30th Aug 2007 16:41
Northern Bear Plc30 August 2007 Northern Bear Plc ("Northern Bear" or the "Company") Result of Extraordinary General Meeting ("EGM") Northern Bear, the integrated North of England based building materials andservices supplier, is pleased to announce that, at the EGM held earlier today,the resolutions required to approve the placing of 2,415,250 new ordinary sharesof 1p each ("Placing Shares") at 145 pence per share (the "Placing") were dulypassed. The Placing has raised approximately £3.15 million, net of expenses, for theCompany. As stated in the circular sent to shareholders dated 2 August 2007, thenet proceeds will be applied to progressing the Company's stated strategy, beingthe acquisition of mature, North East based owner-managed businesses in thebuildings services and materials sector which demonstrate consistentprofitability and positive operating cash flow. Furthermore, the Company has ,in connection with the Placing, allotted to StrandPartners Limited, the Company's nominated adviser, 13,793 new ordinary shares of1p ("Strand Shares") at a subscription price of 145 pence per share. The Placing Shares and the Strand Shares will rank pari passu with the existingissued ordinary shares of 1p each in the Company ("Ordinary Shares").Application has been made for the new Ordinary Shares to be admitted to tradingon AIM which is expected to take place on 31 August 2007. Following the issue of the Placing Shares and the Strand Shares pursuant to thePlacing, the Company's issued and voting share capital comprises 15,887,612Ordinary Shares. On 14 May 2007 the Company announced that the remuneration committee hadapproved the grant of warrants to subscribe for 1,050,000 new ordinary shares of1p each at a time when the Company is not in a close period. The Company has nowgranted those warrants, of which 1,000,000 have been issued to Graham Forrest(Chief Executive) and 50,000 to Springtime Consultants Limited, a companycontrolled by Marcus Yeoman (a non-executive director). The subscription pricepayable pursuant to the warrants is 145 pence. Enquiries please contact: Northern Bear PlcGraham Forrest, Chief Executive0191 371 2934 Strand Partners LimitedJames Harris / Braden Saunders020 7409 3494 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Northern Bear