Business
Rights Issue
Rights Issue.
About this update from Workspace Group Plc
[{"type":"text","content":"\n RNS Number : 3093M Workspace Group PLC 27 January 2009 \n THIS ANNOUNCEMENT, INCLUDING THE APPENDICES (TOGETHER, THE 'ANNOUNCEMENT'), IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN AND THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.\nWorkspace Group PLC\n('Workspace' or the 'Company')\nRights Issue to raise £87.2 million\n27 January 2009\nWorkspace today announces a Rights Issue to raise £87.2 million.\n\nTony Hales, Chairman of Workspace said: 'This transaction ensures that the Company has secured financing with maturities extending to November 2012. In the context of the current financial climate, where the perceived outlook for property values has been gloomy, obtaining capital and bank financing has been very tough. We can now focus all of our efforts on the operational performance and cash generation of the business in this challenging economic environment.'\nHighlights:\n\n\n5 for 1 Rights Issue to raise £87.2 million (before expenses), fully underwritten\n\n\nThe fundraising will allow the Group to reduce its level of indebtedness and thereby strengthen its balance sheet\n\n\nThe fundraising will reduce the level of risk associated with the Group's debt facilities by enabling the removal or amendment of certain of the Group's financial covenants and allowing Workspace to extend the maturity of its August 2010 bank facility until November 2012 \n\n\nN M Rothschild & Sons Limited ('Rothschild') and Panmure Gordon (UK) Limited ('Panmure Gordon') are acting as joint sponsors and financial advisers to the Company with respect to the Rights Issue. \nPanmure Gordon and Investec Bank plc ('Investec') are acting as joint brokers to the Company with respect to the Rights Issue. The Rights Issue is fully underwritten by Rothschild, Panmure Gordon and Investec. \nThis summary should be read in conjunction with the full text of this Announcement. \n&nb...