27th Sep 2007 07:01
Plant Health Care PLC27 September 2007 Embargoed until 0700, 27 September 2007 PLANT HEALTH CARE PLC Plant Health Care plc ("the Company" or "Plant Health Care") £5 Million Equity Placing Plant Health Care plc, the provider of natural products for plant and soil care,announces that it has raised £4,993,240 (before expenses) by way of a placing of2,098,000 new ordinary shares at a price of 238 pence per share ("PlacingShares"). The Placing Shares have been placed with existing shareholders byEvolution Securities, the Company's Nominated Adviser and broker. As stated in the Company's interim results released on 24 September 2007, theCompany currently has net cash balances of approximately US$2.0 million as wellas credit facilities in place adequate for its current needs. However, followingdiscussions with a number of the Company's major shareholders, the Board hasdecided that it would be appropriate to take the opportunity to strengthen itsbalance sheet and to provide additional resources to accelerate the momentumwhich has been achieved as regards the commercialisation of Myconate and Harpin. The placing is conditional only upon Admission of the Placing Shares to AIM.Application will be made for the Placing Shares, which rank pari passu with theexisting issued trading shares, to be admitted to trading on AIM and dealingsare expected to commence on Tuesday, 2 October 2007. John Brady, Chief Executive, commented: "We are very pleased with the progress we have made towards the commercialisation of Myconate and Harpin; these additional funds enable us toinvest in the resources necessary to accelerate development". He added: "We are very appreciative of the support given by our shareholders". For Further Information:Plant Heath Care plcJohn Brady, Chief Executive27 and 28 September Tel: 020 7920 3150Thereafter: 001 603 525 3702 Evolution Securities Limited Tavistock CommunicationsTim Worlledge/Tim Redfern Jeremy Carey/Matt RidsdaleTel: 020 7071 4300 Tel: 020 7920 3150 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PHC.L