27th Jun 2014 15:15
Press Release | 27 June 2014 |
Sorbic International plc
("Sorbic" or the "Company")
Notice of General Meeting
Sorbic International plc (AIM:SORB), a leading sorbates producer in China, announces that, further to the announcement of 23 June 2014, a Circular convening a general meeting of the Company to be held at the offices of Stephenson Harwood LLP, 1 Finsbury Circus, London EC2M 7SH on Tuesday, 15 July 2014 at 10 a.m. is today being posted to shareholders. Copies of the Circular and the Form of Proxy are available on the Company's website, www.sorbicinternational.com, in accordance with AIM Rule 20.
On 23 June 2014, the Company announced a conditional placing to raise £250,000 by means of the issue of 2,500,000 New Ordinary Shares at 5 pence per share and of 125 new Loan Notes at £1,000 per Loan Note.
The Placing is conditional upon approval by both the existing loan note holders and Shareholders and admission of the New Ordinary Shares to trading on AIM. Given the placing price is below the nominal value per Existing Ordinary Share, the placing is also conditional on the Company's Shareholders passing resolutions to subdivide each Existing Ordinary Share into one New Ordinary Share and one Deferred Share. The Placing has not been underwritten.
Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. It is expected that such admission will be effective and dealings in the New Ordinary Shares will commence at 8:00 a.m. on 16 July 2014.
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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 / Ben Thompson | 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.
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