Successful Placing of RI Rump
Paragon Group Of Companies PLC
21 February 2008
The Paragon Group of Companies PLC
21 February 2008
NOT FOR DISTRIBUTION OR TRANSMISSION, DIRECTLY OR INDIRECTLY, IN OR INTO THE
UNITED STATES, CANADA, JAPAN OR AUSTRALIA
THE PARAGON GROUP OF COMPANIES PLC ('Paragon' or 'the Company')
SUCCESSFUL PLACING OF RIGHTS ISSUE RUMP
Following the announcement earlier today regarding valid acceptances under the
Rights Issue, Paragon now announces that UBS has procured subscribers for the
remaining 28,934,843 New Ordinary Shares for which valid acceptances were not
received, at a price of 102 pence per New Ordinary Share.
Any premium over the aggregate of the Rights Issue Price of £1.00 per New
Ordinary Share and the expenses of procuring subscribers (including any
applicable brokerage and commissions and amounts in respect of VAT which is not
recoverable) will be paid to Shareholders that have not taken up their
entitlements pro rata to their lapsed provisional allotments, provided that
individual amounts of less than £5.00 will not be paid to such persons but will
be retained for the ultimate benefit of Paragon.
Accordingly, neither the underwriter nor the sub-underwriters will be required
to subscribe for any New Ordinary Shares under the terms of the underwriting and
sub-underwriting arrangements.
Terms used in the prospectus of the Company dated 11 January 2008 shall have the
same meaning when used in this announcement, unless the context requires
otherwise.
For further information, please contact:
The Paragon Group of Companies PLC
Nigel Terrington, Chief Executive
Nick Keen, Finance Director
Tel: +44 121 712 2024
UBS
Adrian Haxby
Christopher Smith
Neil Patel
Tel: +44 20 7567 8000
Fishburn Hedges
Morgan Bone
Andy Berry
Tel: +44 20 7839 4321
General
UBS Investment Bank, which is authorised and regulated in the UK by the FSA, is
acting as financial advisor, sponsor, corporate broker and underwriter to 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 clients of UBS Investment Bank or for providing advice in relation
to the Rights Issue or for any other matters referred to in this announcement.
Apart from the responsibilities and liabilities, if any, which may be imposed on
UBS Investment Bank by FSMA or the regulatory regime established thereunder, UBS
Investment Bank accepts no responsibility whatsoever for the contents of this
announcement or for any other statement made or purported to be made by it, or
on its behalf, in connection with the Rights Issue. UBS Investment Bank
accordingly disclaims all and any liability whether arising in tort, contract or
otherwise (save as referred to above) which it might otherwise have in respect
of such announcement or any such statement.
The distribution of this announcement into a jurisdiction other than the UK may
be restricted by law and therefore persons into whose possession this
announcement comes should inform themselves about and observe any such
restrictions. Any failure to comply with any such restrictions may constitute a
violation of the securities laws of any such jurisdiction.
This announcement does not constitute or form part of any offer or invitation to
sell or issue, or any solicitation of any offer to acquire, New Ordinary Shares,
Provisional Allotment Letters, Nil Paid Rights, Fully Paid Rights and/or to take
up any entitlements to Nil Paid Rights in any jurisdiction in which such an
offer or solicitation is unlawful.
The New Ordinary Shares, the Provisional Allotment Letters, the Nil Paid Rights
and the Fully Paid Rights have not been and will not be registered under the
Securities Act or under any relevant securities laws of any state or other
jurisdiction of the US and may not be offered, sold, taken up, exercised,
resold, renounced, transferred or delivered, directly or indirectly, within the
US absent of registration under the Securities Act or an applicable exemption
from the registration requirements of the Securities Act and in compliance with
state securities laws. The New Ordinary Shares, the Provisional Allotment
Letters, the Nil Paid Rights and the Fully Paid Rights have not been approved or
disapproved by the SEC, any state securities commission in the US or any US
regulatory authority, nor have any of the foregoing authorities passed upon or
endorsed the merits of the offering of the New Ordinary Shares, the Provisional
Allotment Letters, the Nil Paid Rights, the Fully Paid Rights or the accuracy or
adequacy of the Prospectus. Any representation to the contrary is a criminal
offence in the US. Offers of the New Ordinary Shares, the Provisional Allotment
Letters, the Nil Paid Rights and the Fully Paid Rights are being made outside
the US in offshore transactions within the meaning of and in accordance with
Regulation S under the Securities Act.
In addition, none of the New Ordinary Shares, the Provisional Allotment Letters,
the Nil Paid Rights or the Fully Paid Rights will qualify for distribution under
any of the relevant securities laws of any of the Excluded Territories.
Accordingly, the New Ordinary Shares, the Provisional Allotment Letters, the Nil
Paid Rights and the Fully Paid Rights may not be offered, sold, taken up,
exercised, resold, renounced, transferred or delivered, directly or indirectly,
within any of the Excluded Territories.
END.
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