Rights Issue of Convertible Unsecured Loan Stock
Scottish Media Group PLC
4 February 2000
Not for release, publication or distribution in or into the USA, Canada or
Australia
Rights Issue of Convertible Unsecured Loan Stock
in Scottish Media Group (Jersey) Limited at 910p per unit
The directors of Scottish Media Group plc ('SMG') announce that valid
acceptances under the Rights Issue have been received in respect of 6,030,987
Stock Units representing 92.7 per cent. of the 6,506,374 Stock Units offered
by way of rights at 910p per unit in connection with the acquisition of Ginger
Media Group Limited ('Ginger Media').
In accordance with the arrangements referred to in the circular to
Shareholders dated 13th January, 2000, subscribers have been procured today
for 475,387 Stock Units not taken up at a price of 1,180p per unit, as a
result of which the underwriter and sub-underwriters of the Rights Issue will
not be required to take up such units. After deducting the expenses of
procuring such subscribers, the premium over the issue price of 910p per unit
of such subscriptions, amounting to approximately 267p per unit, will be
remitted in due course, pro rata, to provisional allottees originally entitled
to the relevant Stock Units save that amounts of less than £3.00 per
shareholding will not be paid but will be retained by Scottish Media Group
(Jersey) Limited ('SMG (Jersey)') for the benefit of the SMG Group.
A total of 6,506,374 Stock Units have been allotted by SMG (Jersey) in
connection with the Rights Issue. A further 131,387 Stock Units have been
allotted pursuant to the CULS Offer. Definitive share certificates in respect
of the Stock Units are expected to be despatched by 24th February, 2000.
Commenting on the shareholder response to the Rights Issue, Don Cruickshank,
SMG's Chairman, said:
'We are delighted with our shareholders' response to the acquisition of Ginger
Media, confirmed by the high level of take-up of the rights issue. We are
continuing to liaise with The Radio Authority and are confident that the
acquisition will receive the required approval shortly.'
Press Enquiries
SMG 0141 300 3300
Gary Hughes, Group Finance Director
Callum Spreng, Corporate Affairs Director
Schroders 0171 658 6000
Simon Gluckstein
Hoare Govett 0171 678 8000
Mark Astaire
Schroders, which is regulated in the UK by The Securities and Futures
Authority Limited, is acting for SMG and SMG (Jersey) in relation to the
Acquisition and Rights Issue and for no-one else and will not be responsible
to any person other than SMG and SMG (Jersey) for providing the protections
afforded to customers of Schroders or for advising any other person in
relation to the Acquisition and Rights Issue.
Schroders has approved this announcement as an investment advertisement solely
for the purpose of section 57 of the Financial Services Act 1986.
Not for release, publication or distribution in or into the United States,
Canada or Australia. Neither the new Ordinary Shares or the Stock Units to be
issued under the Rights Issue nor the Provisional Allotment Letters have been
nor will they be registered under the United States Securities Act of 1933, as
amended, or under the securities laws of any State of the United States or any
province or territory of Canada or Australia or under the relevant securities
laws of the Republic of Ireland and, subject to certain exemptions, they may
not be offered, sold, accepted, renounced or taken up or delivered, directly
or indirectly, in or into the United States, Canada, Australia or the Republic
of Ireland.
Words defined in the circular to Shareholders dated 13th January, 2000 shall
have the same meaning in this announcement unless the context otherwise
requires.
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