Board Appmnt & Equity Placing
24 January 2007 - 6:00PM
UK Regulatory
RNS Number:0356Q
MICAP PLC
23 January 2007
For release 07.00am 24th January 2007
MICAP PLC ("MIC.L")
("MICAP" or "the Company")
The AIM - quoted technology company specialising in the
microencapsulation of active ingredients
Re: Appointment of new Chairman and New Equity Investment
"Board strengthened with appointment of Bill Mapstone as non-executive Chairman;
#280,000 raised in equity placing"
New Appointment
The Board of Micap is pleased to announce that William 'Bill' James Mapstone
(aged 53), with a 30 year track record in the food industry, is to join the
Board as non-executive Chairman with effect from Admission.
He was previously the major shareholder and Chairman of Pilgrim Foods Group,
trading as Chaucer Foods, which he grew from a small single site operation
employing 25 people in the UK to be a multi-national supplier of food
ingredients with operations in the UK, France, USA and China employing over 500
people when it was sold in October 2004. Additionally, Bill is an investor in
and a director of a number of companies in the food and food technology sector.
Along with many years of business experience, Bill will bring considerable
knowledge of and commercial contacts within the food market, which Micap will
seek to benefit from as the Company looks to build on recent progress and market
both its yeast encapsulated flavours and products developed within Micap GmbH
and Micap Encapsulates Ltd, to a wider customer base.
Ian McManus, Chairman of Micap since September 2005 will remain on the Board as
a non-executive Director.
Equity Placing
At the same time, Bill has subscribed for 18,000,000 shares in Micap at #0.01
and several of the Directors have subscribed for 10,000,000 shares on the same
terms. The Directors' holdings are now as follows:
Prior to Admission Following Admission
----------------- ----------------
Number of Percentage of Number of Percentage of
Ordinary issued ordinary Ordinary issued ordinary
Shares share capital Shares share capital
--------- --------------- ---------- ---------------
I McManus1 1,013,600 0.9% 2,013,600 1.4%
------------------- --------- --------- --------- ---------
M Norris2 2,350,174 2.0% 4,350,174 3.0%
------------------- --------- --------- --------- ---------
N Crabb3,5 6,548,546 5.7% 13,548,546 9.5%
------------------- --------- --------- --------- ---------
S Delaney 5,142,856 4.5% 5,142,856 3.6%
------------------- --------- --------- --------- ---------
W Mapstone4 0 0.0% 18,000,000 12.6%
------------------- --------- --------- --------- ---------
1. Ian McManus has subscribed #10,000 for 1,000,000 shares.
2. Michael Norris has subscribed #20,000 for 2,000,000 shares.
3. Neil Crabb has subscribed #70,000 for 7,000,000 at shares.
4. William Mapstone has subscribed #180,000 for 18,000,000 shares.
5. Neil Crabb is a director and significant shareholder of Sigma Capital Group
plc the holding company of Sigma Technology Management Limited ("STM") and
Sigma Technology Investments Limited ("STI"). STM is the manager of Sigma
Technology Venture Fund ("STVF"), in which STI has a beneficial interest. He
is also one of the beneficiaries and trustees of the Sigma Technology SSA
Pension Scheme. STI holds 2,105,018 Ordinary Shares in its own name. STVF
holds 2,963,561 Ordinary Shares and the SSA Pension Scheme holds 51,396
Ordinary Shares. The interest of N D Crabb recorded in the table above
includes these shares.
Application will be made for the placing shares to be admitted to AIM and
trading is expected to commence on 29 January 2007
Commenting, Ian McManus, Chairman of Micap, said:
"We have been looking to strengthen the Board for some time now, and we are
delighted that we have been able to attract a businessman with such a record of
success to join Micap. Bill will bring not just invaluable knowledge of the food
industry but also considerable experience of growing businesses and increasing
shareholder value. I welcome him onto the Board and look forward to working
together to take Micap forward."
In accordance with Schedule 2(g) of the AIM Rules, William Mapstone's
directorships in the past 5 years are set out below:
Current directorship:
Welcome Food Ingredients Limited
Stiletto Foods (UK) Limited
Nandi Proteins Limited
Member of Tillymint Yacht Charters LLP
Past Directorships over the last 5 years:
Mr Mapstone was until October 2004 a director of Pilgrim Food Group Plc (and its
subsidiary companies below)
PF Hull Limited
Pearts Foods Limited
Pilgrim Pasta Limited
Pearts Bakeries (Holdings) Limited
Perts Bakeries (Derby) Limited
Hallco 668 Limited
Chaucer Foods Limited
Pilgrim Food Holdings Limited
Pilgrim Food Group Limited
Pilgrim Employee Benefit Trust (Trustees) Limited
There are no further matters which are required to be disclosed pursuant to
Schedule 2(g) of the AIM Rules.
- ENDS -
For further information please contact:
Contact:
Micap plc +44 (0)7966 341802
Michael Norris, CEO
Teather & Greenwood (Broker & NOMAD) 020 7426 9000
Rob Naylor
Adventis Financial PR
Tarquin Edwards/Chris Steele 020 7034 4758 / 020 7034 4759
07879 458 364 / 07979 604 687
Notes for editors:
About Micap
Micap is a provider of microencapsulation solutions to a range of customers in
fields such as flavour delivery, agrochemicals, healthcare and industrial
applications, using both its patented yeast cell technology and novel methods
developed by its scientific team. For further details visit http://
www.micap.co.uk.
About microencapsulation
Microencapsulation is a process whereby tiny droplets of liquid or particles of
solid material are coated with a continuous film of polymeric material.
Microcapsules have several benefits, including conversion of liquids to solids;
separating reactive compounds; protecting substances against environmental
factors; and improving the material handling properties.
Micap's unique patented technology involves using killed yeast cells as natural
capsules to protect the active ingredient. Yeast encapsulation can protect
active ingredients against high temperatures, the effects of the sun, pressure
and degradation through exposure to the air.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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