8th Jun 2005 07:50
Stanelco PLC08 June 2005 8th June 2005 Stanelco plc (the "Company"), Placing of New Ordinary Shares The Board of Stanelco plc the radio frequency (RF) applications group, ispleased to announce the placing by KBC Peel Hunt of 44,000,000 ordinary shares("New Ordinary Shares") at a price of 21.15p per share to raise approximately£9.3 million (approximately £9.0 million after expenses). The proceeds of thisplacing will be used primarily to fund the acquisition, conditional onshareholder approval, of Biotech Holding Gmbh and subsidiaries as announced on 6June 2005. Application will be made to the UK Listing Authority for the New Ordinary Sharesto be admitted to the Official List and to the London Stock Exchange for suchshares to be admitted to trading on the London Stock Exchange's Market forlisted securities. Admission of the New Ordinary Shares is expected to becomeeffective on 13 June 2005. The New Ordinary Shares will be issued credited as fully paid and will rank paripassu in all respects with the existing Ordinary Shares, including the right toreceive all dividends and other distributions declared or paid thereon followingadmission. The Placing is conditional upon the Placing Agreement between KBC Peel Hunt andthe Company having become unconditional in all respects and not having beenterminated prior to Admission of the New Ordinary Shares, and admission of theNew Ordinary Shares becoming effective by 13 June 2005 or such later date (notbeing later than 20 June 2005) as the Company and KBC Peel Hunt may agree. Ian Balchin, CEO of Stanelco said: "It is great that we have had such strong institutional support for thisacquisition and the Company's strategy. This exciting acquisition willre-enforce our market leading position in the provision of viable, alternative,environmentally responsible packaging methods." - Ends - For further information please contact: Ian Balchin, Chief Executive Stanelco PLC Tel: +44 (0)2380 867100 Jonathon Brill/Billy Clegg Financial Dynamics Tel: +44 (0)20 7831 3113 Capel Irwin/Megan MacIntyre KBC Peel Hunt Ltd Tel: +44 (0)20 7418 8900 Notes to Editors: The Stanelco Group of companies (the Group) has brought together expertise inradio frequency (RF) technology, RF applications and biodegradable materialsciences to create a revolutionary range of packaging technologies. Stanelco's philosophy is that new products and processes must offer solutionsand applications which: • give higher added value, • are greener, more environmentally sustainable than those they replace • and have protectable intellectual property rights. Stanelco will develop the products and processes to a demonstration stage andthen work with partners in order to reach the markets; and under thesecircumstances Stanelco will usually seek to license its technology. Stanelcoinvests considerable time and resources in ensuring its technologies areprotected via layers of patents wherever possible. In this way Stanelco believes it can minimise commercial risk and preserve thehighest value for shareholders. The products offering the prospect of near term revenue generation are beinggiven priority over the Group's resources. Stanelco was founded in 1953 and is a world leader in the development of radiofrequency technologies for processing polymers for edible and packagingapplications and the design and manufacture of optical fibre technology,induction heating and dielectric welding equipment. Stanelco's Currentdevelopments include GREENSEALTM Food tray lidding technology, STARPOLTM (starch/ pva blended material), FrogPackTM high impact low cost packagingformat, CradleWrapTM range of biodegradable air cushion packaging, SolutapeTM100% watersoluble films and adhesives, Biodegradable Airbag (void fill)packaging, water-soluble detergent capsules, edible sachets and waste packing. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Biome Tech