REG-Hardide PLC Result of General Meeting
Released: 17/07/2009
com:20090717:RnsQ8699V
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RNS Number : 8699V
Hardide PLC
17 July 2009
Press Release 17 July 2009
Hardide plc
("Hardide" or the "Group")
Result of General Meeting
The Board of Hardide (AIM: HDD), the provider of unique metal surface
engineering technology, is pleased to announce that at the General Meeting of
the Company held earlier today, all resolutions were duly passed.
The Fundraising
The Company has raised £2,566,200 (before expenses) via a Fundraising. The
Fundraising comprises a placing of 311,066,667 new ordinary shares in the
Company at 0.3p per share (the "Placing Price") to raise £933,200 and the issue
of a new loan note, convertible into new ordinary shares at a 50% premium to the
Placing Price, of £633,000. Thus new funds into the Company total £1,566,200. In
addition, loans totaling £1 million are being converted into new ordinary shares
at the Placing Price.
Following the Fundraising, the Directors of Hardide have an interest in the
following ordinary shares of the Company:
Name Position Total holding % holding
Graham Hine CEO 10,000,000 1.20%
Yuri Zhuk Technical Director 6,031,132 0.72%
Peter Davenport Finance Director 2,226,667 0.27%
William Zakroff Non-Executive Director 1,691,667 0.20%
Hugh Smith Non-Executive Director 30,679,567 3.68%
Robert Goddard Non-Executive Chairman 3,468,333 0.42%
Admission of the new ordinary shares is expected to take place on 20 July 2009.
Following the Fundraising there will be 834,042,236 ordinary £0.001 shares in
issue. This figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, Hardide under the FSA's
Disclosure and Transparency Rules.
Share Re-organisation
Each Existing Ordinary Share has been sub-divided into one New Ordinary Share of
£0.001 each and one Deferred Share of £0.009 each, thus enabling the Company
lawfully to implement the Placing at the Placing Price. No new certificates for
the New Ordinary Shares will be dispatched.
- Ends -
For further information:
Hardide plc
Dr Graham Hine, Chief Executive Tel: +44 (0) 1869 353 830
Jackie Robinson, Corporate Communications
jrobinson@hardide.com www.hardide.com
Seymour Pierce Limited
Nicola Marrin Tel: +44 (0) 20 7107 8000
www.seymourpierce.com
Media enquiries:
Abchurch
Chris Lane/ George Parker / Simone Alves Tel: +44 (0) 20 7398 7708
chris.lane@abchurch-group.com www.abchurch-group.com
Notes to editors:
Hardide manufactures and applies tungsten carbide-based coatings to a wide range
of engineering components. The Group's patented technology provides a unique
combination of ultra-hardness, toughness, low friction and chemical resistance
in one coating. When applied to components, the technology is proven to offer
dramatic cost savings through reduced downtime and extended part life.
Customers include leading companies operating in oil and gas exploration and
production, valve and pumps manufacturing, general engineering and aerospace.
This information is provided by RNS
The company news service from the London Stock Exchange
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