Result of Extraordinary General Meeting and Disposal
Result of Extraordinary General Meeting
On 12 September 2006 the Directors of Hill & Smith Holdings PLC ('Hill & Smith'
or the 'Company') announced that the Company was proposing to raise
approximately £28.0 million before expenses by means of a Placing and Open Offer
of 12,280,702 New Ordinary Shares at 228 pence per share. The Company was
required to obtain certain shareholder approvals and accordingly an
Extraordinary General Meeting of the Company was convened for 11.00 a.m. today.
The Directors of Hill & Smith are pleased to announce that at the Extraordinary
General Meeting all the resolutions required to implement the Placing and Open
Offer were duly passed.
The completion of the Placing and Open Offer is now subject only to the
admission of the New Ordinary Shares to the Official List and to trading on the
London Stock Exchange's main market for listed securities. The New Ordinary
Shares are expected to be so admitted at 8.00 a.m. on 16 October 2006.
A copy of the document setting out the resolutions has been submitted to the
UK Listing Authority's Document Viewing Facility, which is situated at:
Financial Services Authority, 25 The North Colonnade, Canary Wharf,
London E14 5HS.
Disposal
Hill & Smith also announces that on 6 October 2006 it completed the disposal of
two non-core subsidiaries, W&S Allely Ltd ("Allely") and Eden Material Services
(UK) Ltd ("Eden") to a new company formed by the management of Allely and Eden.
The cash consideration of £0.7 million is equal to the value of the net assets
disposed of. In the year ended 31 December 2005 the aggregate turnover and
profit before taxation of the two companies were £8.2 million and £0.2 million
respectively.
11 October 2006
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