18th Apr 2007 09:50
Sandford PLC18 April 2007 For immediate release 18 April 2007 Sandford Plc ("Sandford" or the "Company") Placing On 27 March 2007 the Board announced that it intended to raise further equityfunding for the Company as soon as possible. The Board is pleased to announcethat it has today placed 141,900,000 ordinary shares of nominal value 0.1 penceeach ("Ordinary Shares") with a number of investors at a price of 0.75 pence perOrdinary Share (the "Placing Price") to raise a total of £1,064,250 beforeexpenses (the "Placing"). Following completion of the Placing the Company will have net cash balances ofapproximately £1.2 million, which will enable the management to consider anumber of potential suitable acquisitions. The new Board intends to move quicklyto complete a suitable acquisition and looks forward to making a furtherannouncement in due course. The new Ordinary Shares will on issue rank pari passu with the existing OrdinaryShares in issue and application will be made for the new Ordinary Shares to beadmitted to trading on AIM, following which the Company will have an enlarged Ordinary Share capital of 493,900,000 Ordinary Shares admitted to trading onAIM. Trading in the new Ordinary Shares on AIM is expected to commence on 24April 2007. Pursuant to the Placing, Paul Foulger and Adam Reynolds, directorsof the Company, each subscribed for 5,000,000 new Ordinary Shares at thePlacing Price. The interests of Paul Foulger and Adam Reynolds in the Company's share capital,in addition to the other members of the Concert Party (comprising HansardCommunications.com Limited, Graham Chambers, Paul Lister, Penelope Horne, David Newton, Palan Investments, Benjamin Simons, Andrew Tan and Neil McClure) whoalso subscribed for new Ordinary Shares pursuant to the Placing, is set outbelow: Concert Party Current Percentage New Ordinary Holding of Percentage holding of of Shares Ordinary of Ordinary existing subscribed shares and new enlarged Shares as at Ordinary pursuant to Ordinary Ordinary the date of Share the Placing Shares Share this capital subscribed capital Announcement pursuant to the Placing Hansard 100,000,000 28.41% 13,333,333 113,333,333 22.95%Adam Reynolds 37,500,000 10.65% 5,000,000 42,500,000 8.60%Paul Foulger 37,500,000 10.65% 5,000,000 42,500,000 8.60%Graham Chambers 20,000,000 5.68% 2,666,667 22,666,667 4.59%Paul Lister 10,000,000 2.84% 1,333,333 11,333,333 2.29%Penelope Horne 10,000,000 2.84% 1,333,333 11,333,333 2.29%David Newton Palan 20,000,000 5.68% 2,666,667 22,666,667 4.59%Investments 35,000,000 9.94% 13,333,333 48,333,333 9.79%Benjamin Simons 5,000,000 1.42% 0 5,000,000 1.01%Andrew Tan 5,000,000 1.42% 0 5,000,000 1.01%Neil McClure 83,333 0.02% 0 83,333 0.02% ---------- -------- -------- ---------- -------- Total 280,083,333 79.57% 44,666,666 324,749,999 65.75% ========== ======== ======== ========== ======== All the Ordinary Shares held by the members of the Concert Party are subject toa Lock-in Agreement dated 28 February 2007 pursuant to which they haveundertaken not to dispose of any interest in the Ordinary Shares until 28 March2008 without the permission of Beaumont Cornish and other than in very limitedcircumstances. The Company has also changed its Registered Office from 17 Hanover Square,London W1S 1HU to 14 Kinnerton Place South, London SW1X 8EH. ENDS Enquiries: Sandford plc Neil McClure, Chairman Tel: 07710 652277 Paul Foulger Tel: 0207 245 1100 Beaumont Cornish Limited Tel: 0207 628 3396 Roland Cornish, Chairman Michael Cornish This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PTCM.L