Business
Rights Issue
Rights Issue.
About this update from Harbour Energy Plc
[{"type":"text","content":"\n RNS Number : 0228U Holidaybreak PLC 17 June 2009 \n\nTHIS ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS AND INVESTORS SHOULD NOT SUBSCRIBE FOR OR PURCHASE ANY SECURITIES REFERRED TO IN THIS ANNOUNCEMENT EXCEPT ON THE BASIS OF THE INFORMATION IN THE PROSPECTUS TO BE PUBLISHED BY HOLIDAYBREAK PLC TODAY IN CONNECTION WITH THE RIGHTS ISSUE. COPIES OF THE PROSPECTUS WILL, FOLLOWING PUBLICATION, BE AVAILABLE FROM THE COMPANY'S REGISTERED OFFICE.\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.\nALL TERMS ARE DEFINED AT THE BACK OF THIS ANNOUNCEMENT, UNLESS OTHERWISE DEFINED HEREIN.\n \nHolidaybreak plc announces a fully underwritten Rights Issue\nto raise net proceeds of approximately £31.0 million\nThe Board of Holidaybreak plc (\"Holidaybreak\") today announces a fully underwritten 4 for 9 Rights Issue by KBC Peel Hunt to raise gross proceeds of approximately £33.2 million (approximately £31.0 million net of expenses) through the issue of 21,714,340 New Ordinary Shares. The Rights Issue is subject to approval by Shareholders at a General Meeting to be held on 3 July 2009.\nHighlights\nRights Issue\n4 for 9 Rights Issue to raise gross proceeds of approximately £33.2 million (approximately £31.0 million net of expenses), through the issue of 21,714,340 New Ordinary Shares at a price of 153p per share, a 39.9 per cent. discount to the theoretical ex-rights price and 49.0 per cent. discount to the closing price of 299.75p per Ordinary Share on 16 June 2009, the last business day prior to the announcement of the Rights Issue. The Rights Issue has been fully underwritten by KBC Peel Hunt.\nReasons for the Rights Issue\nThe current economic environment has resulted in various investment opportunities for the Group’s education businesses, for example, sites of former independent private schools and commercial conference centres which have ceased trading. The Board believes that over the last 5 years, the market for privately held education centres has grown at approximately 10 per cent. per annum due in part to a reduction in public sector funding of local education authori...