Results of Rights Issue

RNS Number : 2648B

Balfour Beatty PLC

23 October 2009

 



23 October 2009

Balfour Beatty plc

THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

BALFOUR BEATTY PLC - RESULTS OF RIGHTS ISSUE

Balfour Beatty plc ("Balfour Beatty") announces that as at 11.00 a.m. on 22 October 2009, being the latest date for receipt of valid acceptances, it had received valid acceptances in respect of 199,469,067 New Shares, representing approximately 97.06% of the total number of New Shares offered to Shareholders pursuant to the 3 for 7 Rights Issue which was announced on 17 September 2009 (the "Rights Issue").

In accordance with the arrangements set out in Part III of the Prospectus, J.P. Morgan Cazenove Limited and RBS Hoare Govett Limited, as the Joint Bookrunners, will severally endeavour to procure acquirers for the balance of 6,033,170 New Shares, for which valid acceptances were not received, at a price per New Share which is at least equal to the aggregate of the Issue Price and the expenses of procuring such acquirers (including any applicable brokerage and commissions and amounts in respect of relevant value added tax) failing which such New Shares will be acquired by the Joint Underwriters or their sub-underwriters at the Issue Price in accordance with the terms of the Underwriting Agreement. The net proceeds from the sale of these New Shares, after the deduction of the Issue Price of 180 pence per New Share and the expenses of procuring acquirers (including any applicable brokerage and commissions and amounts in respect of relevant value added tax), will be paid (without interest) to those persons entitled thereto (as set out in Part III of the Prospectus), pro rata to their lapsed provisional allotments, save that amounts of less than £5.00 per holding will not be paid, but will be aggregated and retained for the benefit of Balfour Beatty.

A further announcement as to the number of New Shares for which acquirers have been procured by the Joint Bookrunners will be made in due course.

It is expected that the New Shares in uncertificated form will be credited to CREST accounts as soon as practicable after 8.00 a.m. today, 23 October 2009, and that definitive share certificates in respect of the New Shares in certificated form will be despatched by no later than 2 November 2009.

The Rights Issue was fully underwritten by RBS Hoare Govett Limited, J.P. Morgan Securities Ltd. and Citigroup Global Markets U.K. Equity Limited.

Capitalised definitions used in the Prospectus shall have the same meanings when used in this announcement, unless the context requires otherwise.

Enquiries:

Balfour Beatty

Duncan Murray, Director of Corporate Communications

Tel [phone]

Pelham PR

Andy Cornelius

Gavin Davis

Tel [phone]

J.P. Morgan Cazenove

Edmund Byers

Jonathan Wilcox

Charles Pretzlik

Tel: [phone]

RBS Hoare Govett

Bob Pringle

Neil Collingridge

Jeremy Thompson

Tel. [phone]

Disclaimer

This announcement is for information purposes only and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire, Nil Paid Rights, Fully Paid Rights or New Shares or to take up any entitlements to Nil Paid Rights in any jurisdiction in which such an offer or solicitation is unlawful.

This announcement is not for release, publication or distribution to persons in the United States (including its territories and possessions, any state of the United States and the District of Columbia), Australia, Japan and South Africa and should not be distributed, forwarded to or transmitted in or into any jurisdiction where to do so might constitute a violation of local securities laws or regulations. 

This announcement does not constitute an offer for sale of securities of the Company in the United States, Australia, Japan and South Africa. Such securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration thereunder. There will be no public offering of the securities in the United States. The distribution of this announcement and/or the prospectus relating to the Rights Issue and/or the Provisional Allotment Letters ("PALs") and/or the transfer of Nil Paid Rights, Fully Paid Rights and/or New Shares into jurisdictions other than the United Kingdom may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

J.P. Morgan Cazenove Limited, J.P. Morgan Securities Ltd., RBS Hoare Govett Limited, Citigroup Global Markets Limited and Citigroup Global Markets U.K. Equity Limited are acting for the Company and no one else in connection with the Rights Issue and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for providing advice in connection with the Rights Issue or any other matter referred to herein.

The distribution of this announcement and/or the Prospectus and/or the PALs and/or the transfer or offering of New Shares into jurisdictions other than the United Kingdom may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement has been prepared for the purposes of complying with applicable law and regulation in the United Kingdom and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside the United Kingdom.

No person has been authorised to give any information or to make any representations other than those contained in this announcement and, if given or made, such information or representations must not be relied on as having been authorised by Balfour Beatty, J.P. Morgan Cazenove Limited, J.P. Morgan Securities Ltd., Citigroup Global Markets Limited, Citigroup Global Markets U.K. Equity Limited or RBS Hoare Govett Limited. Subject to the Listing Rules, the Prospectus Rules and the Disclosure and Transparency Rules, the issue of this announcement shall not, in any circumstances, create any implication that there has been no change in the affairs of Balfour Beatty or Parsons Brinckerhoff since the date of this announcement or that the information in it is correct as at any subsequent date.

 

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