Result of Equity Issue

RNS Number : 1032P

British Land Co PLC

19 March 2009

 

THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, CHINA, JAPAN, SWITZERLAND OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

19 March 2009

NEWS RELEASE

THE BRITISH LAND COMPANY PLC
96.57 PER CENT. ACCEPTANCE OF BRITISH LAND'S RIGHTS ISSUE

The British Land Company PLC (the Company or British Land) announces that the 2 for 3 Rights Issue of up to 340,873,589 New Shares at 225 pence per New Share closed for acceptances at 11.00 a.m. (London time) on 18 March 2009.

The Company received valid acceptances in respect of 329,194,940 New Shares, representing approximately 96.57 per cent. of the total number of New Shares offered to shareholders pursuant to the fully underwritten Rights Issue announced by British Land on 12 February 2009.

It is expected that the New Shares in uncertificated form will be credited to CREST accounts on 19 March 2009 and that definitive share certificates in respect of New Shares in certificated form will be dispatched to shareholders by no later than 26 March 2009.

It is expected that the New Shares will commence trading fully paid on London Stock Exchange plc's main market for listed securities on 19 March 2009.

In accordance with their underwriting obligations in respect of the Rights Issue, Morgan Stanley Securities Limited and UBS Investment Bank will be seeking subscribers for the remaining 11,678,648 New Shares.

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Contacts

The British Land Company PLC
Laura de Vere - Media	Tel: [phone]
Amanda Jones - Investors	Tel: [phone]
Morgan Stanley	Tel: [phone]
Jonathan Lane
Paul Baker
Henrik Gobel
UBS Investment Bank	Tel: [phone]
Simon Warshaw
Tim Waddell
Chris Smith

This announcement does not constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell, otherwise dispose of or issue, or any solicitation of any offer to sell, otherwise dispose of, issue, purchase, otherwise acquire or subscribe for, New Shares or any other securities.

Morgan Stanley & Co. International plc, Morgan Stanley Securities Limited and UBS Investment Bank are acting for the Company and no one else in connection with the Rights Issue and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for providing advice in relation to the Rights Issue and/or any other matter referred to in this announcement.

Each of Morgan Stanley & Co. International plc, Morgan Stanley Securities Limited and UBS Investment Bank accepts no responsibility whatsoever and makes no representation or warranty, express or implied, for the contents of this announcement, including its accuracy, completeness or verification or for any other statement made or purported to be made by it, or on its behalf, in connection with the Company, the New Shares, or the Rights Issue, and nothing in this announcement is, or shall be relied upon as, a promise or representation in this respect, whether as to the past or future. Morgan Stanley & Co. International plc, Morgan Stanley Securities Limited and UBS Investment Bank accordingly disclaim to the fullest extent permitted by law all and any responsibility and liability whether arising in tort, contract or otherwise which they might otherwise have in respect of this announcement or any such statement.

Morgan Stanley & Co. International plc, Morgan Stanley Securities Limited and UBS Investment Bank may, in accordance with applicable legal and regulatory provisions and subject to the underwriting agreement entered into in connection with the Rights Issue, engage in transactions in relation to the Ordinary Shares and/or related instruments for their own account for the purpose of hedging their underwriting exposure or otherwise. Except as required by applicable law or regulation, Morgan Stanley & Co. International plc, Morgan Stanley Securities Limited and UBS Investment Bank do not propose to make any public disclosure in relation to such transactions.

No person has been authorised to give any information or to make any representations other than those contained in this announcement and, if given or made, such information or representations must not be relied on as having been authorised by the Company or any of its advisers.  Subject to the Listing Rules, the Prospectus Rules and the Disclosure and Transparency Rules, the issue of this announcement shall not, in any circumstances, create any implication that there has been no change in the affairs of the Company and its subsidiaries since the date of this announcement or that the information in it is correct as at any subsequent date.

The information contained herein is restricted and is not for release, publication or distribution, directly or indirectly, in whole or in part in, into or from the United States, Australia, Canada, China, Japan, Switzerland or South Africa or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. The New Shares have not been and will not be registered under the securities laws of such jurisdictions and may not be offered, sold, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, within such jurisdictions except pursuant to an exemption from and in compliance with any applicable securities laws.  

This announcement and the information contained herein do not contain or constitute an offer for sale or the solicitation of an offer to purchase securities in the United States. The New Shares have not been and will not be registered under the US Securities Act of 1933, as amended (the Securities Act), and may not be offered or sold in the United States absent registration under the Securities Act or an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offer of the New Shares in the United States.

This announcement has been prepared for the purposes of complying with applicable laws and regulations in the United Kingdom and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of the United Kingdom.

The address of Morgan Stanley & Co. International plc is 25 Cabot Square, Canary Wharf, London E14 4QA, United Kingdom. The address of Morgan Stanley Securities Limited is 25 Cabot Square, Canary Wharf, London E14 4QA, United Kingdom. The address of UBS Investment Bank is 1 Finsbury Avenue, London EC2M 2PP, United Kingdom.

 

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