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Hardide PLC (HDD)

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Friday 17 July, 2009

Hardide PLC

Result of General Meeting

RNS Number : 8699V
Hardide PLC
17 July 2009
 



Press Release 

17 July 2009


Hardide plc 


('Hardide' or the 'Group')


Result of General Meeting


The Board of Hardide (AIMHDD), the provider of unique metal surface engineering technology, is pleased to announce that at the General Meeting of the Company held earlier today, all resolutions were duly passed.


The Fundraising

The Company has raised £2,566,200 (before expenses) via a Fundraising. The Fundraising comprises a placing of 311,066,667 new ordinary shares in the Company at 0.3p per share (the 'Placing Price') to raise £933,200 and the issue of a new loan note, convertible into new ordinary shares at a 50% premium to the Placing Price, of £633,000. Thus new funds into the Company total £1,566,200. In addition, loans totaling £1 million are being converted into new ordinary shares at the Placing Price. 


Following the Fundraising, the Directors of Hardide have an interest in the following ordinary shares of the Company:

   

Name 

Position

Total holding

% holding

Graham Hine 

CEO

10,000,000

1.20%


Yuri Zhuk 

Technical Director

6,031,132


0.72%


Peter Davenport 

Finance Director 

2,226,667


0.27%


William Zakroff 

Non-Executive Director  

1,691,667


0.20%


Hugh Smith 

Non-Executive Director

30,679,567


3.68%


Robert Goddard 

Non-Executive Chairman  

3,468,333


0.42%



Admission of the new ordinary shares is expected to take place on 20 July 2009. Following the Fundraising there will be 834,042,236 ordinary £0.001 shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Hardide under the FSA's Disclosure and Transparency Rules. 


Share Re-organisation

Each Existing Ordinary Share has been sub-divided into one New Ordinary Share of £0.001 each and one Deferred Share of £0.009 each, thus enabling the Company lawfully to implement the Placing at the Placing Price. No new certificates for the New Ordinary Shares will be dispatched.



- Ends -

For further information:


Hardide plc


Dr Graham Hine, Chief Executive

Jackie RobinsonCorporate Communications

Tel: +44 (0) 1869 353 830

jrobinson@hardide.com


www.hardide.com


Seymour Pierce Limited


Nicola Marrin 

Tel: +44 (0) 20 7107 8000


www.seymourpierce.com


Media enquiries:

Abchurch


Chris Lane / George Parker / Simone Alves

Tel: +44 (0) 20 7398 7708

chris.lane@abchurch-group.com  

www.abchurch-group.com



Notes to editors:

Hardide manufactures and applies tungsten carbide-based coatings to a wide range of engineering components.  The Group's patented technology provides a unique combination of ultra-hardness, toughness, low friction and chemical resistance in one coating.  When applied to components, the technology is proven to offer dramatic cost savings through reduced downtime and extended part life.  Customers include leading companies operating in oil and gas exploration and production, valve and pumps manufacturing, general engineering and aerospace. 



This information is provided by RNS
The company news service from the London Stock Exchange
 
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