AIM Prospective Admission

RNS Number:9379F
AIM
08 January 2003




       ANNOUNCEMENT TO BE MADE BY AIM APPLICANT AT LEAST 10 BUSINESS DAYS 
                               PRIOR TO ADMISSION

ALL APPLICANTS MUST COMPLETE THE FOLLOWING:

COMPANY NAME:
Inveresk Plc

COMPANY ADDRESS:
Carrongrove Paper Mill
Denny
Stirlingshire
Scotland

COMPANY POSTCODE:
FK6 5HJ

COUNTRY OF INCORPORATION:
Scotland

COMPANY BUSINESS:
Production and sale of speciality paper products

DETAILS OF SECURITIES TO BE ADMITTED (i.e. where known, number of shares, 
nominal value and issue price):
73,821,061 ordinary shares of 1 pence each

CAPITAL TO BE RAISED ON ADMISSION:
#2,000,000

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS:
Jan Gunnar Bernander - Chairman
James Alan Fairley Walker - Chief executive
Gordon MacKenzie Thomson - Finance director
Kieron Philip Green - Director
Roland William George MacLeod - Director

PERSON(S) INTERESTED IN 3% OR MORE OF THE ISSUER'S CAPITAL, EXPRESSED AS A 
PERCENTAGE OF THE ISSUED SHARE CAPITAL STATING WHETHER BEFORE OR AFTER 
ADMISSION:
Before admission:
UBS Global Management - 8.7%
Jan Gunnar Bernander - 8.6%
Klippan AB - 8.4%
Hensjo International SA - 4.8%
The Inveresk ESOP - 3.7%
Electra Fleming - 3.3%
David J Harrold - 3.3%

NAMES AND ADDRESSES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 
2, PARAGRAPH (G) OF THE AIM RULES.
None

ANTICIPATED ACCOUNTING REFERENCE DATE:
31 December

NAME AND ADDRESS OF NOMINATED ADVISER:
KBC Peel Hunt Ltd
111 Old Broad Street
London
EC2N 1PH

NAME AND ADDRESS OF BROKER:
KBC Peel Hunt Ltd
111 Old Broad Street
London
EC2N 1PH

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.
N/A

DATE OF NOTIFICATION:
8 January 2003

NEW/ UPDATE (see note):
New

LISTED APPLICANTS MUST ALSO COMPLETE THE FOLLOWING:

DETAILS OF THE APPLICANT'S STRATEGY FOLLOWING ADMISSION INCLUDING, IN THE CASE 
OF AN INVESTING COMPANY, DETAILS OF ITS INVESTMENT STRATEGY
Following a period of extensive change and re-structuring, the strategy of the
Company remains, firstly, to bring each sector of the company's business into a
position of sustained profitability and positive cashflow; secondly, to
concentrate on increasing the sales and output from existing mills whilst at the
same time changing the product mix to focus on higher added value products and,
thirdly, to increase profitability further through investment in existing plant
and machinery whilst seeking opportunities for expansion in the speciality paper
sector.

A DESCRIPTION OF ANY SIGNIFICANT CHANGE IN FINANCIAL OR TRADING POSITION OF THE
APPLICANT, WHICH HAS OCCURRED SINCE THE END OF THE LAST FINANCIAL PERIOD FOR
WHICH AUDITED STATEMENTS HAVE BEEN PUBLISHED OR AN APPROPRIATE NEGATIVE
STATEMENT 
Inveresk announced on 16 August 2002 that the Group had breached the
covenants set out in the loan agreements with the Royal Bank of Scotland.  On 30
October 2002, Inveresk announced that it was in severe financial difficulty and
that in the opinion of the directors, the working capital available to Inveresk
was not sufficient for the Company's present requirements, that being, for at
least 12 months following the date of that announcement.  In order to alleviate
this situation, the business at Caldwells Mill was sold to Klippan AB without
obtaining prior Shareholder approval.

On 27 December the Company announced that Klippan AB and associated parties had
conditionally agreed to lend the Company between #2 million and #2.5 million.
The Company also announced on that date that it had conditionally placed new
ordinary shares for cash of #2 million. These amounts are due to be received on
or before 23 January 2003.

With the exception of the above statement and other than as disclosed in
Inveresk's interim results for the 6 months ended 1 June 2002, there have been
no significant changes in the Company's financial or trading position since the
publication of Inveresk's annual report for the period ending 30 November 2001.

A STATEMENT THAT THE DIRECTORS OF THE APPLICANT HAVE NO REASON TO BELIEVE THAT 
ITS WORKING CAPITAL WILL BE INSUFFICIENT FOR AT LEAST TWELVE MONTHS FROM THE 
DATE OF ITS ADMISSION
The Directors have no reason to believe that, taking into account Inveresk's
available bank and other facilities, as well as the minimum proceeds of
#4,000,000 from an issue of equity and a loan that are due to be received on or
before 23 January 2003, the working capital available to it will be insufficient
for at least the 12 months from the date of its admission.

DETAILS OF ANY LOCK-IN ARRANGEMENTS PURSUANT TO RULE 7 OF THE AIM RULES.
None


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

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