23rd Apr 2013 12:00
Press Release | 23 April 2013 |
Sorbic International plc
("Sorbic" or the "Company")
Result of AGM
Sorbic International plc (AIM:SORB), the third largest sorbates producer in China, announces that at the Annual General Meeting held today, all resolutions put to shareholders were duly passed.
As a result of the passing of the resolutions, the Company will issue 8,682,858 ordinary shares of 6 pence each ("Ordinary Shares"), being:
·; 5,057,143 Ordinary Shares in respect of the placing, as announced on 25 March 2013;
·; 3,482,858 Ordinary Shares to the holders of the A and B loan notes as a one off fee of approximately £243,800, being 10% of the outstanding A and B loan notes as consideration for their agreeing to the new terms and extended redemption date;
·; 142,857 Ordinary Shares to finnCap as partial consideration for its fee in connection with the fundraising and ongoing fees
·; the Loan Note Shares and the balance of the Payment Shares being admitted at 8.00 a.m. on 24 April 2013.
Application has been made to the London Stock Exchange for the 8,682,858 Ordinary Shares to be admitted to trading on AIM. It is expected that such admission will occur at 8.00 a.m. on 24 April 2013. Following admission, the Company will have 57,154,552 Ordinary Shares of 6 pence each in issue.
The Company will also issue £125,000 of A Loan Notes as detailed in the announcement of 25 March 2013.
- Ends -
For further information: | |
Sorbic International plc | Tel: +44 (0)7768 031 454 |
John McLean, Chairman | www.sorbicinternational.com |
finnCap | |
Geoff Nash / Ben Thompson Simon Starr (broking) | Tel: +44 (0) 20 7600 1658 |
Media enquiries:
Abchurch Communications | |
Henry Harrison-Topham / Joanne Shears | Tel: +44 (0)20 7398 7709 |
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, across 46 countries 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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Sorbic International