Hill & Smith Hldgs PLC
04 October 2006
Results of Placing and Open Offer
On 12 September 2006, Hill & Smith Holdings PLC ('Hill & Smith' or the
'Company') announced that it was raising £28.0 million by a Placing and Open
Offer of 12,280,702 New Ordinary Shares at 228 pence per share. On behalf of
the Company, Arden Partners had placed firm with institutional and other
investors 6,140,351 New Ordinary Shares and had also conditionally placed a
further 6,140,351 New Ordinary Shares, subject to clawback to satisfy valid
applications from Qualifying Shareholders under the Open Offer.
Qualifying Shareholders were invited to participate in the Open Offer and to
apply for up to 6,140,351 of these New Ordinary Shares on the basis of one Open
Offer Share for every 10.3 Existing Ordinary Shares held on the Record Date
and so in proportion for any other number of Existing Ordinary Shares held.
The Directors are pleased to announce the results of the Open Offer, which
closed at 11.00 am on 3 October 2006.
Valid applications have been received from Qualifying Shareholders in respect
of 4,784,340 Open Offer Shares, representing approximately 78 per cent. of the
Open Offer Shares. This includes applications from the Directors in respect of
49,911 Open Offer Shares. The balance of 1,356,011 Open Offer Shares has been
allocated to the institutional investors with whom they had been conditionally
placed.
Application has been made for the New Ordinary Shares to be listed on the
Official List of the UK Listing Authority and to be admitted to trading on the
London Stock Exchange's main market for listed securities. Admission is expected
to occur at 8.00 am on 16 October 2006, when dealings in the New Ordinary Shares
are expected to begin.
The Placing and Open Offer is conditional upon the Placing Agreement having
become unconditional in all respects. The Placing Agreement is itself
conditional inter alia upon (1) the passing of Resolutions to be proposed at an
Extraordinary General Meeting of the Company on 11 October 2006, and (2)
Admission having become effective by not later than 8.00 am on 16 October 2006.
Note: unless the context requires otherwise, defined terms in this announcement
have the same meaning as in the prospectus which was published on 12 September
2006.
Enquiries:
Hill & Smith Holdings PLC
David Grove, Group Chief Executive
Tel: 0121 704 7430
Mobile: 07973 325667
Arden Partners plc
Christopher Hardie
Tel: 020 7398 1639
Mobile: 07796 343234
End: 4 October 2006
This information is provided by RNS
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