The Board of Directors of IERET announced plans for a capital raising of approximately £58.27 million or 65.6 mln. (£53.51 million net of expenses), by way of a Firm Placing and a Placing and Open Offer of both New Ordinary Shares and a new class of Preference Shares with Warrants attached (the "Capital Raising"). Placees had committed to subscribe for all Open Offer Securities at the relevant Issue Prices subject to clawback on two-thirds of the committed amounts to satisfy valid applications by existing Shareholders under the Open Offer.
The Open Offer closed for acceptances at 11:00 a.m. on 18 December 2009. The Company is pleased to announce that it has received valid acceptances in respect of 56,227,612 New Ordinary Shares and 5,468,268 Preference Shares (with Warrants attached) from Qualifying Shareholders. This represents approximately 57.89%. of the Open Offer Shares, 28.15%. of the Preference Shares and 28.15%. of the Warrants offered. The remaining 40,896,171 New Ordinary Shares, representing 42.11%. of the New Ordinary Shares and the remaining 13,956,488 Preference Shares (with Warrants attached), representing 71.85%. of the Preference Shares have been allocated to the Firm Placees with whom they had been placed.
The Firm Placing and Placing and Open Offer are conditional, inter alia, upon the approval of Shareholders at the Second Extraordinary General Meeting, to be held at 10:00 a.m. on 29 December 2009, and Admission occurring by no later than 8.00 a.m. on 30 December 2009 or such later time or date (not later than 7 January 2010) as the parties to the Placing Agreement may agree.
Application has been made to the UKLA for the New Securities to be admitted to the Official List and to the London Stock Exchange for the New Securities to be admitted to trading on the London Stock Exchange's main market for listed securities. It is expected that Admission will become effective on 30 December 2009 and that dealings in the New Securities will commence at 8.00 a.m. on 30 December 2009.
The New Ordinary Shares, when issued and fully paid, will be identical to and rank pari passu with the Existing Ordinary Shares in all respects including ranking for dividends.
The New Securities will be issued pursuant to the terms of the Revised Articles and the terms of Luxembourg Company law but the Warrant Instrument will be governed by English law. The Preference Shares and Warrants (neither of which carry any voting rights save in relation to matters altering their own terms and, in respect of the Preference Shares, in respect of certain additional matters set out in the Prospectus) are fully detachable and will be listed separately on the Official List and admitted to trading separately on the London Stock Exchange.
Source: FD
