News blog

Norish

• BY: Andrew Hore |
• POSTED: 11/04/2014 |

Cold store operator and commodity trader Norish is raising up to £2.2m via a placing and open offer at 35p a share.

A placing raised £2m and a one-for-19 open offer will raise up to £200,000. The share price fell 7p to 39.5p.  Last October, Norish raised £400,000 via a one-for-10 open offer at 40p a share. net debt was £6.38m at the end of 2013, or £7.8m if assets held for disposal are included. The £1.8m sales of the York site is expected by June 2014 and the Leeds site is also for sale. A final dividend of €0.0125 a share is not being paid until 24 October.

The cash from the latest fundraising will be used to help fund the purchase of the Birmingham cold store site for £2.4m. This will lead to the saving of the £370,000 a year rental payment. A fifteen year term loan will provide a further £1.5m. Norish will also be investing in blast freezing facilities at Wrexham and Birmingham. Five year lease finance will help fund this investment.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFApril2014_55.pdf