Result of Meeting

RNS Number : 5488O

Land Securities Group Plc

09 March 2009

 



9 March 2009

For immediate release

LAND SECURITIES GROUP PLC (the 'Company')

RESULT OF GENERAL MEETING

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, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

Land Securities Group PLC announces that at its General Meeting held today in relation to its 5 for 8 Rights Issue, both of the resolutions set out in the circular to Shareholders dated 19 February 2009 were duly passed by the shareholders of the Company. 

The passing of these resolutions will enable the Company to proceed with the fully underwritten Rights Issue to raise net proceeds of £755.7 million announced on 19 February 2009. Accordingly, subject to certain exceptions, provisional allotment letters will be sent on 9 March 2009 to certified shareholders on the register at close of business on 5 March 2009 and CREST stock accounts are expected to be credited with nil-paid rights in respect of the new ordinary shares on 10 March 2009.

Commenting, Francis Salway, Group Chief Executive said:

'We are pleased that our shareholders have passed the resolutions necessary to enable us to implement the proposed rights issue. The Board believes that this will help protect the business against the downside risk of further falls in property values and thereafter position the business to exploit attractive market opportunities.'

The Company's existing ordinary shares are expected to be marked 'ex-rights' by the London Stock Exchange at 8.00 a.m. on 10 March 2009, when it also is expected that dealing in new ordinary shares, nil-paid, will commence. Nil-paid rights are expected to be enabled for settlement in CREST on 10 March 2009. The latest time and date for acceptance and payment in full under the Rights Issue is 11.00 a.m. on 24 March 2009. For full details, please refer to the Prospectus which is available at www.landsecurities.com (subject to certain restrictions).

Copies of the resolutions have been submitted to the UK Listing Authority in accordance with paragraph 9.6.2 of the Listing Rules and will shortly be available to the public for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at: 

The Financial Services Authority 
25 The North Colonnade 
Canary Wharf 
London E14 5HS 

The Document Viewing Facility is open from 9.00 a.m. to 5.30 p.m. on every weekday except bank holidays. 

The resolutions were passed at the General Meeting on a poll. Details of the votes cast on the resolutions at the General Meeting (including the proxy votes received in advance of the General Meeting) are as follows:

	For	Against	Withheld
Resolution 1: to authorise the increase in authorised share capital and the allotment of relevant securities of the Company	225,994,396 98.94%	2,430,024 1.06%	777,701
Resolution 2: to authorise the limited disapplication of pre-emption rights as if Section 89 of the Companies Act 1985 did not apply	225,552,649 98.95%	2,401,601 1.05%	1,247,862

- Ends -

Further information

Further information on the rights issue is available on the Company's website www.landsecurities.com

Contact:

Corporate Communication	Investor Relations
Donal McCabe [phone] [e-mail]	Edward Thacker [phone] [e-mail]

Defined terms used in this announcement shall have the same meanings as in the Prospectus relating to the Rights Issue dated 19 February 2009, unless the context requires otherwise.

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, any security in the capital of the Company in any jurisdiction.

This announcement is an advertisement and does not constitute a prospectus. Nothing in this announcement should be interpreted as a term or condition of the Rights Issue. Any decision to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any Nil Paid Rights, Fully Paid Rights and/or New Ordinary Shares must be made only on the basis of the information contained in and incorporated by reference into the Prospectus dated 19 February 2009. Copies of the Prospectus are available from the Company's website at www.landsecurities.com, provided that the Prospectus is not available (whether through the website or otherwise) to Excluded Territory Shareholders.

This announcement and any materials distributed in connection with this announcement are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation which would require any registration or licensing within such jurisdiction. The nil paid rights, the fully paid rights, the Euroclear subscription rights, the New Ordinary Shares and the provisional allotment letters have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the 'Securities Act'), or under the securities legislation of any state or territory or jurisdiction of the United States and may not be offered, sold taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with state securities laws. There will be no public offer of the securities mentioned herein in the United States. Neither this announcement (including and any materials distributed in connection with this announcement) nor any part or copy of it may be transmitted into the United States territories or possessions or distributed, directly or indirectly, in the United States, its territories or possessions. Neither this announcement nor any copy of it may be taken or transmitted into United States, Australia, Canada, Japan or South Africa or any other such jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. Any failure to comply with this restriction may constitute a violation of the securities laws of the United States, Australia, Canada, Japan or South Africa. The distribution of this announcement, prospectus, the provisional allotment letters or the transfer of Euroclear subscription rights, Nil Paid Rights, Fully Paid Rights or New Ordinary Shares in to jurisdictions other than the UK may be restricted by law and persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions. The Ordinary Shares (including Existing Ordinary Shares and New Ordinary Shares) have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa and, subject to certain exemptions, may not be offered or sold within the United States, Australia, Canada, Japan or South Africa.

Citigroup Global Markets Limited, Citigroup Global Markets U.K. Equity Limited, JPMorgan Cazenove Limited, J.P. Morgan Securities Ltd, UBS Limited, BNP Paribas, HSBC Bank PLC and RBS Hoare Govett Limited (together, the 'Banks') are acting exclusively for Land Securities and no one else in connection with the Rights Issue and the listing of the New Ordinary Shares and will not be responsible to anyone other than Land Securities for providing the protections afforded to their respective clients for providing advice in connection with the Rights Issue, the listing of the New Ordinary Shares, the contents of this announcement or any other matters referred to in this announcement. Apart from the responsibilities and liabilities, if any, which may be imposed on any of the Banks by FSMA or the regulatory regime established thereunder, none of the Banks accept any responsibility whatsoever, and they make no representation or warranty, express or implied, for the contents of this document including its accuracy, completeness or verification or for any other statement made or purported to be made by any of them, or on behalf of them, in connection with the Company, the New Ordinary Shares or the Rights Issue and nothing in this document shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The Banks will not regard any other person (whether or not a recipient of this announcement) as a client in relation to the Rights Issue. Each of the Banks accordingly disclaims all and any liability whatsoever, whether arising in tort, contract or otherwise (save as referred to above), which any of them might otherwise have in respect of this document or any such statement.

 

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