For release on 8 July 2016
UIL Limited ("UIL")
UIL Finance Limited
Result of Placing of 2020 Zero Dividend Preference Shares
On 1 July 2016, UIL Finance announced plans to issue up to 14 million 2020 ZDP Shares pursuant to the Placing Programme at a price of 128p per 2020 ZDP Share.
The Board of UIL Finance is now pleased to announce that a total of 10,774,185 new 2020 ZDP Shares have been placed with certain institutional investors at a price of 128p per 2020 ZDP Share raising gross proceeds of £13.8 million. The remaining 3,225,815 new 2020 ZDP Shares are being acquired by UIL at a price of 128p per 2020 ZDP Share and will be held by UIL for investment purposes in accordance with its investment policy.
Admission and dealings
Application will be made for 14 million 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 14 July 2016. It is anticipated that CREST accounts will be credited (where applicable) on the same day and new share certificates 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, 39,000,000 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 of 2020 ZDP Shares 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 and the announcement dated 1 July 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