Business
Results of Placing
Results of Placing.
About this update from Lancashire Holdings Limited
[{"type":"text","content":"\n \n THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.\n FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.\n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n LEI: 5493002UNUYXLHOWF752\n For immediate release\n 10 June 2020\n LANCASHIRE HOLDINGS LIMITED\n Results of Placing of New Common Shares\n Lancashire Holdings Limited (“Lancashire” or the “Company”) announces the successful completion of the placing of new common shares (with a par value of US$0.50 per share in the capital of the Company) (the “Common Shares”) announced by the Company yesterday (the “Placing”).\n A total of 39,568,089 new Common Shares (the “Placing Shares”) have been placed by Morgan Stanley & Co. International plc (“Morgan Stanley”) and Citigroup Global Markets Limited (“Citigroup”, together with Morgan Stanley, the “Joint Bookrunners”), at a price of 700 pence per Placing Share (the “Placing Price”).\n The Placing raised gross proceeds of approximately £277 million. The Placing Price represents a discount of 3.6% to the closing share price of 726 pence on 9 June 2020.\n The Placing Shares represent approximately 19.5% of the existing issued common share capital of the Company prior to the Placing.\n Lancashire consulted with a number of its major shareholders prior to the Placing and has respected the principles of pre-emption through the allocation process. The Company is pleased by the strong support it has received from existing shareholders and new investors.\n Applications have been made (i) to the Financial Conduct Authority (the “FCA”) for admission of the Placing Shares to the premium listing segment of the Official List of the FCA; and (ii) to London Stock Exchange plc (the “London Stock Exchange”) for admission of the Placing Shares to trading on its Main Market for listed securities (together, “Admission”).\n Settlement for the Placing Shares and Admission are expected to take place on or before 8.00 a.m. (London time) on 12 June 2020. The Placing is conditional upon, among other things, Admission becoming effect...