PHSC plc (“the Company”), the provider of health, safety and environmental services to corporate and public sector clients, announces that the Company has today placed 1,886,792 new ordinary shares at 53p per share raising the gross sum of £1,000,000 for the Company.
These funds will be used for general working capital purposes and to assist with the general expansion of the business. The Company continues to seek acquisitions to complement its offering.
The new ordinary shares rank pari passu with all other shares and application has been made for the new shares to be admitted to AIM with trading expected to commence at 8am on 29 March 2007.
Following this placing the total number of shares in issue will be 11,657,296 ordinary shares of 10p each.
In addition, to satisfy demand and to reduce the directors’ shareholdings to a more appropriate level, a further 1,068,396 shares owned by directors have also been placed with institutional investors at 53p per ordinary share as follows.
Stephen King has disposed of 593,396 ordinary shares and retains 3,089,153 ordinary shares in the Company or 26.5%.
Nicola Coote, director, has disposed of 475,000 ordinary shares and retains 3,070,395 ordinary shares in the Company or 26.3%.
As a result of the placing Unicorn AIM VCT 2 plc holds 1,792,453 ordinary shares in the Company or 15.4% and Framlington AIM VCT 2 plc holds 412,399 ordinary shares in the Company or 3.54%.
Directors’ shareholdings are now 6,179,048 ordinary shares or 53%. In addition stephen King and Nicola Coote have a joint interest in 33,400 shares held in the PHSC Retirement and Death Benefit Scheme, an approved pension fund for the benefit of the executive directors.
On behalf of the Board of PHSC plc, Stephen King said “We are pleased to welcome our new institutional shareholders. In particular, the financial investment from Unicorn and Framlington will assist in improving the profile of PHSC plc within the investor community, and we aim to perform to a level that justifies their confidence in the Company”.
For further information please contact:
Ruegg & Co Limited
Gavin Burnell 020 7584 3663