For immediate release
UIL Finance Limited
Result of Rollover Offer
On 28 September 2017, UIL Finance Limited, a wholly owned subsidiary of UIL Limited, published a prospectus containing details of proposals to, inter alia, offer the holders of 2018 ZDP Shares the opportunity to elect to roll part of their investment into new 2024 ZDP Shares (the "Rollover Offer"), a placing of up to 30 million 2024 ZDP Shares (less the number of 2024 ZDP Shares arising on the conversion of 2018 ZDP Shares pursuant to the Rollover Offer) and a UIL Subscription of up to 20 million 2024 ZDP Shares.
The Board of UIL Finance is pleased to announce that a total of 26,717,110 new 2024 ZDP Shares will be issued pursuant to the Rollover Offer as follows:
Further to the Rollover Offer, valid elections were received from Eligible Shareholders by the Closing Date in respect of a total of 17,126,384 2018 ZDP Shares (representing approximately 34.4 per cent. of the total number of 2018 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, 26,717,110 new 2024 ZDP Shares will be issued, on the basis of each 2018 ZDP Share converting into 1.56 2024 ZDP Shares.
Placing and UIL Subscription
UIL Finance is proposing to issue up to 3,282,890 new 2024 ZDP Shares pursuant to the Placing. Stockdale Securities has agreed under the Placing Agreement to use its reasonable endeavours to procure placees for the 2024 ZDP Shares at the Issue Price.
Orders under the Placing must be received by Stockdale by 10.00 a.m. on Wednesday 25 October 2017. If the Placing is extended, the revised timetable will be notified via a Regulatory Information Service.
It is expected that the results of the Placing and the UIL Subscription will be announced on or around 30 October 2017
Admission and dealings
Following announcement of the results of the Placing and the UIL Subscription application will be made for the 2024 ZDP Shares to be admitted to the Official List and to trading on the London Stock Exchange. Dealings are expected to commence at 8.00 a.m. on 2 November 2017. It is anticipated that CREST accounts will be credited (where applicable) on the same day and the 2024 ZDP Shares will trade using the ticker UTLG and under ISIN BMG916102079. New share certificates in respect of the 2024 ZDP Shares and any balancing share certificates in respect of 2018 ZDP Shares will be issued as soon as practicable following admission.
Terms used and not defined in this announcement bear the meaning given to them in the Prospectus dated 28 September 2017.
For further information please contact:
ICM Investment Management Limited
Charles Jillings / Alastair Moreton 01372 271486
Stockdale Securities Limited
Robert Finlay / Owen Matthews 0207 601 6115
This information is provided by RNS