Business
Result of Equity Issue
Result of Equity Issue.
About this update from Arbuthnot Banking Group Plc
[{"type":"text","content":"\n Arbuthnot Banking Group PLC\n27 April 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\n27 April 2006\n\n\nARBUTHNOT BANKING GROUP PLC ('ARBUTHNOT BANKING GROUP', THE 'GROUP' OR THE\n'COMPANY')\n\nRESULTS OF THE PLACING AND OFFERS AND EXTRAORDINARY GENERAL MEETING\n\nOn 31 March 2006, Arbuthnot Banking Group posted a circular to its shareholders\ncontaining details of the Placing and Offers, pursuant to which the Group has\ntoday allotted a total of 709,725 New Ordinary Shares to raise a total of £4.3\nmillion (£4.0 million net of expenses).\n\n\nIt was proposed that up to 710,000 New Ordinary Shares be issued at 600 pence\nper share through the Placing and Offers, which comprised (1) a firm placing of\n347,305 Placing Shares to Flowidea, a company beneficially owned by Mr Henry\nAngest, the Chairman of Arbuthnot Banking Group; (2) a placing of 115,136 Vendor\nShares (subject to the Second Offer) with Cherrydene, a company also\nbeneficially owned by Mr Angest; (3) the First Offer of up to 247,559 Offer\nShares made by Hawkpoint on behalf of the Group to Qualifying Eligible\nShareholders; and (4) the Second Offer of up to 115,136 Vendor Shares made by\nCherrydene to Qualifying Institutional Shareholders. In addition, the First\nOffer was fully underwritten by Cherrydene.\n\n\nOf the 709,725 New Ordinary Shares allotted under the Placing and Offers,\nFlowidea has subscribed for 347,305 Placing Shares, representing approximately\n48.9 per cent. of the New Ordinary Shares issued under the Placing and Offers.\nValid applications have been received from shareholders in respect of 63,592\nOffer Shares under the First Offer and in respect of 69,208 Vendor Shares under\nthe Second Offer, representing, in aggregate, approximately 18.7 per cent. of\nthe New Ordinary Shares issued under the Placing and Offers. Under the terms of\nthe Placing and Offers, Cherrydene has therefore subscribed for the 183,692\nOffer Shares not taken up by the Qualifying Eligible Shareholders and the 45,928\nVendor Shares not taken up by the Qualifying Institutional Shareholders,\nrepresenting in aggregate approximately 32.4 per cent. of the New Ordinary\nShares issued under the Placing a...