Successful placing of Rights

RNS Number : 4520P

Land Securities Group Plc

25 March 2009

 



25 March 2009

LAND SECURITIES GROUP PLC (the 'Company')

SUCCESSFUL PLACING OF RIGHTS ISSUE RUMP

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, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

Land Securities Group PLC announced previously that, as at 11.00 a.m. on 24 March 2009, being the latest date of receipt of valid subscriptions, it had received valid acceptances in respect of 275,679,724 New Ordinary Shares, representing approximately 94.81 per cent of the total number of New Ordinary Shares offered to Shareholders, pursuant to the 5 for 8 Rights Issue announced by the Company on 19 February 2009.

Land Securities Group PLC confirms that, in accordance with the arrangements set out in part VI of the Prospectus dated 19 February 2009, Citigroup Global Markets U.K. Equity Limited, J.P. Morgan Cazenove Limited and UBS Limited, as Joint Bookrunners, have procured acquirers for the 15,094,201 remaining New Ordinary Shares, for which valid acceptances were not received, at a price of 430 pence per share.

The net proceeds from the sale of these New Ordinary Shares, after deduction of the Rights Issue Price of 270 pence per New Ordinary Share and relevant costs (including any related brokerage and commissions and amounts in respect of VAT which are not recoverable), will be paid to those Shareholders whose rights have lapsed in accordance with the terms of the Rights Issue, pro rata to their lapsed provisional allotments, save that individual amounts of less than £5.00 will not be so paid but will be retained for the Company's own benefit. 

Defined terms used in this announcement shall have the same meanings as in the Prospectus relating to the Rights Issue dated 19 February 2009, unless the context requires otherwise. 

- Ends -

Contacts:

Land Securities Group PLC   Donal McCabe Edward Thacker	[phone]
Citigroup Global Markets U.K. Equity Limited   Michael Lavelle Charlie Lytle	[phone]
J.P. Morgan Cazenove Limited    Robert Fowlds Christopher Nicholls	[phone]
UBS Investment Bank   Nick Reid Christopher Smith	[phone]

 

 

This announcement does not constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell, otherwise dispose of or issue, or any solicitation of any offer to sell, otherwise dispose of, issue, purchase, otherwise acquire or subscribe for, any security in the capital of the Company in any jurisdiction.

This announcement and any materials distributed in connection with this announcement are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation which would require any registration or licensing within such jurisdiction. The nil paid rights, the fully paid rights, the Euroclear subscription rights, the New Ordinary Shares and the provisional allotment letters have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the 'Securities Act'), or under the securities legislation of any state or territory or jurisdiction of the United States and may not be offered, sold taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with state securities laws. There will be no public offer of the securities mentioned herein in the United States. Neither this announcement (including and any materials distributed in connection with this announcement) nor any part or copy of it may be transmitted into the United States territories or possessions or distributed, directly or indirectly, in the United States, its territories or possessions. Neither this announcement nor any copy of it may be taken or transmitted into United States, Australia, Canada, Japan or South Africa or any other such jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. Any failure to comply with this restriction may constitute a violation of the securities laws of the United States, Australia, Canada, Japan or South Africa. The distribution of this announcement, prospectus, the provisional allotment letters or the transfer of Euroclear subscription rights, Nil Paid Rights, Fully Paid Rights or New Ordinary Shares in to jurisdictions other than the UK may be restricted by law and persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions. The Ordinary Shares (including Existing Ordinary Shares and New Ordinary Shares) have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa and, subject to certain exemptions, may not be offered or sold within the United States, Australia, Canada, Japan or South Africa.

Citigroup Global Markets Limited, Citigroup Global Markets U.K. Equity Limited, J.P. Morgan Cazenove Limited, J.P. Morgan Securities Ltd, UBS Limited, BNP Paribas, HSBC Bank PLC and RBS Hoare Govett Limited (together, the 'Banks') are acting exclusively for Land Securities and no one else in connection with the Rights Issue and the listing of the New Ordinary Shares and will not be responsible to anyone other than Land Securities for providing the protections afforded to their respective clients for providing advice in connection with the Rights Issue, the listing of the New Ordinary Shares, the contents of this announcement or any other matters referred to in this announcement. Apart from the responsibilities and liabilities, if any, which may be imposed on any of the Banks by FSMA or the regulatory regime established thereunder, none of the Banks accept any responsibility whatsoever, and they make no representation or warranty, express or implied, for the contents of this document including its accuracy, completeness or verification or for any other statement made or purported to be made by any of them, or on behalf of them, in connection with the Company, the New Ordinary Shares or the Rights Issue and nothing in this document shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The Banks will not regard any other person (whether or not a recipient of this announcement) as a client in relation to the Rights Issue. Each of the Banks accordingly disclaims all and any liability whatsoever, whether arising in tort, contract or otherwise (save as referred to above), which any of them might otherwise have in respect of this document or any such statement.

 

END

 

 

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