Result of Open Offer

RNS Number : 7180G

Stobart Group Limited

17 May 2011

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

Stobart Group Limited ("Stobart" or the "Company")

Result of Open Offer

On 21 April 2011, Stobart announced an Open Offer to raise gross proceeds of approximately £119.9 million.

The Board of Stobart announces that as at 11.00 a.m. on 16 May 2011 it had received valid acceptances from Qualifying Stobart Shareholders in respect of 19,728,984 Open Offer Shares, representing approximately 25.5 per cent. of the Open Offer Shares available pursuant to the Open Offer.

57,610,782 Open Offer Shares not applied for by Qualifying Stobart Shareholders under the Open Offer will be taken up by placees under the terms of the Placing Agreement.

The Open Offer Shares, on Admission, will be fully paid and will rank pari passu in all respects with the Ordinary Shares currently in issue, including the right to receive all dividends and other distributions declared, made or paid on or after, or by reference to a record date on or after, the date of their issue (save that they will not rank for any final dividend declared by the Company for the year ended 28 February 2011).

The Open Offer remains conditional upon, inter alia, approval of certain Resolutions at the General Meeting on 18 May 2011 and admission of the Open Offer Shares to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities.  It is expected that Admission will occur, and that dealings in the Open Offer Shares will commence, at 8.00 a.m. on 19 May 2011.

Except for words and phrases specifically defined in this announcement, capitalised words and phrases shall bear the same meaning given to them in the document sent to Shareholders on 26 April 2011.

Enquiries:

Stobart Group 01925 605400

Andrew Tinkler, Chief Executive Officer

Ben Whawell, Chief Financial Officer

Cenkos Securities 020 7397 8900

Nicholas Wells, Stephen Keys, Adrian Hargrave

 

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