Result of Equity Issue

RNS Number : 9060B

Barratt Developments PLC

04 November 2009

 



THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, JAPAN, NEW ZEALAND OR SOUTH AFRICA AND SHOULD NOT BE DISTRIBUTED IN, FORWARDED TO OR TRANSMITTED IN OR INTO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF LOCAL SECURITIES LAWS OR REGULATIONS. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

Barratt Developments PLC

4 November 2009

Result of Rights Issue

Barratt announces 92.3% acceptances

Barratt Developments PLC (the "Company") announces that the 1.3 for 1 Rights Issue of up to 545,525,090 New Ordinary Shares at 100 pence per New Ordinary Share announced on 23 September 2009 closed for acceptances at 11.00 a.m. (London time) on 3 November 2009. The Company received valid acceptances in respect of 503,287,939 New Ordinary Shares, representing approximately 92.3% of the total number of New Ordinary Shares offered to Qualifying Shareholders pursuant to the fully underwritten Rights Issue.

It is expected that the New Ordinary Shares in uncertificated form will be credited to CREST accounts on 4 November 2009 and that definitive share certificates in respect of New Ordinary Shares in certificated form will be despatched to shareholders by no later than 17 November 2009.

It is expected that the New Ordinary Shares will commence trading, fully paid, on the London Stock Exchange plc's main market for listed securities on 4 November 2009.  

In accordance with their obligations as Joint Bookrunners in respect of the Rights Issue as set out in Part XIII of the Prospectus dated 23 September 2009 Credit Suisse Securities (Europe) Limited and UBS Limited will endeavour to procure subscribers for the remaining 42,237,151 New Ordinary Shares not validly taken up in the Rights Issue, failing which Credit Suisse Securities (Europe) Limited, UBS Limited, Barclays Bank PLC, HSBC Bank Plc, Lloyds TSB Bank Plc and RBS Hoare Govett Limited, acting as Underwriters, have agreed severally to themselves subscribe for those New Ordinary Shares. A further announcement as to the number of New Ordinary Shares for which subscribers have been procured will be made in due course.  

Any premium over the aggregate of the Rights Issue Price of 100 pence per New Ordinary Share and the expenses of procuring subscribers will be paid to Shareholders that have not taken up their entitlements pro rata to their lapsed provisional allotments, provided that individual amounts of less than £5.00 will not be paid to such persons but will be paid to the Company.

Following completion of the Placing and the Rights Issue the Company has 965,159,775 Ordinary Shares in issue as at 4 November 2009, to which an equal number of voting rights is attached. None of these Ordinary Shares is held in treasury.  This figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company pursuant to the FSA's Disclosure and Transparency Rules.

Contacts

Barratt Developments PLC David Thomas Philip Bowcock	[phone]
Maitland Neil Bennett Liz Morley	[phone]
Credit Suisse John Hannaford Richard Probert Will MacLaren	[phone]
UBS Investment Bank Christopher Smith Jackie Lee John Woolland	[phone]

END

IMPORTANT NOTICE

This announcement is an advertisement and not a prospectus. Nothing in this announcement should be interpreted as a term or condition of the Placing or the Rights Issue. Investors should not subscribe for or purchase, sell or dispose of any New Ordinary Shares, the Provisional Allotment Letters, the Nil Paid Rights or the Fully Paid Rights in the Company except on the basis of information in the Prospectus published by Barratt Developments PLC in connection with the Placing and the Rights Issue.

Capitalised terms defined in the Prospectus published on 23 September 2009 shall have the same meaning when used in this announcement. 

This announcement is for information purposes only and does not constitute or form part of any offer or invitation to purchase, otherwise acquire or subscribe for, sell or otherwise dispose of or issue, or any solicitation of any offer or invitation to purchase, otherwise acquire or subscribe for, sell or otherwise dispose of or issue, New Ordinary Shares, the Provisional Allotment Letters, the Nil Paid Rights or the Fully Paid Rights or to take up any entitlements to New Ordinary Shares, the Provisional Allotment Letters, the Nil Paid Rights or the Fully Paid Rights in any jurisdiction.

This announcement and the information contained in it is not for distribution (directly or indirectly) in or to the United States, Canada, Japan, New Zealand or South Africa. It does not constitute an offer for sale of securities, nor a solicitation to purchase or subscribe for securities, in the United States, Canada, Japan, New Zealand or South Africa or any other jurisdiction.

The Prospectus has been published and is available on the Company's website at www.barrattdevelopments.co.uk/ir/equityraise/ provided that the Prospectus is not available (whether through the website or otherwise) to Shareholders in Excluded Territories and, subject to certain exceptions, the United States or Canada. The Prospectus provides further details of the Placing and Rights Issue. The Prospectus is not for distribution in the United States, Canada, Japan, New Zealand or South Africa.

Credit Suisse Securities (Europe) Limited, Barclays Bank PLC, HSBC Bank Plc, Lloyds TSB Bank Plc and RBS Hoare Govett Limited, which are authorised and regulated in the United Kingdom by the FSA, are acting for the Company and no one else in connection with the Placing and the Rights Issue and will not regard any other person as a client in relation to the Placing or the Rights Issue 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 Placing or the Rights Issue or any matters referred to in this announcement. 

UBS Limited is acting exclusively for the Company and no one else in connection with the Placing and the Rights Issue and will not regard any other person as a client in relation to the Placing or the Rights Issue 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 Placing and the Rights Issue or any matters referred to in this announcement. 

Apart from the responsibilities and liabilities, if any, which may be imposed on the Joint Sponsors, the Joint Bookrunners and the Co-Lead Managers by FSMA or under US securities laws or other law, the Joint Sponsors, the Joint Bookrunners and the Co-Lead Managers accept no responsibility whatsoever for, nor make any representation or warranty, express or implied, in relation to, the contents of this announcement, including its accuracy, completeness or verification or for any other statement made or purported to be made by it, or on its behalf, in connection with Barratt Developments PLC, the Placing Shares, the Nil Paid Rights, the Fully Paid Rights, the New Ordinary Shares, the Provisional Allotment Letters, the Placing or the Rights Issue. The Joint Sponsors, the Joint Bookrunners and the Co-Lead Managers accordingly disclaim all and any responsibility or liability whether arising in tort, contract or otherwise (save as referred to above) which they might otherwise have in respect of this announcement or any such statement. 

None of the Placing Shares, the Nil Paid Rights, the Fully Paid Rights, the Provisional Allotment Letters or the New Ordinary Shares have been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Company does not intend to register any part of the Placing or the Rights Issue in the United States or to conduct a public offering of securities in the United States. Any offering of securities will be made by means of the Prospectus which may be obtained from the Company and contains detailed information about the Company and management as well as financial statements. No money, securities or other consideration is being solicited and, if sent in response to the information contained herein, will not be accepted. 

The New Ordinary Shares, the Nil Paid Rights and the Fully Paid Rights have not been and will not be registered under the securities laws of any Excluded Territory and may not be offered, sold, taken up, exercised, resold, transferred or delivered, directly or indirectly, within the Excluded Territories except pursuant to an applicable exemption from registration and in compliance with any applicable securities laws. There will be no public offer of the New Ordinary Shares, the Nil Paid Rights and the Fully Paid Rights in any of the Excluded Territories.

 

END

 

 

ROICKNKDDBDBQDK