Business
Result of Open Offer
Result of Open Offer.
About this update from Hill & Smith Plc
[{"type":"text","content":"\n Hill & Smith Hldgs PLC\n04 October 2006\n\n\nResults of Placing and Open Offer\n\nOn 12 September 2006, Hill & Smith Holdings PLC ('Hill & Smith' or the \n'Company') announced that it was raising £28.0 million by a Placing and Open \nOffer of 12,280,702 New Ordinary Shares at 228 pence per share. On behalf of \nthe Company, Arden Partners had placed firm with institutional and other \ninvestors 6,140,351 New Ordinary Shares and had also conditionally placed a \nfurther 6,140,351 New Ordinary Shares, subject to clawback to satisfy valid \napplications from Qualifying Shareholders under the Open Offer.\n\nQualifying Shareholders were invited to participate in the Open Offer and to \napply for up to 6,140,351 of these New Ordinary Shares on the basis of one Open \nOffer Share for every 10.3 Existing Ordinary Shares held on the Record Date \nand so in proportion for any other number of Existing Ordinary Shares held.\n\nThe Directors are pleased to announce the results of the Open Offer, which \nclosed at 11.00 am on 3 October 2006.\n\nValid applications have been received from Qualifying Shareholders in respect \nof 4,784,340 Open Offer Shares, representing approximately 78 per cent. of the \nOpen Offer Shares. This includes applications from the Directors in respect of \n49,911 Open Offer Shares. The balance of 1,356,011 Open Offer Shares has been \nallocated to the institutional investors with whom they had been conditionally \nplaced.\n\nApplication has been made for the New Ordinary Shares to be listed on the \nOfficial List of the UK Listing Authority and to be admitted to trading on the \nLondon Stock Exchange's main market for listed securities. Admission is expected \nto occur at 8.00 am on 16 October 2006, when dealings in the New Ordinary Shares \nare expected to begin.\n\nThe Placing and Open Offer is conditional upon the Placing Agreement having \nbecome unconditional in all respects. The Placing Agreement is itself \nconditional inter alia upon (1) the passing of Resolutions to be proposed at an \nExtraordinary General Meeting of the Company on 11 October 2006, and (2) \nAdmission having become effective by not later than 8.00 am on 16 October 2006.\n\nNote: unless the context requires otherwise, defined terms in this announcement\nhave the same meaning as in the prospectus which was published on 12 Sept...