Results of Placing

RNS Number : 1101X

Electra Private Equity PLC

30 November 2010

 



THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND IS NOT A PROSPECTUS FOR THE PURPOSES OF THE PROSPECTUS RULES OF THE UNITED KINGDOM FINANCIAL SERVICES AUTHORITY.  INVESTORS SHOULD NOT SUBSCRIBE FOR OR PURCHASE ANY SECURITIES REFERRED TO IN THIS ANNOUNCEMENT EXCEPT ON THE BASIS OF THE INFORMATION CONTAINED IN THE PROSPECTUS PUBLISHED BY THE COMPANY TODAY (THE "PROSPECTUS"). THE PROSPECTUS IS AVAILABLE ON THE COMPANY'S WEBSITE WWW.ELECTRAEQUITY.COM/CONVERTIBLE.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, CANADA, JAPAN, AUSTRALIA OR NEW ZEALAND.

Electra Private Equity PLC

30 November 2010

ELECTRA PRIVATE EQUITY PLC

5% SUBORDINATED CONVERTIBLE BONDS

RESULTS OF PLACING

The Board of Electra Private Equity PLC (the "Company") announced earlier today proposals for a Placing and Open Offer of up to £100 million aggregate principal amount of 5 per cent. Subordinated Convertible Bonds due 2017 (the "Bonds").

The Placing has now closed and J.P. Morgan Cazenove, acting as Sole Global Co-ordinator and Sole Bookrunner, has procured placees for £100 million of Bonds, subject to clawback under the Open Offer.

Under the terms of the Open Offer, Qualifying Shareholders are able to subscribe for Bonds pro rata to their current holdings of Ordinary Shares at the Issue Price. The Open Offer will remain open until 21 December 2010. Full details of how to participate in the Open Offer are contained in the Prospectus published by the Company. The Prospectus is being posted to Shareholders today.  

The results of the Placing and Open Offer are expected to be announced on 22 December 2010. The Placing and Open Offer are not being underwritten by J.P. Morgan Cazenove or by any other person.

The Placing and Open Offer are conditional upon, amongst other things, the approval by Shareholders of the Resolution at the General Meeting (scheduled for 10.00 a.m. 23 December 2010) and upon Admission.

The Bonds are expected to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities with effect from 8.00 a.m. on 29 December, 2010. 

Capitalised terms used in this announcement and not defined shall have the meaning given to them in the Prospectus.

For further information:

Electra Private Equity PLC

Nick Miles/Kate Ruck Keene, M:Communications

Tel: [phone]

J.P. Morgan Cazenove

Michael Wentworth-Stanley

William Simmonds

Tel: [phone]

Neither this announcement nor any of the information contained in it forms or constitutes an offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities, nor will it form the basis of any contract for the purchase of or subscription for such securities.

None of the Company, J.P. Morgan Cazenove or any of their respective directors, officers, employees, agents or advisers or any other person makes any representation or warranty, express or implied, as to the accuracy or completeness of the contents of this announcement. In particular, but without prejudice to the generality of the foregoing, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on, any assumptions, targets, forecasts, projections, estimates or prospects with regard to the anticipated future performance of the Company. No responsibility or liability is accepted by any such person for any errors, misstatements or omissions in this announcement.

The information contained in this announcement is restricted and is not for release, publication, or distribution, directly or indirectly, in or into the United States, Canada, Japan, Australia or New Zealand. The information in these materials does not constitute an offer of securities for sale in the United States, Canada, Japan, Australia or New Zealand or any other jurisdiction where such distribution or offer is unlawful. Any failure to comply with these restrictions may constitute a violation of the securities laws of the United States, Canada, Japan, Australia or New Zealand. No information contained in this announcement shall form the basis of, or be relied upon in connection with, any contract or commitment or investment decision whatsoever in any jurisdiction. The offer and distribution of this announcement and other information in connection with the placing and open offer in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

The Company has not registered and does not intend to register any securities in the United States or to conduct a public offer of any securities in the United States. The Bonds may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")), absent registration under the Securities Act or an available exemption from such registration.

 

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