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Xenova Group PLC (XEN)

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Tuesday 29 October, 2002

Xenova Group PLC

Result of Rights Issue

Xenova Group PLC
29 October 2002

                                  NEWS RELEASE

                              FOR IMMEDIATE RELEASE

   Not for release, distribution or publication in or into the United States,
              Canada, Australia, the Republic of Ireland or Japan

                                Xenova Group plc

                            Results of Rights Issue

Slough, UK, 29 October 2002 - The Board of Xenova Group plc (Nasdaq NM: XNVA;
London Stock Exchange: XEN) announces that the fully underwritten 8 for 33
Rights Issue of 33,710,703 New Ordinary Shares, at a price of 32.5 pence per New
Ordinary Share, closed at 9.30 a.m on 28 October 2002.  Xenova will raise
approximately £9.9 million (net of expenses) pursuant to the Rights Issue.

Xenova received valid acceptances in respect of 5,516,146 New Ordinary Shares
from Qualifying Shareholders, which represents an aggregate take up of 16.36 per
cent. This includes 135,852 New Ordinary Shares taken up by Directors pursuant
to irrevocable undertakings or otherwise.  The balance of the New Ordinary
Shares not taken up or subscribed for, being 28,194,557 New Ordinary Shares, has
been fully underwritten by Nomura International plc, which will notify
sub-underwriters of their allocations later today.  The sub-underwriting of the
Rights Issue was strongly supported by existing shareholders, with eighteen of
the Company's institutional shareholders acting as sub-underwriters.

It has not been possible to procure, and Nomura, as underwriter, does not
consider that it will be possible to procure, subscribers for the New Ordinary
Shares that have not been validly taken up at a price (net of expenses) in
excess of the Rights Issue Price.  Accordingly, there will be no net proceeds
available for distribution to Qualifying Shareholders who did not take up their
entitlements or to Overseas Shareholders in accordance with the terms of the
Rights Issue.  It is expected that definitive share certificates in respect of
the New Ordinary Shares will be dispatched to shareholders by 4 November 2002.
Crest stock accounts for New Ordinary Shares in uncertificated form were
credited earlier today.

At the time of arranging the underwriting of the Rights Issue, the Board was
mindful of the recommendations of the Competition Commission with regard to the
competitive tendering of sub-underwriting commissions. However, after careful
consideration at the time, the Directors did not believe that by virtue of the
size of the Rights Issue such a process would have resulted in lower commissions
than they have agreed in respect of the Rights Issue.

Defined terms used in this announcement have the same meanings as set out in the
Company's prospectus dated 11 September 2002 in connection with the Rights


Xenova Group PLC                                       Tel.: 01753 706 600

David Oxlade, Chief Executive Officer

Daniel Abrams, Chief Financial Officer

Hilary Reid Evans, Head of Corporate Communications

Nomura International PLC                               Tel.: 020 7521 2000

Charles Spicer

David Rasouly

Media Enquiries: Financial Dynamics                    Tel.: 020 7831 3113

Fiona Noblet

Jonathan Birt

Nomura, which is regulated in the United Kingdom by the Financial Services
Authority, is acting for Xenova and no one else in connection with the Rights
Issue and will not be responsible to anyone other than Xenova for providing the
protections afforded to clients of Nomura, nor for providing advice in relation
to the Rights Issue or the New Ordinary Shares.

This announcement does not constitute an offer to sell, or the solicitation of
an offer to subscribe for, any securities in the United States or in any other
jurisdiction in which such offer or solicitation is unlawful.  The New Ordinary
Shares have not been, and will not be, registered under the US Securities Act of
1933 (as amended) or under the applicable securities laws of Canada, Australia,
the Republic of Ireland, or Japan.  Accordingly, unless an exemption under any
applicable laws is available, the New Ordinary Shares may not be offered, sold,
transferred, taken up or delivered, directly or indirectly, in the US, Canada,
Australia, the Republic of Ireland or Japan or any other country outside the
United Kingdom where such distribution may otherwise lead to a breach of any law
or regulatory requirement.

                      This information is provided by RNS
            The company news service from the London Stock Exchange