Norish PLC AGM Statement (6032Y)
May 18 2016 - 6:15AM
UK Regulatory
TIDMNSH
RNS Number : 6032Y
Norish PLC
18 May 2016
AGM STATEMENT
Norish plc is holding its AGM today at which the Chairman is
expected to make the following statement:
Highlights
-- Group raised GBP5.1m million (gross) through a placing in
December 2015 to pursue investment opportunities in both its
existing business and new developments particularly relating to the
dairy and food sectors. The fund raise has fundamentally changed
the balance sheet and growth opportunity for the group.
-- Sale of Leeds site completed in March 2016 for a consideration of GBP0.4m
-- In line with the company's objectives, the operating
performance of the Temperature Controlled Division, which accounts
for the bulk of capital employed in the group, continues to improve
in 2016. We are investing some of the funds raised in December
2015, in quite a number of short payback projects, within the cold
store division. This process will continue throughout 2016.
-- We expect to complete the signing of a lease for a dairy
farming opportunity in Kilkenny (Ireland) by the end of May 2016.
Stock has already been purchased and we plan to be milking cows in
Spring 2017.
-- The Board is very encouraged by the continued progress in
building the underlying business. Management are also actively
engaged in discussions with a number of businesses, who are seeking
investment, in areas of interest to us. However, we will remain
disciplined with respect to required returns, scalability and
quantum of capital required for each project. We look to the future
with confidence.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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