Result of Placing/Open Offer
Galliford Try PLC
02 March 2007
Galliford Try plc
('Galliford Try' or 'the Company')
Proposed Acquisition of Linden Holdings PLC
and Related Placing and Open Offer
of 100,230,056 New Ordinary Shares at 150 pence per share
Results of Placing and Open Offer
On 8 February 2007 the Company announced a Placing and Open Offer of 100,230,056
New Ordinary Shares at an issue price of 150 pence per share to raise
£144.3 million (net of expenses) in order, inter alia, to finance the proposed
acquisition of Linden Holdings PLC ('Linden'). The Placing and Open Offer have
been fully underwritten by KBC Peel Hunt.
Under the terms of the Placing Agreement, KBC Peel Hunt has conditionally placed
firm the Placing Shares with institutional investors and has conditionally
placed the Open Offer Shares subject to clawback to satisfy valid applications
from Qualifying Shareholders under the Open Offer, at the Open Offer Price.
Qualifying Shareholders were invited to subscribe for Open Offer Shares on the
basis of 2 Open Offer Shares for every 11 existing Ordinary Shares held.
As a result of the Open Offer which closed at 11.00 a.m. on 2 March 2007, valid
applications have been received in respect of 65,630,822 shares (representing
approximately 133 per cent. of the 49,350,302 Open Offer Shares available
under the Open Offer). This amount includes applications from certain existing
shareholders for 16,280,520 Open Offer Shares in excess of their pro rata
entitlement. As applications exceed the amount of Open Offer shares available
under the Open Offer, excess applications will be scaled back pro rata.
The Placing and Open Offer remain conditional, inter alia, upon the Resolutions
to be proposed at the Company's Extraordinary General Meeting to be held at
10.00 a.m on 5 March 2007 being duly passed and admission of the New Ordinary
Shares to trading on the London Stock Exchange and listing on the Official List
of the UK Listing Authority becoming effective.
The New Ordinary Shares, when issued and fully paid, will rank pari passu with
the Existing Ordinary Shares in all respects, except that they will not be
subject to the interim dividend announced in the interim results on 8 February
2007. Subject to the passing of the Resolutions at the Extraordinary General
Meeting, Admission of the New Ordinary Shares is expected to become effective
on 6 March 2007. Completion of the acquisition of Linden is also expected to
take place on 6 March 2007.
The definitions used in this announcement shall have the same meaning given to
them in the Prospectus dated 8 February 2007.
Enquiries:
Galliford Try plc
Greg Fitzgerald, Chief Executive +44 (0) 1895 855 220
Frank Nelson, Finance Director +44 (0) 1895 855 221
PricewaterhouseCoopers LLP (Financial Adviser)
Gerry Young +44 (0) 20 7583 5000
Ruben Baskaran +44 (0) 20 7583 5000
KBC Peel Hunt (Broker and Underwriter)
Simon Hayes +44 (0) 20 7418 8900
Julian Blunt +44 (0) 20 7418 8900
Bell Pottinger Corporate & Financial (PR adviser)
Ann-marie Wilkinson +44 (0) 20 7861 3932
Geoff Callow +44 (0) 20 7861 3877
PricewaterhouseCoopers LLP, which is authorised and regulated in the United
Kingdom by the Financial Services Authority for designated investment business,
is acting exclusively for Galliford Try plc and for no one else in relation to
the Acquisition and the Placing and Open Offer and will not be responsible to
anyone other than Galliford Try plc for providing the protections afforded to
clients of PricewaterhouseCoopers LLP or for giving advice in relation to the
Acquisition, the Placing and Open Offer, or any other matter referred to in this
announcement.
KBC Peel Hunt Ltd, which is regulated in the United Kingdom by the Financial
Services Authority, is acting as corporate broker to Galliford Try plc in
relation to the Placing and Open Offer and is not acting for any other person
and will not be responsible to any other person for providing the protections
afforded to customers of KBC Peel Hunt Ltd nor for advising them on the contents
of this announcement or any other matter referred to in this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
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