NINE Ninety

    RNS Number : 2251D
  AIM
  12 September 2008
   

 ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE
           WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

 COMPANY NAME:
 Ninety Plc (to be renamed Sorbic International plc)
 COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS
 (INCLUDING POSTCODES) :
 Registered office: 17 Hanover Square, London W1S 1HU
 Trading: 
 CURRENT - 53 Davies Street, London W1K 5JH
 ON ADMISSION - 3/F, 46 Lyndhurst Terrace, Central, Hong Kong
 COUNTRY OF INCORPORATION:
 England & Wales
 COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:
 CURRENT:
 www.ninetyplc.co.uk
 ON ADMISSION:
 www.sorbicinternational.com
 COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN
 INVESTING COMPANY, DETAILS OF ITS INVESTING STRATEGY).  IF THE ADMISSION IS
 SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE
 STATED:
 Ninety Plc ("Ninety") is an AIM quoted investment company seeking a suitable
 acquisition target to increase shareholder value.


 Honour Field, the private holding company of Linyi Van Science and Technique
 Co., Ltd ("LVST"), is reversing into Ninety plc, subject to the forthcoming
 Ninety EGM (29 September 2008) ("EGM")


 Ninety is to be renamed Sorbic International plc, subject to the EGM.


 LVST's principal activity is the production and sale of the food
 preservatives Sorbic Acid and Potassium Sorbate from its 33,000 sq. m.
 production facility in Linyi City, Shandong Province, PRC. LVST currently
 produces approximately 3,000 metric tonnes of Sorbic Acid and 5,000 metric
 tonnes of Potassium Sorbate per year. LVTS has customers in over forty six
 countries and for the six months to 30 June 2008 has been profitable and cash
 flow positive (pre dividend).


 China is the world's largest producer and exporter of Sorbic Acid and
 Potassium Sorbate. Sorbates are a naturally occuring preservative. Originally
 found in
 DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO
 TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares,
 nominal value and issue price to which it seeks admission and the number and
 type to be held as treasury shares):
 23,088,499 ordinary shares of 6p each
 No treasury shares
 No restrictions as to transfer
 CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED MARKET
 CAPITALISATION ON ADMISSION:
 Capital to be raised on Admission: �240,000
 Anticipated mkt cap: �17.3m
 PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:
 91.6%
 DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES
 (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED:
 none
 FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the
 first name by which each is known or including any other name by which each
 is known):
 DIRECTORS:
 John Nigel Major McLean (Executive Director, proposed Non-executive Chairman)
 Michael Gretton (Non-executive Director)
 Thomas Francis Vaughan (Non-executive Director)


 Michael Gretton and Thomas Vaughan have agreed to resign from the Board
 immediately prior to Admission.


 PROPOSED DIRECTORS:
 Ray Ang Wee Boon (Proposed Chief Executive Officer)
 Susan Chong Hooi San (Proposed Chief Financial Officer)
 Wang Yan Ting (Proposed President & Executive Director)
 Nicholas Michael Norman Smith (Proposed Non-executive Director)
 FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE
 OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the
 first name by which each is known or including any other name by which each
 is known):
 DETAILS BEFORE PROPOSED ACQUISITION, PLACING AND ADMISSION
 Albany Capital Plc, 269,600,020* = 71.9%
 JM Finn Nominees Limited, 37,500,000 = 10.0%
 The Bank of New York (Nominees) Limited, 20,000,000 = 5.3%
 Fiske Nominees Limited, 11,750,000 = 3.1%


 DETAILS AFTER PROPOSED ACQUISITION, PLACING, 1 for 60 CONSOLIDATION AND
 ADMISSION:
 Albany Capital Plc, 8,937,778 = 38.7%
 JM Finn Nominees Limited, 731,666 = 3.2%
 The Bank of New York (Nominees) Limited, 333,333  = 1.4%
 Fiske Nominees Limited, 195,833 = 0.8%
 Prime Mega International Limited, 9,860,000 = 42.7%


 * includes 10 shares held by Albany Advisers Limited, a wholly owned
 subsidiary of Albany Capital Plc
 NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH
 (H) OF THE AIM RULES:
 None
 * ANTICIPATED ACCOUNTING REFERENCE DATE 
 * DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS
 BEEN PREPARED (this may be represented by unaudited interim financial
 information)
 * DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM
 RULES 18 AND 19:
 (i) 30 September
 (ii) 3 and a half years to 30/6/08
 (iii)
 Full accounts for 15 � month period ended 30/9/08 - publish by 31/12/08
 Interims to 31/3/09 - notify by 30/6/09
 Annual accounts to 30/9/09 - publish by 31/3/09
 EXPECTED ADMISSION DATE:
 Tuesday 30 September 2008
 NAME AND ADDRESS OF NOMINATED ADVISER:
 JMFinn Capital Markets Ltd (trading as FinnCap)
 4 Coleman Street, London EC2R 5TA
 NAME AND ADDRESS OF BROKER:
 as above
 OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR
 INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A
 STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE
 ADMISSION OF ITS SECURITIES:
 See company website address above
 DATE OF NOTIFICATION:
 12 September 2008
 NEW/ UPDATE:
 NEW


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