Completion of Acquisition

RNS Number : 3800Y

Stobart Group Limited

29 February 2012

 

The following announcement replaces the Completion of Acquisition announcement RNS 3473Y released at 07.38 on 29 February 2012. There was an incorrect reference to the entity the Consideration Shares are being issued to, and should have read W.A. Developments International Limited and not WADI Properties. All other text remains the same. A correction of the full announcement is below.

29 February 2012

Stobart Group Limited

Completion of Acquisition of WADI Properties Limited

Stobart Group Limited ("Stobart" or the "Group") is pleased to announce that the acquisition of WADI Properties Limited ("WADI Properties" or the "Company") has last night completed.

Accordingly, the Group announces that it has made application for the admission to trading of 5,399,742 new Ordinary Shares. This satisfies £6.70 million of the £7.20 million Consideration Shares to be issued to W.A. Developments International Limited, as described in the Circular, with the remaining £0.50 million being held back pending resolution of the completion accounts mechanism, which is summarised in the Circular. The number of Consideration Shares to be issued is based on the average middle market closing price for a Stobart ordinary share on the five business days prior to Completion.

The new Ordinary Shares rank pari passu with the existing Ordinary Shares of 10p in all respects. It is anticipated that trading in the shares will commence on the Main Market of the London Stock Exchange on 02 March 2012.

Following Admission of the new Ordinary Shares, the Group's share capital will consist of 353,960,872 ordinary shares of 10p each with voting rights.

The above figure (353,960,872) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, Stobart under the FSA's Disclosure and Transparency Rules.

For further information contact:

Stobart Group

Rodney Baker-Bates, Non-Executive Chairman

[phone]

Investec

Patrick Robb/Rowena Murray

[phone]

i-nfluence

Stuart Dyble/James Andrew

[phone]

Square 1 Consulting

David Bick/Mark Longson

[phone]

Terms defined in the Circular have the same meaning in this announcement, unless the context requires otherwise.

 

END

 

 

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