First Day of Dealings on AIM
June 01 2004 - 4:00AM
UK Regulatory
RNS Number:2354Z
Hightower Construction PLC
01 June 2004
For immediate release 1 June 2004
HIGHTOWER CONSTRUCTION PLC
First Day of Dealings on the Alternative Investment Market
of the London Stock Exchange
Hightower Construction plc (Hightower) (AIM: HTW), a company formed as the
initial step in the creation of a specialist outsourcing business to provide
services to the UK house building industry, is pleased to announce its flotation
today on the Alternative Investment Market (AIM).
* Hightower has a strong management team led by Haresh Kanabar, Chairman,
who has extensive business experience. He is supported by non-executive
Director Aidan Wright, who has more than 30 years' experience of the
building and related industries.
* The Company has been formed to acquire businesses that provide services to
the UK's house building sector. By acquiring such businesses the Company
will seek to benefit from growth in the sector while avoiding the working
capital costs of acquiring and maintaining a land bank.
* The Directors believe there is likely to be continuing demand for new
housing stock and that demand for low-cost housing in particular will lead
to the increased use of specialist outsourcing businesses.
* The Company has no trading businesses although a number of potential
targets have been identified.
* Hightower has raised net proceeds of #430,000 by way of a Placing.
* The funds raised by the Placing will be used for carrying out due
diligence and contributing towards the funding of potential acquisitions.
* W H Ireland is the Company's nominated adviser and broker.
On the flotation Hightower's Chairman, Haresh Kanabar, said:
"I am delighted by the response to our flotation. We now look forward to
implementing our business strategy and securing suitable acquisitions to build
value for our shareholders."
PLACING STATISTICS
Number of Ordinary Shares in issue prior to the Placing 5,000,000
Placing Price 5p
Number of new Ordinary Shares being issued under the Placing 10,000,000
Percentage of the enlarged issued share capital of the Company held by New
Shareholders following completion of the Placing 66.67%
Number of Ordinary Shares in issue immediately following completion
of the Placing and Admission 15,000,000
Gross proceeds of the Placing #500,000
Estimated net proceeds of the Placing #430,000
For further information:
Hightower Construction plc
Haresh Kanabar Tel: 07802 858893
W H Ireland Tel: 0121 616 2101
Tim Cofman
Buchanan Communications Tel: 020 7466 5000
Mark Court/James Strong
This information is provided by RNS
The company news service from the London Stock Exchange
END
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