Result of Equity Issue

RNS Number : 6531O

Workspace Group PLC

11 March 2009

 



THIS ANNOUNCEMENT (THE 'ANNOUNCEMENT') IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

11 March 2009

Workspace Group PLC

RESULTS OF RIGHTS ISSUE

Workspace Group PLC ('Workspace' or the 'Company') today announces that it has received valid acceptances in respect of 425,962,187 New Ordinary Shares, representing approximately 49 per cent. of the total New Ordinary Shares offered to Qualifying Shareholders (other than certain Overseas Shareholders) pursuant to the 5 for 1 Rights Issue of 871,764,035 New Ordinary Shares at 10 pence per New Ordinary Share announced on 27 January 2009, which closed for acceptance at 11.00 a.m. on 10 March 2009.

Acceptances received included valid acceptances over, in aggregate, 6,487,505 New Ordinary Shares from directors of the Company. The Chairman, Mr Hales and the non-executive directors Messrs Cragg, Bywater and Dickinson took up their rights in full. Of the executive directors, Mr Clemett has taken up his rights in full, Mr Platt and Mr Marples have taken up their rights to 2,178,250 and 452,500 New Ordinary Shares under the Rights Issue respectively, representing 90% and 53% of their entitlement. In addition to taking up his entitlement, Mr Hales acquired 2,000,000 nil paid rights in the market, and has subsequently taken up these rights. 

The remaining 445,801,848 New Ordinary Shares, none of which have been sold at a premium to the Issue Price, will be taken up at the issue price of 10 pence per share by the sub-underwriters, being existing shareholders and institutional investors.

It is expected that the New Ordinary Shares in uncertificated form will be credited to CREST accounts on 11 March 2009 and that share certificates in respect of New Ordinary Shares in certificated form will be dispatched to shareholders by 13 March 2009.

Tony Hales, Chairman of the Company, commented, 'The proceeds of the Rights Issue leave the Company in a stronger financial position, and better placed to deal with current market conditions. The Board views the future with confidence which is reflected by the Directors subscribing for the overwhelming majority of their rights under the offer.

At present, I am also pleased to say that enquiries and conversions have remained at levels consistent with those reported earlier in the year.'

Definitions used in the combined circular and prospectus dated 28 January 2009 (the 'Prospectus') apply in this announcement unless the context otherwise requires.

Contacts:

Workspace Group PLC	Tel: [phone]
Amanda Whalley, Company Secretary
City Profile	Tel: [phone]
Jonathan Gillen

This announcement is not a prospectus but an advertisement and investors should not subscribe for any Fully Paid Rights or New Ordinary Shares being issued in connection with the Rights Issue except on the basis of the information contained in the Prospectus. 

This announcement does not constitute an offer to issue or sell, or the solicitation of an offer to acquire or buy, securities in the capital of Workspace in the United States, Australia, Canada, Japan or the Republic of South Africa or in any other jurisdiction in which such an offer or solicitation is unlawful.  

This announcement is not for distribution, directly or indirectly, in or into the United States, Canada, Japan or the Republic of South Africa.

The Fully Paid Rights and the New Ordinary Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'US Securities Act'), or under the securities laws of any state or other jurisdiction of the United States or under the securities laws of Australia, Canada, Japan or the Republic of South Africa. The Fully Paid Rights and the New Ordinary Shares may not be offered, sold or distributed within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and in compliance with the applicable securities laws of any state or other jurisdiction of the United States. There has been no, nor will there be any public offer of the Fully Paid Rights or the New Ordinary Shares in the United States.

Neither the content of Workspace's website nor any website accessible by hyperlinks on Workspace's website is incorporated in, or forms part of, this announcement.

The distribution of this announcement and/or the Prospectus and/or the transfer of the Fully Paid Rights and/or the New Ordinary Shares into jurisdictions other than the United Kingdom may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

 

END

 

 

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