Completion of Rights Issue an

RNS Number : 4887V

Speedy Hire PLC

10 July 2009

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR SOUTH AFRICA, OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

Speedy Hire Plc

10 July 2009

Successful completion of Rights Issue and placing of rump

Speedy Hire Plc ('Speedy Hire' or 'the Company') announced previously that, as at 11.00am on 9 July 2009, being the latest time and date for acceptance and payment, it had received valid acceptances in respect of 423,657,562 New Ordinary Shares, representing approximately 92.37% of the total number of New Ordinary Shares offered to Shareholders, pursuant to the Rights Issue announced by the Company on 28 May 2009.  

Speedy Hire confirms that, in accordance with the arrangements set out in Part III of the combined circular and prospectus published by the Company in connection with the Rights Issue and sent to shareholders on 1 June 2009 (the 'Prospectus'), Oriel Securities and KBC Peel Hunt have procured subscribers for the 35,001,338 remaining New Ordinary Shares, for which valid acceptances were not received, at a price of 24.5 pence per share.  

The net proceeds from the sale of such New Ordinary Shares, after deduction of the Issue Price of 23 pence per new Ordinary Share and relevant costs (including any applicable brokerage and commissions and amounts in respect of VAT which are not recoverable), will be paid to those Qualifying 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 and fractions of a pence will not be so paid but will be retained for the Company's own benefit.  

Unless otherwise defined in this announcement, capitalised terms shall have the meaning given to them in the Prospectus.

Contacts

For further information please contact:

Speedy Hire Plc	Tel: [phone]
Steven Corcoran, Chief Executive
Justin Read, Group Finance Director
Hudson Sandler Nick Lyon / Wendy Baker	Tel: [phone]

This Announcement is not for release, publication or distribution, directly or indirectly, in or into the United States, Australia, Canada, Japan or South Africa or any other jurisdiction into which the same would be unlawful. 

This Announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in Australia, Canada, Japan, South Africa, or the United States or in any jurisdiction to whom or in which such offer or solicitation is unlawful. Subject to certain exceptions, the securities referred to herein may not be offered or sold in Australia, Canada, Japan, South Africa the United States or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada, Japan, South Africa or the United States. The offer and sale of the securities referred to herein has not been and will not be registered under the Securities Act or under the applicable securities laws of Australia, Canada, Japan or South Africa. There will be no public offer of securities in the United States. The availability of the Rights Issue to persons not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions. Such persons should inform themselves about and observe any application requirements. 

Oriel Securities, which is authorised and regulated by the FSA in the United Kingdom, is acting exclusively for the Company as Joint Broker, Joint Bookrunner and Joint Underwriter in connection with the Rights Issue and Admission and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Rights Issue or any other matters referred to in this Announcement. 

KBC Peel Hunt, which is authorised and regulated by the FSA in the United Kingdom, is acting exclusively for the Company as Joint Broker, Joint Bookrunner and Joint Underwriter in connection with the Rights Issue and Admission and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Rights Issue or any other matters referred to in this Announcement. 

This Announcement is for information only and does not constitute or form part of any offer or invitation to issue, acquire or dispose of any securities or investment advice in any jurisdiction. 

Copies of the Prospectus are available from the Company's head office Ashton House, 1 The Parks, Newton-le-Willows, Merseyside, WA12 0JQ and on the Company's website, www.speedyhire.plc.uk (although, neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this Announcement. 

 

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