Result of Rump Placing

RNS Number : 9277B

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.

4 November 2009

Barratt Developments PLC

Result of Rump Placing

Barratt announces the placing of the Rights Issue rump

Following the announcement earlier today regarding valid acceptances under the fully underwritten Rights Issue announced by Barratt Developments PLC (the "Company") on 23 September 2009, the Company confirms that Credit Suisse Securities (Europe) Limited and UBS Limited, in their capacity as Joint Bookrunners, have procured subscribers for all of the 42,237,151 New Ordinary Shares for which valid acceptances were not received, representing 7.7 per cent. of New Ordinary Shares, at a price of 120.9 pence per New Ordinary Share.  

The net proceeds from the placing of such New Ordinary Shares (after the deduction of the Rights Issue Price of 100 pence per New Ordinary Share and the expenses of procuring subscribers) will be paid to those persons 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 paid to such persons but will be paid to the Company.

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

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.

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