Business
Proposed Placing and Offers
Proposed Placing and Offers.
About this update from Arbuthnot Banking Group Plc
[{"type":"text","content":"\n Arbuthnot Banking Group PLC\n31 March 2006\n\n\nNot for release, distribution or publication in whole or in part in or into the\nUnited States, Canada, Japan, Australia, the Republic of Ireland or South Africa\n\nPRESS ANNOUNCEMENT\n\nFOR IMMEDIATE RELEASE\n\n31 March 2006\n\nARBUTHNOT BANKING GROUP PLC ('ARBUTHNOT BANKING GROUP', THE 'GROUP' OR THE\n'COMPANY')\n\nPROPOSED PLACING AND OFFERS OF UP TO 710,000 NEW ORDINARY SHARES AT 600 PENCE\nPER NEW ORDINARY SHARE, APPROVAL FOR WAIVER OF RULE 9 OF THE CITY CODE AND\nNOTICE OF EXTRAORDINARY GENERAL MEETING\n\n1. Introduction\n\nFollowing the announcement on 21 March 2006, Arbuthnot Banking Group today\nposted a circular to its Shareholders setting out its intention to raise up to\napproximately £4.3 million (£4.0 million net of expenses) by the allotment and\nissue of up to 710,000 New Ordinary Shares at 600 pence per New Ordinary Share\npursuant to the terms of the Placing and Offers.\n\nThe Placing and Offers comprise (1) a firm placing of 347,305 Placing Shares to\nFlowidea, a company beneficially owned by Mr Henry Angest, the Chairman of\nArbuthnot Banking Group; (2) a placing of 115,136 Vendor Shares with Cherrydene,\na company also beneficially owned by Mr Angest; (3) the First Offer of up to\n247,559 Offer Shares made by Hawkpoint on behalf of the Company to Qualifying\nEligible Shareholders, on a basis proportional to their shareholdings; and (4)\nthe Second Offer of up to 115,136 Vendor Shares made by Cherrydene to Qualifying\nInstitutional Shareholders, on a basis proportional to their shareholdings, with\na minimum subscription requirement of £35,000. The Offer Shares are being\noffered to Qualifying Eligible Shareholders on the basis of 1 Offer Share for\nevery 20 Existing Ordinary Shares held on the First Record Date. The Vendor\nShares are being offered to Qualifying Institutional Shareholders on the basis\nof 1 Vendor Share for every 20 Existing Ordinary Shares held on the Second\nRecord Date. The Placing and Offers are conditional, inter alia, on approval by\nthe Independent Shareholders which will be sought at the Extraordinary General\nMeeting of the Company to be held on 27 April 2006 at 2:00 p.m. The Issue Price\nrepresents an 11.6 per cent. premium to the closing middle market price of 537.5\npence per Ordinary Share on 20 March 2006, the last dealing d...