Result of Rump Placing
Underwriters successfully placed 7.4% of rights issue shares at 460p; placing oversubscribed.
- Rump placing as percentage of total new shares 7.4%
- Placing price per share 460 pence
- Rights issue price per share 264 pence
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Following the announcement earlier today regarding valid acceptances under the fully underwritten Rights Issue of Pennon Group Plc (the "Company") announced on 29 January 2025, the Company confirms Barclays Bank PLC and Morgan Stanley & Co. International plc, as Underwriters in respect of the Rights Issue, have successfully procured subscribers for all of the New Ordinary Shares for which valid acceptances were not received, representing approximately 7.4 per cent. of the total number of New Ordinary Shares to be issued pursuant to the Rights Issue, and for all of the New Ordinary Shares resulting from the aggregation of fractional entitlements of New Ordinary Shares, at a price of 460 pence per New Ordinary Share.
Today's placing has been multiple times over-subscribed reflecting continued investor support for the Company and its largest ever capital investment programme. As part of the Group's overall funding package, this puts the Company in a strong position to deliver for customers, the environment and Shareholders over the next five years.
The net proceeds from the placing of such New Ordinary Shares (after the deduction of the Rights Issue Price of 264 pence per New Ordinary Share and the expenses of procuring subscribers, including any applicable brokerage fees and commissions and amounts in respect of related irrecoverable VAT) will be paid (without interest) to those Shareholders whose rights have lapsed in accordance with the terms of the Rights Issue, pro rata to their lapsed provisional allotments, save that individual amounts of less than £5.00 will not be paid to such persons but will be paid to the Company and will become part of the WaterShare+ Proceeds.
Unless the context requires otherwise, capitalised terms used but not otherwise defined in this announcement shall have the meanings set out in the prospectus dated 29 January 2025 (the "Prospectus"), which is available on the Company's website at: www.pennon-group.co.uk/investor-information.
NOTICE TO ALL INVESTORS
INFORMATION TO DISTRIBUTORS
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.