21 December 2005
Press Release 21 December 2005
Hardide Plc ('the Company')
Placing of 6,499,662 Placing Shares at 12.25p per share
Hardide plc, the provider of unique surface engineering technology, announces
that it has raised £796,209, before expenses, by way of a Placing of 6,499,662
new Ordinary Shares at a price of 12.25p per Share.
The new monies raised in the Placing will fund the establishment of a
manufacturing facility in Houston, Texas, USA as mentioned in the Company's
interim results announced on 13 December 2005.
The Company has made application for the new Ordinary Shares to be admitted to
trading on AIM and admission is expected to take place on 29 December 2005.
Jim Murray-Smith, Chief Executive, said: 'This Placing will enable the Company
to reach the next stage in its development following our successful admission to
AIM earlier in the year and the encouraging preliminary results recently
'The funds raised will be used to establish a manufacturing facility in Houston,
Texas to meet rising order levels and an increase in customer enquiries from the
US. Demand for Hardide's product is strong and I am confident that a
manufacturing presence in Houston will further promote Hardide to US customers,
in particular in the oil and gas and aerospace sectors.'
For further information:
Jim Murray Smith, Chief Executive Tel: +44 (0) 1869 353 830
Sarah Wharry / Jeremy Porter, Corporate Finance Tel: +44 (0) 20 7107 8000
Chris Lane / Katherine Murphy Tel: +44 (0) 20 7398 7700
Notes to editors
Hardide provides and applies tungsten carbide coatings to a wide range of
engineering components. The Company's patented technology is unique in that it
combines both abrasion and corrosion resistant properties in one coating. When
applied to components, the technology is proven to offer dramatic cost savings
through reduced downtime and extended component life. Customers include leading
companies operating in oil and gas exploration and production, valve and pumps
manufacturing and general engineering.
Founded in 2000, Hardide operates three industrial coating facilities in
Bicester, Oxfordshire, UK.
This information is provided by RNS
The company news service from the London Stock Exchange