Result of EGM

    RNS Number : 5491E
  Ninety PLC
  29 September 2008
   

    Immediate Release: Monday 29 September 2008


    Ninety Plc
    ("Ninety" or "the Company")
    Result of Extraordinary General Meeting
    Acquisition of Honour Field for up to £20.12m
    1 for 60 Share Consolidation and Placing
    Name Change to Sorbic International plc (ticker: SORB.L)

    Ninety plc is pleased to announce that at today's EGM all resolutions were duly passed. Following Admission of the enlarged share
capital, which is expected to commence on AIM at 8.00am on 30 September 2008, the Company will complete the acquisition of Honour Field for
a consideration of up to £20.12 million. This is to be satisfied by the issue of 9,860,000 new ordinary shares and up to a further
10,300,000 deferred shares to be issued conditional upon Honour Field achieving a minimum audited net profit after tax for the financial
year ending 31 December 2008 of RMB60 million, £4.38 million (£1: RMB 13.71). FinnCap is nominated adviser and broker to the Company.

    *     Admission and dealings in the enlarged share capital are expected to commence on AIM at 8.00am on Tuesday 30 September 2008.  On
Admission the Company's name will be Sorbic International plc. The new AIM ticker on admission will be SORB.L.
    *     There is a 1 for 60 share consolidation and the Company has raised £0.24 million through the issue of Placing Shares at the
consolidated price of 75 pence for each new Placing Share. On Admission there will be 23,088,499 ordinary shares in issue (excluding
deferred shares) and a market capitalization of £17.3m at the Placing Price.
    *     The acquisition provides the Company with a well established and proven business in the Peoples Republic of China ("PRC") which
produces Sorbic Acid and Potassium Sorbate for customers in over forty six countries. On Completion, the Enlarged Group has approximately
£4.4m of cash.  Summary financials are as follows:

             Six months ended   Year ended   Year ended   Year ended
                      30 June  31 December  31 December  31 December
                         2008         2007         2006         2005
                        £000s        £000s        £000s        £000s
 Revenue                7,373       12,918       11,527        8,009
 Gross profit           2,732        4,204        3,004        1,748
 Profit before tax      2,260        3,414        2,340        1,303
 Profit for the period  1,978        2,842        2,340        1,303
 Net assets             6,619        7,528        5,778        4,095


    The Company announces the following Board changes: John McLean is appointed Non-Executive Chairman, Wang Yan Ting, President and
executive Director, Ray Ang, CEO, Susan Chong, CFO and Nicholas Smith as Non-Executive Director.  Michael Gretton and Thomas Vaughan have
resigned from the Board.

    Commenting, John McLean, Chairman of Sorbic International plc, said:
    "We have acquired a company with a strong growth record which is both profitable and cash generative and continues to trade in line with
our expectations. The Company is well positioned in growing domestic and international markets for Sorbic Acid and Potassium Sorbate. It has
an impressive domestic and international customer base and a clear strategy to grow the business both organically and by acquisition."

 Enquiries:
 Sorbic International plc, John McLean, Chairman  Tel: [phone]
 FinnCap, Geoff Nash                              Tel: [phone]
 Hansard Group, John Bick                         Tel: [phone]

    www.sorbicinternational.com

    Notes to editors - Background and Future Strategy
    *     Honour Field owns LVST which was established in July 2001. It's principal activity is the production and sale of the food
preservatives Sorbic Acid and Potassium Sorbate from its 33,000 m² production facility in Linyi City, Shandong Province, PRC. LVST currently
produces approximately 3,000 metric tonnes of Sorbic Acid and 5,000 metric tonnes of Potassium Sorbate per year.
    *     In 2007, LVST sold 47.7 per cent. of its products to overseas markets and 52.3 per cent. to the Chinese domestic market. In that
period, its overseas customers were spread over 46 countries and its domestic customers were spread all over China.
    *     Global demand for Sorbic Acid and Potassium Sorbate has increased as a result of the increase in the world's population and higher
demand for food. According to the Food and Agriculture Organization of the United Nations, global population increased by over 74.8 per
cent. between 1970 and 2005, and is expected to reach 8.3 billion by 2030. With the steady growth of the global population, increased
production of food products is essential to ensure adequate food supply. The continuous increase in food production has significantly
increased the importance of, and demand for, food preservatives.
    *     Increased household income and rapid urbanization in China has also led to continued growth in the domestic consumption of meat,
dairy and other high-protein products as well as the use of modern household products. The production of these food and household products
often requires high volumes of preservatives, thereby increasing the demand for both Sorbic Acid and Potassium Sorbate.

    Future Strategy - the Enlarged Group has three main elements to its future strategy.

    *     New facilities - At present, LVST operates from a site in Linyi City. The existing facility has an area of approximately 33,000 m²
and has two production lines which are currently operating at their full design capacities. In order for LVST to be better positioned to
service future anticipated growth in demand for its products, it has acquired land immediately adjacent to its present site with total area
of approximately 14,700 m². The total cost of expanding production facilities will be approximately RMB 100 million (circa £7.3 million)
which will be available from the cash resources of the Enlarged group and existing working capital facilities. The proposed new production
facilities will include two more production lines which would double the existing capacity. A major international food manufacturer has
already expressed an interest in purchasing the entire output from one of the proposed new production lines.
    *     Increase marketing activities - Currently the New Board believes that sales of products is limited by production capacity.
Anticipating the increase in production capacity, the New Board plans to enhance its effort in the area of distribution. With strong growth
in both domestic and international market, it is proposed that the sales team focus on developing new markets while strengthening the
relationship with the existing customers.
    *     Acquisition opportunities - Whilst the New Board believe that there are substantial opportunities for organic growth through
increased production, they will also consider suitable acquisition opportunities as they arise.

    Acquisition and Placing Statistics
 Number of Existing Ordinary Shares                                374,500,020
 Number of issued New Ordinary Shares arising pursuant to the        6,241,667
 Capital Reorganisation
 Number of Acquisition Shares*                                       9,860,000
 Number of Deferred Shares*                                         10,300,000
 Number of Conversion Shares*                                        6,666,666
 Issue Price                                                               75p
 Placing Price                                                             75p
 Number of Placing Shares*                                             320,166
 Number of New Ordinary Shares in issue on Admission*               23,088,499
 Notional market capitalisation of the Company at the Placing    £17.3 million
 Price on Admission*
 Notional market capitalisation of the Company at the Placing    £25.0 million
 Price assuming the Profit Target is met and the Deferred
 Shares issued
 Value of the Acquisition Shares at the Placing Price             £7.4 million
 Percentage of the Enlarged Share Capital represented by the     42.7 per cent
 Acquisition Shares at Admission
 Percentage of the Enlarged Share Capital represented by the      1.4 per cent
 Placing Shares at Admission
 Percentage of the Enlarged Share Capital held by the New Board  43.2 per cent
 at Admission (includes the Acquisition Shares)
 Gross Proceeds of the Placing                                   £0.24 million
 Current AIM symbol                                                       NINE
 Proposed new AIM symbol upon Admission                                   SORB
 ISIN Number of the Existing Ordinary Shares                      GB00B245C648
 ISIN Number of the New Ordinary Shares                           GB00B3CX3F30

    * the number of shares is stated following the Capital Reorganisation. Number of New Ordinary Shares on Admission excludes the Deferred
Shares.

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