Business
Result of Open Offer and result of General Meeting
Result of Open Offer and result of General Meeting.
About this update from Telecom Plus Plc
[{"type":"text","content":"\n \nRNS Number : 9201U Telecom Plus PLC 06 December 2013 \n\nTelecom Plus PLC (the \"Company\")\n \nResult of Open Offer and result of General Meeting\n \nTelecom Plus PLC (trading as the Utility Warehouse), which supplies a wide range of utility services (gas, electricity, fixed line telephony, mobile telephony and broadband internet) to both residential and business customers, announces that further to the Company's announcement on 20 November 2013 detailing the acquisition of Electricity Plus Supply Limited and Gas Plus Supply Limited from Npower Limited (\"the Acquisition\"), and the resulting intention to raise £130 million of gross proceeds to part fund the consideration payable under the terms of the Acquisition by way of a Firm Placing of approximately £100 million and a Placing and Open Offer of approximately £30 million, the Open Offer has now closed in accordance with its terms.\n \nThe Company is pleased to confirm that as at 11 a.m. on 5 December 2013, being the latest time for receipt of acceptance and payment in full, it had received valid acceptances under the Open Offer in respect of 1,480,391 Open Offer Shares from Qualifying Shareholders. This represents a take-up of approximately 73.1 per cent. of the 2,024,717 Open Offer Shares offered pursuant to the Open Offer. The remaining 544,326 Open Offer Shares, representing approximately 26.9 per cent. of the 2,024,717 Open Offer Shares, have been allocated to the institutional investors with whom they had been conditionally placed. In addition 6,788,843 Firm Placing Shares have been placed with certain institutional and other investors pursuant to the terms of the Firm Placing.\n \nThe Company is also pleased to announce that at the General Meeting of the Company held earlier today the ordinary resolutions put to Shareholders to 1) approve the Acquisition and 2) increase the Company's authorised share capital and grant the directors authority to allot shares pursuant to the Firm Placing and Placing and Open Offer were duly passed. \n \nA copy of the resolutions has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do. Details of the proxy votes received in advance of the meeting will also shortly be available on the Company's website www.utilitywarehouse...