Business
Rights Issue announcement
Rights Issue announcement.
About this update from Marks And Spencer Group Plc
[{"type":"text","content":"\n \nRNS Number : 7725Z Marks & Spencer Group PLC 22 May 2019 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, THE ABU DHABI GLOBAL MARKET, THE DUBAI INTERNATIONAL FINANCIAL CENTRE, ISRAEL, HONG KONG, JAPAN, THE PEOPLE'S REPUBLIC OF CHINA, NEW ZEALAND, SINGAPORE, SOUTH AFRICA, SWITZERLAND OR THE UNITED ARAB EMIRATES OR ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \nTHIS ANNOUNCEMENT IS AN ADVERTISEMENT AND DOES NOT CONSTITUTE A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT. NOTHING IN IT SHALL CONSTITUTE AN OFFERING OF ANY SECURITIES. ANY DECISION TO PURCHASE, SUBSCRIBE FOR, OTHERWISE ACQUIRE, SELL OR OTHERWISE DISPOSE OF ANY PROVISIONAL ALLOTMENT LETTER, NIL PAID RIGHTS, FULLY PAID RIGHTS, AND/OR NEW ORDINARY SHARES MUST BE MADE ONLY ON THE BASIS OF THE INFORMATION CONTAINED IN AND INCORPORATED BY REFERENCE INTO THE PROSPECTUS ONCE PUBLISHED.\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n \nPLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.\n \n \nFor immediate release\n \n \nMARKS AND SPENCER GROUP PLC\n \n1 for 5 FULLY UNDERWRITTEN RIGHTS ISSUE RAISING PROCEEDS OF c. £601.3\nMILLION TO FUND THE JOINT VENTURE WITH OCADO GROUP PLC\n \nOn 27 February 2019, Marks and Spencer Group Plc (\"M&S\", or the \"Company\") announced the creation of a new 50/50 Joint Venture with Ocado Group Plc (\"Ocado\"), the UK's leading pure play digital grocer (the \"Joint Venture\"). It was announced that the transaction would be primarily equity financed via a rights issue which was fully underwritten on a standby basis by Morgan Stanley & Co. International plc (\"Morgan Stanley\", the \"Sole Global Co-Ordinator\" and \"Sole Bookrunner\") from the date of announcement. \n \nM&S today announces the terms of the fully underwritten rights issue which is intended to raise gross proceeds of approximately £601.3 million (the \"Rights Issue\"). The Rights Issue is fully underwritten on the terms of the underwriting agreement entered into today between the Company, Morgan Stanley, BNP PARIBAS, HSBC Bank plc (\"HSBC\") and Shore Capital Stockbrokers Limited (\"Shore Capital\", and together with Morgan Stanley, BNP PARIBAS and HSBC, the \"Underwriters...