Result of Open Offer

RNS Number : 2778W

London & Stamford Property Ltd

24 July 2009

 



LONDON & STAMFORD PROPERTY LIMITED

Registration No. 47816

Registered Office:

2 ND FLOOR, REGENCY COURT, GLATEGNY ESPLANADE, ST. PETER PORT,

GUERNSEY, GY1 3NQ, CHANNEL ISLANDS.

___________________________

TELEPHONE: + 44 1481 720321

FACSIMILE: + 44 1481 716117

e-mail:  [e-mail]

24 July 2009

London & Stamford Property Limited 

('LSP' or the 'Company')

RESULT OF OPEN OFFER

On 10 July 2009, LSP (AIM: LSP) announced a share issue to raise gross proceeds of £225.8 million (approximately £219.5 million net of expenses) through the issue of 215,000,000 New Ordinary Shares by way of a placing and open offer at a price of 105p per New Ordinary Share, fully underwritten by KBC Peel Hunt.  The Placing and Open Offer consists of the Firm Placing of 72,500,000 Firm Placed Shares and the Open Offer of 142,500,000 Open Offer Shares to Qualifying Shareholders which were conditionally placed with institutional and other investors by KBC Peel Hunt subject to clawback.  

The Open Offer has now closed in accordance with its terms.  LSP is pleased to announce that it has received valid acceptances under the Open Offer in respect of 126,511,184 Open Offer Shares from Qualifying Shareholders. This represents a take-up of approximately 88.8% of the 142,500,000 Open Offer Shares offered pursuant to the Open Offer.  The remaining 15,988,816 Open Offer Shares, representing approximately 11.2% of the 142,500,000 Open Offer Shares, have been allocated to the institutional and other investors with whom they had been conditionally placed. In addition, the 72,500,000 Firm Placed Shares had been placed with certain institutional investors pursuant to the terms of the Firm Placing.

The Placing and Open Offer remains conditional upon the Underwriting Agreement becoming unconditional in all respects and admission of the New Ordinary Shares to trading on AIM. It is expected that Admission will become effective, and dealings in the New Ordinary Shares will commence, at 8.00 a.m. on 30 July 2009.  New Ordinary Shares in uncertificated form are expected to be credited to CREST accounts by 8.00 a.m. on 30 July 2009 and share certificates for the New Ordinary Shares in certificated form are expected to be dispatched by 7 August 2009.

The Enlarged Share Capital of LSP following Admission will be 500,000,000 Ordinary Shares in aggregate.

Raymond Mould, the Non-Executive Chairman of LSP, commenting on the result of the Placing and Open Offer, said: 

'We are delighted with the high level of support shown for London & Stamford by existing and new investors which illustrates their long term confidence in our business and our ability to create value for our shareholders through the acquisition of high quality assets on attractive terms.'

ENQUIRIES:

London & Stamford Property Limited	Tel: [phone]
Mandy Trotter, Butterfield Fulcrum Group (Guernsey) Ltd Company Secretary
KBC Peel Hunt Ltd (Nominated Adviser, Broker & Underwriter)	Tel: [phone]
Capel Irwin / David Anderson / Anthony Bell (Corporate Finance) Marianne Woods / Nicholas Marren (Corporate Broking)
Kreab Gavin Anderson	Tel: [phone]
Richard Constant / James Benjamin / Anthony Hughes

Capitalised terms used, but not defined, in this announcement have the same meanings as given to them in the Prospectus published by the Company on 10 July 2009 unless the context requires otherwise.

This announcement should be read in conjunction with the full text of the Prospectus published by LSP on 10 July 2009. The Prospectus is available to view at the UKLA's Document Viewing Facility, which is situated at Financial Services Authority, 25 North Colonnade, Canary Wharf, London E14 5HS. In addition, the Prospectus is available to view on the Company's website (www.londonandstamford.com), and is available for inspection at the offices of KBC Peel Hunt Ltd, 111 Old Broad Street, London EC2N 1PH during usual business hours on any weekday (Saturdays, Sundays and public holidays excepted).

Notes:

LSP is a closed-ended investment company incorporated in October 2007 in order to exploit opportunities that it anticipated in the UK property cycle. The Company invests in commercial property, including office, retail and industrial real estate assets, principally in the UK, and has a Property Portfolio comprising of 13 investments, all of which are located in the UK.

LSI Management provides the Company with investment advisory and property management services and is authorised by the FSA to carry out certain regulated activities. LSI Management has a highly experienced Management Team, whose principal members are Raymond Mould, Patrick Vaughan, Martin McGann, Stewart Little and Jeremy Bishop. Raymond Mould, Patrick Vaughan and Martin McGann are also on the Board of the Company.

LSP is listed on AIM (LSP.L). Further information on LSP is available from the Company's website at www.londonandstamford.com.

 

END

 

 

ROIZGGZNKDFGLZM