15th Dec 2005 15:45
For immediate release: 15 December 2005 Buckland Group Plc ("Buckland" or the "Company") Placing and Additional Listing Buckland Group Plc, a leading manufacturer of spark ignition equipment for thegas appliances industry worldwide, is pleased to announce a placing of200,000,000 Ordinary Shares of 0.001p each at a price of 0.1p ("PlacingShares"), raising ‚£200,000.The funds raised will be used to provide additional working capital for thegroup.In addition, the Company has today issued 187,399,220 new Ordinary Shares of0.001p in payment for services rendered to the Company and in conversion ofshort term debt. Application has been made for the new Ordinary Shares,together with the Placing Shares, totalling 387,399,220 to be admitted totrading on AIM and dealings will commence on 16 December 2005.The Company is in the process of transferring all its remaining UKmanufacturing operations to its Bangkok facility, with completion of the finalphase scheduled by the end of Q2 2006. Significant cost savings have alreadybeen achieved from the initial phases of this transfer and more substantialcost benefits are expected to be realised on completion of the transfer.Patrick Rogers, Chairman, commented,"Today's funding marks an important turning point in the Group's progress,providing us with additional working capital to complete the transfer of allmanufacturing operations to Bangkok. Once this integration has been achieved,the Group will benefit from greatly reduced labour costs and overheads, whichin turn are expected to deliver significant enhancements in profitability andhence value to our shareholders."For further information please contactPatrick Rogers, ChairmanBuckland Group PlcTel. 07711 420 702Ben SimonsHansard CommunicationsTel. 020 7245 1100ENDBUCKLAND GROUP PLCRelated Shares:
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