice to shareholders dated 10 April 2006) ("the Circular") were duly passed. On 10 April 2006, the Company announced that it was to raise £6.5 million,before expenses, by way of a Placing of 10,000,000 new ordinary shares of 1peach ("Ordinary Shares") at a price of 65p per new Ordinary Share. These newOrdinary Shares were placed by Evolution Securities Limited with institutionalinvestors. The Placing was conditional on, inter alia, Shareholder approval atan EGM. In addition, the authorities necessary for the allotment of the NewOrdinary Shares pursuant to the Placing were to be sought at the EGM. Following completion of the Placing, the issued share capital of the Companywill increase to 40,180,222 fully paid Ordinary Shares and the new OrdinaryShares will represent 24.9 per cent. of the enlarged issued share capital. Application has been made to the London Stock Exchange for the 10,000,000 newOrdinary Shares to be admitted to AIM, which is expected to become effective at8.00 a.m. on 9 May 2006. French Myconate TrialsThe Board is also pleased to update shareholders on the completion of itsMyconate trials in France. The results of these tests were of particularsignificance as not only did the corn crops show a spectacular increase inyield, but also because weather conditions were found to be less than ideal forthe growing of corn. Corn farming generally suits high temperature levels with high levels ofrainfall. The three test areas in France, chosen specifically by the Group forthese trials, exhibited a warm climate but one with a lower than averagerainfall level. Irrigation controls in France are also strict, meaning the testswere carried out in conditions classed as "stressful" for the crops. Yield improvement from the three sites ranged between 11.5% and 16%,significantly exceeding the average for the complete test programme carried outacross the globe. This has subsequently led to an increase in interest forMyconate and the Group is in continued discussions with a consortium of Frenchseed companies. The consortium has already installed trials throughout Francewith the results expected by the end of 2006. -ends- For enquiries: Plant Health Care plc Tel: 001 603 525 3702John Brady, Chief Executive Tavistock Communications Tel: 020 7920 3150Jeremy CareyChristian Taylor-Wilkinson Evolution Securities Tel: 020 7071 4300Tim WorlledgeTim Redfern This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PHC.L