News blog
Sorbic International/Ninety
- BY: Andrew Hore |
- POSTED: 07/09/2008 |
- COMMENTS: Add yours
Cash shell Ninety is acquiring sorbic acid and potassium sorbate producer Honour Field and changing its name to Sorbic International.
Ninety is paying up to £20.1m in shares for Honour Field. The full amount is dependent on the business making profits after tax of £4.38m. In the six months to June 2008 it made pre-tax profits of £2.26m.
The business is based in Shandong Province in China. It produces approximately 3,000 metric tonnes of sorbic acid and 5,000 metric tonnes of potassium sorbate per year. They are used as food preservatives. The company wants to expand its production facilities. This will require investment of £7.3m.
Ninety shares are currently trading at 1.25p. A capital reorganisation means that 60 shares will be consolidated into one new share. The equivalent share price is 75p.
A share placing at 75p a share will raise £240,000 gross.
Albany Capital, which originally spun off the shell, will retain a 38.7% stake in Sorbic and the seller of Honour Field will own 42.7%. These shares are the subject of lock-in and orderly market agreements. That means that the shares will be tightly held.
© 2007 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- 2.4mNumber of messages posted on SocialGo networks
- $38mCost savings generated by ideas from WalMart staff over a two month period
- 19.4m
Number of people passing through Johannesburg Airport in 2007
- News Blog
- All micro news
Symphony Environmental Technologies
Symphony Environmental Technologies says that revenues in the first four months of 2013 are already higher than the £2.12m reported for the first half of 2012.
Ilika
Clients of Charles Stanley have invested £709,000 in advanced materials technology developer Ilika at a 15% premium to the previous day’s closing price.
Eleco
Construction software and building products group Eleco reported an ncreased loss in 2012.
African Eagle Resources
African Eagle Resources says that it has been unable to secure financing to develop its Dutwa nickel laterite project in Tanzania.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|