For immediate release on 20 January 2012
Utilico Investments Limited ("UIL")
Utilico Finance Limited ("UFL")
(together the "Group")
Result of Rollover Offer and Placing
On 2 December 2011, Utilico Finance Limited, a wholly owned subsidiary of Utilico Investments Limited, published a prospectus containing details of proposals to offer the holders of 2012 ZDP Shares the opportunity to elect to roll part of their investment into a new 2018 ZDP Share issue and arrangements to enable the issue of additional 2014 ZDP Shares, 2016 ZDP Shares and 2018 ZDP Shares.
The Board of UFL is pleased to announce today the result of the Rollover Offer and the initial Placing of 2018 ZDP Shares below.
Further to the Rollover Offer, valid elections were received from Eligible Shareholders by the Closing Date in respect of a total of 6,143,391 2012 ZDP Shares (representing approximately 13.5 per cent. of the total number of 2012 ZDP Shares in issue). In accordance with the terms and conditions of the Rollover Offer, UFL has accepted in full all applications made by Eligible Shareholders and, pursuant to the terms of the Rollover Offer, 10,356,448 new 2018 ZDP Shares will be issued, on the basis of each 2012 ZDP Share converting into 1.6858 2018 ZDP Shares.
Following the initial closing of the Placing, UFL has placed 11,893,552 new 2018 ZDP Shares at 100p per share with certain institutional and other investors raising gross proceeds of £11.9m.
Admission and dealings
An application will shortly be made for the 2018 ZDP Shares to be admitted to the Official List and to trading on the London Stock Exchange and dealings are expected to commence at 8.00 a.m. on 26 January 2012. It is anticipated that CREST accounts will be credited (where applicable) on the same day and the 2018 ZDP Shares will trade using the ticker UTLD and under ISIN BMG931261371. New share certificates in respect of the 2018 ZDP Shares and any balancing share certificates in respect of 2012 ZDP Shares will be issued as soon as practicable following admission.
Following admission, the Group's share capital will comprise 99,926,782 Ordinary Shares, 3,587,343 2012 Warrants, 39,342,809 2012 ZDP Shares, 37,500,000 2014 ZDP Shares, 37,500,000 2016 ZDP Shares and 22,250,000 2018 ZDP Shares.
As stated in the announcement made by UFL on 2 December 2011, the Placing is flexible and may have a number of closing dates in order to provide UFL with the ability to issue 2014 ZDP Shares, 2016 ZDP Shares and 2018 ZDP Shares over a period of time. UFL has the ability to complete further placings until the final closing date of 1 December 2012 (or any earlier date on which the Placing is fully subscribed).
Terms used and not defined in this announcement bear the meaning given to them in the Prospectus dated 2 December 2011.
For further information please contact:
ICM Analysis & Research Ltd
Charles Jillings 01372 271486
Westhouse Securities Limited
Alastair Moreton/Hannah Young 0207 601 6118
This information is provided by RNS