Business
Result of Open Offer
Result of Open Offer.
About this update from Kier Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9232B\n Kier Group PLC\n 15 June 2021\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.\n \n \n \n KIER GROUP PLC\n \n \n \n \n \n \n (\"Kier\" or the \"Company\")\n \n \n Result of Open Offer \n \n \n On 13 May 2021 the Company announced a proposed Firm Placing, Placing and Open Offer and separate Director Subscriptions (the \"Capital Raise\") raising gross proceeds of c.£241 million through the issue of a total of 284,049,829 New Shares at an issue price of \n 85 pence per share (the \"Issue Price\")\n . Approximately £120.6 million of the Capital raise was conducted by way of a Firm Placing of 141,851,386\n \n Firm Placing Shares and approximately £120.6 million by way of a Placing and Open Offer of 141,851,386\n \n Open Offer Shares, in each case at the Issue Price. The Open Offer Shares were conditionally placed with institutional investors at the Issue Price, subject to clawback to satisfy valid applications by Qualifying Shareholders pursuant to the Open Offer. In addition, Directors have subscribed for 347,057 New Shares at the Issue Price.\n \n \n \n \n \n \n The Open Offer closed for acceptances at 11 a.m. on 14 June 2021. The Company has received valid acceptances from Qualifying Shareholders under their basic Open Offer Entitlements in respect of 116,669,313 Open Offer Shares, representing approximately 82% of the Open Offer Shares. In addition, the Company has received applications from Qualifying Shareholders under the Excess Application Facility in respect of 40,055,966 Open Offer Shares, representing approximately 28% of the Open Offer Shares. Accordingly, Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Open Offer Entitlement. As applications under the Excess Application Facility cannot be satisfied in full, applications for New Shares under the Excess Application Facility will be scaled back in accordance with the terms set out in the Prospectus. \n \n \n \n Application has been made to the Financial Conduct Authority (\"FCA\") for the New Shares to be admitted to the premium listing segment of the Official List and to the London Stock Exchange for the N...