Business
Placing of New Ordinary Shares
Placing of New Ordinary Shares.
About this update from Serco Group Plc
[{"type":"text","content":"\n \nRNS Number : 9631Z Serco Group PLC 23 May 2019 \n\nTHIS ANNOUNCEMENT, INCLUDING THE APPENDIX, AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.\n23 May 2019\nThis announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (\"MAR\"). Upon publication of this announcement, the inside information is now considered to be in the public domain for the purposes of MAR.\n \nSerco Group plc\n \nPlacing of New Ordinary Shares\n \nSerco Group plc (\"Serco\" or the \"Company\" or the \"Group\") today announces its intention to place up to 111,216,400 new ordinary shares in the Company (the \"Placing Shares\"), representing up to 10 per cent of Serco's existing issued ordinary share capital, with both existing and new institutional investors (the \"Placing\"). \nThe Placing is being conducted through an accelerated bookbuild process which will be launched immediately following this Announcement, in accordance with the terms and conditions set out in the Appendix. Merrill Lynch International (\"BofA Merrill Lynch\") and Barclays Bank PLC (\"Barclays\" and together with BofA Merrill Lynch, the \"Joint Bookrunners\") are acting as joint bookrunners in connection with the Placing. Rothschild & Co is acting as Financial Adviser to Serco.\nUse of the proceeds of the Placing\nAs announced separately today, the Placing is expected to raise gross proceeds of around £130m (based on yesterday's closing share price) (the \"Placing Proceeds\") which will be used to part fund the acquisition of the Naval Systems Business Unit and a small number of related contracting entities (collectively, \"NSBU\"), from Alion Science & Technology Corporation (\"Alion\"), by the Company for $225m (the \"Acquisition\"). NSBU is a leading provider of naval design, systems engineering, as well as production and lifecycle support services to the US Navy, US Army and Royal Canadian Navy. \nThe Placing is not conditional upon completion of the Acquisition. In the event that the Acquisition do...