Business
Announcement re: Rights Issue
Announcement re: Rights Issue.
About this update from Workspace Group Plc
[{"type":"text","content":"\n \nRNS Number : 9422J Workspace Group PLC 07 July 2011 \n \n\nTHE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN AND THE REPUBLIC OF SOUTH AFRICA AND SHOULD NOT BE DISTRIBUTED IN, FORWARDED TO OR TRANSMITTED IN OR INTO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF LOCAL SECURITIES LAWS OR REGULATIONS OF SUCH JURISDICTION. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.\n7 July 2011\nWorkspace Group PLC\n(\"Workspace\", the \"Company\" or the \"Group\")\n1 for 4 Rights Issue of 288,182,835 New Ordinary Shares at 23 pence each to raise net proceeds of approximately £63 million\nWorkspace today announces the details of a fully underwritten Rights Issue to raise approximately £63 million (net of expenses). The Rights Issue is being made on the basis of 1 New Ordinary Share for every 4 Existing Ordinary Shares at a price of 23 pence per New Ordinary Share, representing a discount of 19.9 per cent. to the closing mid market price of 29.25 pence on 6 July 2011 (after adjusting for the proposed final dividend of 0.55 pence per Existing Ordinary Share which will not be payable to holders of the New Ordinary Shares).\nHighlights:\n· 1 for 4 Rights Issue to raise approximately £63 million (net of expenses), fully underwritten.\n· Provides Workspace with additional financial resources to accelerate the investment programme across its existing portfolio and take advantage of attractively priced property acquisition opportunities.\nRothschild is acting as sole Sponsor and Financial Adviser to the Company with respect to the Rights Issue. \nEspirito Santo Investment Bank (\"BESI\") and Investec are acting as Joint Bookrunners, Brokers and Underwriters. The Rights Issue is fully underwritten by BESI and Investec. The Rights Issue is being made to Qualifying Shareholders on the register as at 5 July 2011. \nHarry Platt, CEO of Workspace said: \n\"The Group continues to perform strongly and we see exciting opportunities to invest incrementally in our estate. The Rights Issue will enable us to take advantage of attractive re-positioning and acquisition opportunities that should de...