Deals



Northbridge Industrial Services plc Acquires Crestchic


Posted: 13th September 2013 09:12

Northbridge Industrial Services plc, the industrial services and rental company, today announces the acquisition of Crestchic (Asia-Pacific) PTE Ltd ("CAP") by its wholly owned subsidiary Northbridge Asia-Pacific and a Placing of 1,561,700 new Ordinary Shares in the Company, to raise approximately £6.17 million before expenses.
 
Highlights:
  Placing Statistics
 
Placing Price 395p
Number of Existing Ordinary Shares (excluding treasury shares) 15,640,653
Number of Placing Shares 1,561,700
Expected net proceeds of the Placing receivable by the Company £5.71 million
Number of Ordinary Shares in issue immediately following Completion (excluding treasury shares) 17,202,353
Number of new Ordinary Shares expressed as a percentage of the Enlarged Share Capital (excluding treasury shares) 9.1 per cent.
 
Commenting on the proposed Acquisition and the Placing, Eric Hook, Chief Executive of Northbridge said:
 
"On behalf of the Board, I am delighted to announce the acquisition of Crestchic (Asia-Pacific) today. The Acquisition represents a further step in the strategic growth and development of Northbridge and is in line with our strategy of acquiring specialist businesses in niche sectors which are capable of further organic growth. We have been looking to acquire CAP for a considerable time and the outcome today is an important development for Northbridge, significantly increasing our presence in the all-important Asia Pacific market.
 
I am also pleased to announce the completion of our successful Placing which has been strongly supported by existing and new shareholders.  I would like to thank our investors for their support as we continue to grow and develop Northbridge."

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