Result of Equity Issue
Spirent PLC
8 December 2000
Not for release, publication, duplication or distribution in
or into the United States of America, Canada, Australia,
Japan, the Republic of Ireland, France, the Netherlands or
South Africa.
Spirent plc
COMPLETION OF RIGHTS ISSUE IN CONNECTION WITH
ACQUISITION OF HEKIMIAN LABORATORIES, INC
The Board of Spirent plc ('Spirent') is pleased to announce
that by 3.00 p.m. on 7 December 2000, the latest time and
date for acceptances, valid acceptances had been received in
respect of 121,093,145 new Ordinary Shares of 3 1/3p each in
Spirent. This represents approximately 86% of the total
number of new Ordinary Shares to be issued by Spirent
pursuant to the 5 for 24 Rights Issue announced on 16
November 2000 in connection with the acquisition of Hekimian
Laboratories, Inc. Spirent believes that shareholders holding
approximately 9% of the issued shares (predominantly US
shareholders) were ineligible, under the terms of the
Rights Issue, to take up their rights. As a result,
of those shareholders who Spirent believes were eligible
to take up their rights, approximately 95% have done so.
In accordance with the arrangements referred to in the
circular to shareholders dated 16 November 2000, subscribers
have today been procured at a price of 560p per new Ordinary
Share for those new Ordinary Shares for which valid
acceptances were not received and rights attributable to
certain overseas shareholders. The net proceeds of such
subscriptions, after deduction of the Rights Issue Price of
375p per new Ordinary Share and the expenses of procuring
such subscriptions, will be paid, in accordance with the
terms of the Rights Issue, to the persons entitled thereto,
except that individual amounts of less than £3.00 will be
retained for the benefit of Spirent.
Sub-underwriters will accordingly not be required to
subscribe for any new Ordinary Shares.
The latest time for registering renunciations of fully-paid
allotment letters is 3.00 p.m. on 21 December 2000. It is
expected that definitive share certificates will be
despatched by 8 January 2001.
The Rights Issue was underwritten by N M Rothschild & Sons
Limited, Schroder Salomon Smith Barney and Cazenove & Co and
the brokers to the issue were Cazenove & Co and Schroder
Salomon Smith Barney.
For further information please contact:
Nicholas Brookes,
Chief Executive Spirent +44 (0) 1293 767676
Eric Hutchinson,
Finance Director
Background note
Spirent plc is an international network technology company
providing state-of-the-art solutions with a focus on high
growth, high margin activities. It is a world leader in
advanced telecommunications testing systems and network
products.
Spirent is a FTSE 100 company quoted on the London Stock
Exchange (ticker SPT) in the Information Technology Hardware
sector. The Company operates a Level 1 American Depository
Receipt programme (ticker: SPNUY; CUSIP number: 84856M100).
For information, contact Brian Heston, The Bank of New York,
American Depositary Receipts, 101 Barclay St, 22 West, New
York, NY10286. Phone: (212) 815 3938, Fax: (212) 571 3050.
e-mail: bheston@bankofny.com web site: www.adrbny.com.
The content of this announcement, which has been prepared by
and is the sole responsibility of the directors of Spirent
plc, has been approved by N M Rothschild & Sons Limited and
Schroder Salomon Smith Barney, which are regulated in the UK
by The Securities and Futures Authority Limited, for the
purposes of Section 57 of the Financial Services Act 1986.
N M Rothschild & Sons Limited, Schroder Salomon Smith Barney
and Cazenove & Co are acting for Spirent plc and no one else
in connection with the Rights Issue and Acquisition and will
not be responsible to anyone other than Spirent plc for
providing the protections afforded to their customers or for
providing advice in relation to the Rights Issue and
Acquisition.
The contents of this press release do not constitute an
offer or invitation to acquire shares in Spirent plc.
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