Kennedy Wilson shares issue raise €442 mln (UK)

Kennedy Wilson Europe Real Estate Plc announced the details of a proposed Firm Placing and Placing and Open Offer to raise gross proceeds of approximately £351.5 million (€442 mln) through the issue of 9,982,431 million Firm Placed Shares and 24,956,079 million Open Offer Shares at the Issue Price of £10.06 (€12.6) per New Ordinary Share.
The Open Offer closed at 11.00 a.m. on 20 October 2014 in accordance with its terms. The Company is delighted to announce that it has received valid acceptances under the Open Offer in respect of 19,030,213 Open Offer Shares representing approximately 76% of the Open Offer Shares available pursuant to the Open Offer. The remaining 5,925,866 Open Offer Shares were taken up pursuant to the Placing.
The Placing and Open Offer remains conditional upon Open Offer Admission becoming effective and the Placing Agreement becoming unconditional in all respects and not having been terminated in accordance with its terms. Application has been made to the FCA for the Open Offer Shares to be admitted to listing on the premium listing segment of the Official List and to the London Stock Exchange for admission of the Open Offer Shares to trading on its main market for listed securities. It is expected that Open Offer Admission will become effective, and dealings in the Open Offer Shares will commence, at 8.00 a.m. on 23 October 2014.
New Ordinary Shares issued under the Placing and Open Offer in uncertificated form are expected to be credited to CREST accounts by 8.00 a.m. on 23 October 2014, and definitive share certificates for the New Ordinary Shares issued under the Placing and Open Offer in certificated form are expected to be dispatched on or around 27 October 2014.
The enlarged issued share capital of the Company following Open Offer Admission will be 135,163,725 Ordinary Shares in aggregate.
Commenting on today's announcement, Charlotte Valeur, Chair of Kennedy Wilson Europe Real Estate Plc said: “We have had an excellent response to this transaction and, on behalf of the Board and the Kennedy Wilson team, I would like to thank our investors for their continued support.”
Mary Ricks, President and CEO of KW Europe, reflecting the view of the Investment Manager, added “This successful offering represents a further milestone for the Company. We now look forward to capitalizing on market conditions and our extensive pipeline of opportunities to invest the proceeds from the transaction as part of our strategy to deliver strong capital returns and sustainable earnings for our shareholders.”
Source: Kennedy Wilson