For release on 20 June 2016
UIL Finance Limited
Result of Rollover Offer and Initial Placing
On 18 May 2016, UIL Finance Limited, a wholly owned subsidiary of UIL Limited, published a prospectus containing details of proposals to, inter alia, offer the holders of 2016 ZDP Shares the opportunity to elect to roll part of their investment into new 2022 ZDP Shares (the Rollover Offer), the issue of up to 50 million 2022 ZDP Shares pursuant to an Initial Placing and a Placing Programme of up to 25 million 2020 ZDP Shares and up to 50 million 2022 ZDP Shares (less the number of 2022 ZDP Shares issued pursuant to the Rollover Offer and the Initial Placing).
The Board of UIL Finance is pleased to announce that a total of 50,000,000 new 2022 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 14,953,034 2016 ZDP Shares (representing approximately 31.5 per cent. of the total number of 2016 ZDP Shares in issue). In accordance with the terms and conditions of the Rollover Offer, UIL Finance has accepted in full all applications made by Eligible Shareholders and, pursuant to the terms of the Rollover Offer, 28,117,612 new 2022 ZDP Shares will be issued, on the basis of each 2016 ZDP Share converting into 1.8804 2022 ZDP Shares.
Following the closing of the Initial Placing, UIL Finance has placed 12,881,600 new 2022 ZDP Shares at 100p per share with certain institutional and other investors raising gross proceeds of approximately £12.9 million. In addition, 9,000,788 new 2022 ZDP Shares are being subscribed for at 100p per 2022 ZDP Share by UIL and will be held by UIL for investment purposes in accordance with its investment policy.
Admission and dealings
Application has been made for 50,000,000 2022 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 23 June 2016. It is anticipated that CREST accounts will be credited (where applicable) on the same day and the 2022 ZDP Shares will trade using the ticker UTLF and under ISIN BMG916101329. New share certificates in respect of the 2022 ZDP Shares and any balancing share certificates in respect of 2016 ZDP Shares will be issued as soon as practicable following admission.
Following admission, the Group's share capital will comprise 90,653,789 Ordinary Shares, 32,546,966 2016 ZDP Shares, 49,842,413 2018 ZDP Shares, 25,000,000 2020 ZDP Shares and 50,000,000 2022 ZDP Shares.
As stated in the announcement made by UIL Finance on 18 May 2016, the Placing Programme is flexible and may have a number of closing dates in order to provide UIL Finance with the ability to issue 2020 ZDP Shares and 2022 ZDP Shares over a period of time. UIL Finance has the ability to complete further placings until the final closing date of 17 May 2017 (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 18 May 2016.
For further information please contact:
ICM Investment Management Limited
Charles Jillings 01372 271486
Stockdale Securities Limited
Alastair Moreton 0207 601 6118
This information is provided by RNS