Thursday, 3rd March 2005
Proposed Transfer from the Official List of the United Kingdom Listing Authority to the Alternative Investment Market of the London Stock Exchange and Delisting from the Official List of the Irish Stock Exchange
The Board of Norish plc announces its intention to implement the fast track admission procedures available in the United Kingdom to companies moving from the Official List of the United Kingdom Listing Authority to the Alternative Investment Market of the London Stock Exchange ("AIM"), (the "Admission") and to delist from the Official List of the Irish Stock Exchange. By providing 20 business days notice trading in the issued ordinary share capital of the Company (the "Ordinary Shares") on the London Stock Exchange and Irish Stock Exchange markets for listed securities and the listing of the Ordinary Shares on the Official Lists of the United Kingdom Listing Authority and the Irish Stock Exchange (together the "Listings") will be cancelled. As the AIM admission procedures allow eligible companies to gain admission by giving 20 business days notice, but without the need to publish an Admission Document, it is expected that the Listings will be cancelled and the Admission to AIM will become effective on 31 March, 2005. Following the Admission to AIM, the Company will be subject to the regulatory and disciplinary controls of AIM as a constituent market of the London Stock Exchange. The Ordinary Shares will continue to be traded on SEAQ. Trading in the Company's shares following the transfer to AIM may be conducted in the same way as on the main markets, through a broker.
Reasons for Admission to AIM
After careful consideration the Board of Norish has concluded that the AIM is the most appropriate market for its shares. Overall the regulatory regime attaching to AIM companies is better suited to companies of our size giving us the ability to undertake transactions, subject to the AIM Rules, more quickly and cost effectively than on the Official Lists of the United Kingdom Listing Authority and the Irish Stock Exchange. Over the last 3 years we have substantially reduced our cost base in order to accommodate the various changes and challenges to our business. With this reduced cost base and business wins during 2004 we look forward to 2005 with more confidence than 12 months ago. It is our aim to further develop the business by either being part of some form of consolidation or increase our coverage by acquisition in our chosen market of food services. AIM companies enjoy wide investor support. AIM is gradually attracting an increasing number of international companies and is, the Board believes, well placed to become the European market of choice for successful growth companies. The inclusion of Norish on the FTSE AIM index may of itself encourage significant additional interest in the Company. NCB will act as broker to the company following its admission to AIM. NCB has also been appointed Nominated Adviser to Norish under the AIM Rules.
Twin Share Scheme
Whilst at present every share in Norish plc is twinned with a non voting share in its subsidiary Norish (UK) plc, the Board is currently reviewing the utility of such a structure and may consider discontinuance of the scheme in due course.Return to announcement listings