Business
Results of Placing
Results of Placing.
About this update from Mobico Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 1617M\n National Express Group PLC\n 06 May 2020\n \n \n \n THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, 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 \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n LEI: 213800A8IQEMY8PA5X34\n \n \n For immediate release\n \n \n 6 May 2020\n \n \n NATIONAL EXPRESS GROUP PLC\n \n \n (\"National Express\" or the \"Company\")\n \n \n Results of the Placing\n \n \n National Express announces the successful pricing of the non-pre-emptive placing of ordinary shares in the capital of the Company announced earlier today (the \"Placing\").\n \n \n A total of 101,918,947 new ordinary shares in the capital of the Company (the \"Placing Shares\") have been placed by BofA Securities and HSBC (together the \"Joint Global Co-ordinators\"), at a price of 230 pence per Placing Share (the \"Placing Price\"). Concurrently with the Placing, certain members of the Board and Executive Management Team of the Company will directly subscribe for an aggregate of 428,782 new ordinary shares in the capital of the Company (the \"Subscription Shares\" and, together with the Placing Shares, the \"New Shares\"), at the Placing Price (the \"Subscription\").\n \n \n Together, the Placing and Subscription of 102,347,729 new ordinary shares will raise gross proceeds of approximately £235 million. The Placing Price of 230 pence represents a discount of approximately 3.4 per cent to the closing share price of 238 pence on 5 May 2020 and a discount of approximately 3.1 per cent to the middle market price at the time at which the Company and the Joint Global Co-ordinators agreed the Placing Price. The Placing Shares and Subscription Shares being issued represent together approximately 19.99 per cent of the existing issued ordinary share capital of National Express prior to the Placing and Subscription.\n \n \n The Company consulted with a number of its major shareholders prior to the Placing and has respected the principles of pre-emption as far as possibl...