Business
Result of Open Offer
Result of Open Offer.
About this update from Harworth Group Plc
[{"type":"text","content":"\n RNS Number : 5051A UK Coal PLC 09 October 2009 \n \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT\n\n9 October 2009\nUK Coal PLC\n(\"UK Coal\" or \"the Company\")\nRESULT OF OPEN OFFER\nOn 16 September 2009, UK Coal announced a share issue to raise gross proceeds of £106.5 million (approximately £100 million net of expenses) through the issue of 142,045,413 New Shares by way of a Firm Placing and Placing and Open Offer at a price of 75 pence per New Share. The Firm Placing and Placing and Open Offer are conditional, amongst other things, on the approval of Shareholders.\nThe Open Offer closed at 11.00 a.m. on 8 October 2009. Under the Open Offer, valid applications have been received from Qualifying Shareholders in respect of their Open Offer Entitlements for, in aggregate, 80,630,630 Open Offer Shares, representing approximately 93.2 per cent. of the 86,489,010 Open Offer Shares offered pursuant to the Open Offer. As a consequence, 5,858,380 Open Offer Shares were available pursuant to the Excess Application Facility. Valid applications pursuant to the Excess Application Facility have been received in respect of 16,797,986 Excess Shares, representing approximately 287 per cent. of the Excess Shares available. Accordingly, applications for Excess Shares under the Excess Application Facility have been scaled back and no Open Offer Shares have been allocated to those institutional shareholders and other investors with whom they had been conditionally placed under the terms of the Placing.\nIn addition to the Placing and Open Offer, a further 55,556,403 New Shares will be issued through the Firm Placing.\nShareholder approval to effect the Firm Placing and Placing and Open Offer will be sought at the General Meeting to be held at 11.00 a.m. today at Farmers & Fletchers Hall, 3 Cloth Street, London EC1A 7LD. Subject to Shareholder approval, application will be made for the Admission of 142,045,413 New Shares to t...