Business
Results of capital raise
Results of capital raise.
About this update from Hiscox Ltd
[{"type":"text","content":"\n \n \n RNS Number : 0850M\n Hiscox Ltd\n 06 May 2020\n \n \n \n \n THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN, JERSEY OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n \n FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.\n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n \n \n LEI: \n 5493007JXOLJ0QCY2D70\n \n \n For immediate release\n \n \n 6 May 2020\n \n \n HISCOX LTD\n \n \n RESULTS OF CAPITAL RAISE\n \n \n Hiscox Ltd (\"Hiscox\" or the \"Company\") \n announces the successful completion of the non-pre-emptive placing of new ordinary shares of 6.5 pence each (the \"Placing Shares\") in the capital of the Company announced on 5 May 2020 (the \"Placing\").\n \n \n A total of 57,601,123 new Ordinary Shares in the capital of the Company (the \"Placing Shares\") have been placed by UBS AG London Branch (\"UBS\") and Goldman Sachs International (\"Goldman Sachs\" and, together with UBS, the \"Joint Bookrunners\") at a price of 650 pence per Placing Share (the \"Placing Price\"). In conjunction with the Placing, certain directors and members of senior management of the Company have agreed to subscribe for an aggregate of 92,302 new ordinary shares in the capital of the Company (the \"Subscription Shares\"), at the Placing Price, pursuant to the terms and conditions of the subscription letters entered into with the Company (the \"Subscription\"). The Placing and the Subscription are together being referred to as the \"Capital Raise\".\n \n \n Together, the Capital Raise of 57,693,425 new Ordinary Shares raised gross proceeds of approximately £375 million. The Placing Price of 650 pence represents a discount of 6.1 per cent to the closing share price of 692.4 pence on 5 May 2020. The Placing Shares and the Subscription Shares (together, the \"New Shares\") being issued represent, in aggregate, approximately 19.99 per cent of the existing issued ordinary share capital of Hiscox prior to the Capital Raise.\n \n \n Hiscox consulted with a number of its ...