Sorbic International PLC Fundraising of £0.25 million (3015K)

TIDMSORB

RNS Number : 3015K

Sorbic International PLC

23 June 2014

 
     Press Release   23 June 2014 
 

Sorbic International plc

("Sorbic" or the "Company")

Fundraising of GBP0.25 million

Sorbic International plc (AIM:SORB), a leading sorbates producer in China, is pleased to announce that it proposes, conditional upon admission, loan stock and shareholder approval, to raise approximately GBP0.25 million (before expenses) through the issue of GBP125,000 of convertible loan notes (the "A Loan Notes") and 2,500,000 new ordinary shares of 6 pence (each to be issued at 5 pence each ("New Ordinary Shares").

A circular will shortly be sent to shareholders setting out a resolution to sub-divide each Ordinary Share into six shares of 1 pence (new par value) to be passed at a general meeting of the Company to be held on or around 15 July 2014.

The proceeds of the fundraising will be used to meet the ongoing costs of Sorbic International plc to enable the change in legal representative to be completed which will then enable funds to be transferred from the PRC to the UK.

Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. It is expected that such Admission will be admitted at 8.00 a.m. on 16 July 2014 following shareholder and loan note approval.

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     For further information: 
     Sorbic International plc                   Tel: [phone] 
                                                         031 454 
     John McLean, Chairman           www.sorbicinternational.com 
     finnCap (Nomad) 
     Geoff Nash / Ben Thompson                   Tel: +44 (0) 20 
                                                       7220 0500 
     Hybridan LLP (Broker) 
     Claire Louise Noyce                         Tel: +44 (0) 20 
                                                       3713 4581 
 

Media enquiries:

 
     Abchurch Communications 
     Henry Harrison-Topham /                 Tel: [phone] 
      Canace Wong                                           7714 
     [e-mail]       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 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.

This information is provided by RNS

The company news service from the London Stock Exchange

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