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Norish plc
("Norish" or "the Company")
New Strategic Developments and Fundraising
On 20 August 2015 it was announced that Kieran Mahon was joining Norish as Managing Director Designate and he joined the Board with immediate effect. In conjunction with Kieran's appointment Norish has undertaken a review of its existing operations and strategic direction going forward.
The Board believes there is an opportunity to develop a multi-disciplined business of significant size and scale that is positioned to capitalise on opportunities present in the agriculture supply chain from primary production through the supply chain to food manufacture. Potential investment opportunities in dairy farming in Ireland and Missouri, USA have been identified. Management are in discussions in relation to leasing a dairy farm in Ireland and are also looking at its options in relation to developing a dairy operation in Missouri, USA.
The Board have also identified a number of incremental investment opportunities in its existing cold storage operations and commodity trading that have the potential to improve the contributions from these divisions significantly.
Norish intends to review its equity fundraising alternatives with the objective of improving its financial flexibility to invest in its new primary agri investment strategy as well as its existing cold storage and commodity trading operations. No definitive decision has been taken by the Company to proceed with a capital raise. The structure of any capital raise remains to be determined, and that, and the final terms of any such capital raise, would have to take account of general market conditions and demand from investors.
For more information please contact:
Norish plc
Kieran Mahon, Managing Director Designate
Aidan Hughes, Finance Director Tel: +44 (0) 1293 862 498
Davy (Nomad)
Anthony Farrell Tel: +353 (0)1 679 6363
Matthew De Vere White
This Announcement is for information purposes only and shall not constitute an offer to buy, sell, issue, or subscribe for, or the solicitation of an offer to buy, sell, issue, or subscribe for any securities, nor shall there be any sale of securities in any jurisdiction, including, without limitation, the United States, Canada or Japan, in which such offer, solicitation or sale is or may be unlawful prior to registration or qualification under the securities laws of any such jurisdiction (a "Prohibited Jurisdiction"). This Announcement and the information contained herein are not for publication or distribution, directly or indirectly, to persons in a Prohibited Jurisdiction. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever. This Announcement has been issued by and is the sole responsibility of the Company.
No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by the Davy or by any of their respective Affiliates or agents as to, or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any responsibility or liability therefor is expressly disclaimed.
