Business
Result of Placing and Open Of
Result of Placing and Open Of.
About this update from Premier Foods Plc
[{"type":"text","content":"\n RNS Number : 1807P Premier Foods plc 20 March 2009 \n \nNOT FOR DISTRIBUTION OR TRANSMISSION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, AUSTRALIA OR THE REPUBLIC OF SOUTH AFRICA\n\n20 March 2009\nPREMIER FOODS PLC\n\nResult of Placing and Open Offer\n\nOn 5 March 2009, the Board of Directors of Premier Foods plc ('Premier', or the 'Company') announced details of a proposed Placing and Open Offer and Firm Placing to raise approximately £379 million (net of expenses related to the equity financing) through the issue of 1,553,416,776 New Ordinary Shares at an Issue Price of 26 pence per New Ordinary Share, with 1,055,756,006 Open Offer Shares to be issued through the Placing and Open Offer and 497,660,770 Firm Placed Shares to be issued through the Firm Placing. \n\nThe Open Offer has now closed in accordance with its terms. Premier is pleased to announce that 697,299,019 Open Offer Shares in aggregate have been subscribed for by Qualifying Shareholders under the Open Offer. This represents approximately 66.05 per cent. of the Open Offer Shares offered pursuant to the Open Offer.\n\nAccordingly, the remaining 358,456,987 Open Offer Shares, representing approximately 33.95 per cent. of the New Ordinary Shares issued through the Placing and Open Offer, have been allocated to the investors with whom they had been conditionally placed. Of those shares, 83,575,718 Open Offer Shares have been allocated to Warburg Pincus in addition to the 246,153,846 shares subscribed for by it under the Firm Placing. \n\nThe Placing and Open Offer and Firm Placing is conditional upon, amongst other things, the approval of Shareholders at a General Meeting (scheduled for 23 March 2009) and upon Admission. The 1,553,416,776 New Ordinary Shares are expected to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities with effect from 8.00 a.m. on Tuesday, 24 March, 2009. Thereafte...