Result of Equity Placing

RNS Number : 5361U

Balfour Beatty PLC

15 May 2008

 



News Release

15 May 2008  

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.

BALFOUR BEATTY PLC

RESULT OF EQUITY PLACING

Balfour Beatty is pleased to announce the successful completion of the placing announced earlier today (the 'Placing').  

A total of 43,320,411 new ordinary shares of 50 pence each (the 'Placing Shares') issued by Balfour Beatty have been placed with institutions at a price of 430 pence per Placing Share. Based on the placing price, the gross proceeds are £186 million. The Placing Shares being issued represent an increase of approximately (but less than) 10 per cent. in Balfour Beatty's current issued share capital.  

The Placing Shares will, when issued, be issued credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of Balfour Beatty, including the right to receive all dividends and other distributions declared, made or paid after the date of the issue. Application will be made for, and the Placing is conditional on, inter alia, admission of the Placing Shares to the Official List of the Financial Services Authority, and admission to trading by London Stock Exchange plc on its main market for listed securities (together, 'Admission'). Admission is expected to take place, settlement to occur and dealing in the Placing Shares to commence at 8.00 a.m. on 20 May 2008.  

Enquiries to:

Balfour Beatty:                 020 7216 6800

Ian Tyler

Duncan Magrath

Tim Sharp

JPMorgan Cazenove:       020 7588 2828

Robert Constant

Jonathan Wilcox

Richard Perelman

Hoare Govett:                   020 7678 8000

Jeremy Thompson

Bob Pringle

Neil Collingridge

This Announcement is not for distribution, directly or indirectly, in or into the United States, Canada, Australia or Japan or any jurisdiction into which the same would be unlawful. This Announcement is for information purposes only and does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire any securities to any person in any jurisdiction, including without limitation the United States, Canada, Australia or Japan.  The securities referred to in this Announcement have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'Securities Act') and may not be offered or sold within the United States absent registration or an exemption from registration.  No public offering of securities will be made in the United Kingdom, the United States or elsewhere.

This Announcement has been issued by and is the sole responsibility of the Company.  No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by JPMorgan Cazenove, Hoare Govett or by any of their respective Affiliates or agents as to or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

JPMorgan Cazenove, J.P. Morgan Securities Ltd. and Hoare Govett (the 'Banks'), each of which are authorised and regulated in the UK by the Financial Services Authority, are each acting for the Company in connection with the Placing and no-one else and will not be responsible to anyone other than the Company for providing the protections afforded their respective clients nor for providing advice in relation to the Placing or any other matter referred to in this Announcement.

The distribution of this Announcement and the offering of the Placing Shares in certain jurisdictions may be restricted by law.  No action has been taken by the Company or the Banks that would permit an offering of the Placing Shares or possession or distribution of this Announcement or any other offering or publicity material relating to the Placing Shares in any jurisdiction where action for that purpose is required.  Persons into whose possession this Announcement comes are required by the Company and the Banks to inform themselves about, and to observe, any such restrictions.

Certain statements in this Announcement are forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts.  These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.  Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements.  Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

The price of the Company's ordinary shares, including the Placing Shares, and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of the Company's ordinary shares.    

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