8th Dec 2014 07:00
Press Release | 8 December 2014 |
Sorbic International plc
("Sorbic" or the "Company")
Issue of Equity
Sorbic International plc (AIM:SORB), a leading sorbates producer in China, today announces that the Company has issued a total of 6,000,000 ordinary shares of 0.01 pence each ("Ordinary Shares") at 4 pence per share for a total consideration of £240,000.
The shares will be subscribed by Mr Les Allen, who currently has a holding of 166,000 shares in the Company. Upon the subscribing the additional shares, Mr Les Allen will hold in total 6,166,000 Ordinary Shares, representing 9.96% of the enlarged share capital.
Application has been made for the 6,000,000 Ordinary Shares to be admitted to AIM and it is expected that admission will be effective and trading will commence on 11 December 2014. Following the admission of the new shares to trading, the total number of Ordinary Shares and voting rights in the Company will be 61,885,980. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
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For further information: | |
Sorbic International plc | Tel: +44 (0)7768 031 454 |
John McLean, Chairman | www.sorbicinternational.com |
finnCap (Nomad) | |
Geoff Nash / Kate Bannatyne | 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 / Canace Wong | Tel: +44 (0)20 7398 7714 |
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.
Sorbic International operates through its wholly owned subsidiary Linyi Van Science and Technique Co., Ltd ("LVST").
Related Shares:
Sorbic International