For release on 25 July 2014
Utilico Investments Limited
Utilico Finance Limited
Result of Rollover Offer and Initial Placing
On 2 July 2014, Utilico Finance Limited, a wholly owned subsidiary of Utilico Investments Limited, published a prospectus containing details of proposals to, inter alia, offer the holders of 2014 ZDP Shares the opportunity to elect to roll part of their investment into a new 2020 ZDP Share and the issue of up to 25,000,000 2020 ZDP Shares pursuant to an Initial Placing.
The Board of UFL is pleased to announce that a total of 25,000,000 new 2020 ZDP Shares will be issued pursuant to the Rollover Offer and the Initial Placing as follows:
Further to the Rollover Offer, valid elections were received from Eligible Shareholders by the Closing Date in respect of a total of 9,382,718 2014 ZDP Shares (representing approximately 19.8 per cent. of the total number of 2014 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, 15,504,888 new 2020 ZDP Shares will be issued, on the basis of each 2014 ZDP Share converting into 1.6525 2020 ZDP Shares.
Following the closing of the Initial Placing, UFL has placed 9,495,112 new 2020 ZDP Shares at 100p per share with certain institutional and other investors raising gross proceeds of approximately £9.5 million.
Admission and dealings
An application has been made for 25,000,000 2020 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 31 July 2014. It is anticipated that CREST accounts will be credited (where applicable) on the same day and the 2020 ZDP Shares will trade using the ticker UTLE and under ISIN BMG931371006. New share certificates in respect of the 2020 ZDP Shares and any balancing share certificates in respect of 2014 ZDP Shares will be issued as soon as practicable following admission.
Following admission, the Group's share capital will comprise 99,157,214 Ordinary Shares, 38,117,282 2014 ZDP Shares, 47,500,000 2016 ZDP Shares, 49,842,413 2018 ZDP Shares and 25,000,000 2020 ZDP Shares.
As stated in the announcement made by UFL on 2 July 2014, the Placing Programme is flexible and may have a number of closing dates in order to provide UFL with the ability to issue 2016 ZDP Shares and 2018 ZDP Shares over a period of time. Although a further issue is not currently contemplated, UFL has the ability to complete further placings until the final closing date of 1 July 2015 (or any earlier date on which the Placing Programme is fully subscribed).
Terms used and not defined in this announcement bear the meaning given to them in the Prospectus dated 2 July 2014.
For further information please contact:
Charles Jillings 01372 271486
Westhouse Securities Limited
Alastair Moreton/Hannah Young/Darren Vickers 0207 601 6118
This information is provided by RNS