Results of Placing

RNS Number : 4096S

Big Yellow Group PLC

18 May 2009

 



18 May 2009 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL

Big Yellow Group PLC ("Big Yellow" or the "Company")

RESULTS OF PLACING

Big Yellow is pleased to announce the successful completion of the placing announced earlier today (the "Placing").

A total of 11,549,000 new ordinary shares of 10 pence each in Big Yellow (the "Placing Shares") have been placed by J.P. Morgan Cazenove Limited at a price of 285 pence per Placing Share, raising gross proceeds of approximately £32.9 million. The Placing Shares being issued represent 9.99 per cent of Big Yellow's issued ordinary share capital prior to the Placing.

Application will be made to the Financial Services Authority for admission of the Placing Shares to the Official List maintained by the UK Listing Authority and to the London Stock Exchange (the "LSE") for admission to trading of the Placing Shares on the LSE's main market for listed securities (together "Admission"). It is expected that Admission will take place on 21 May 2009 and that dealings in the Placing Shares on the LSE's main market for listed securities will commence at the same time.

Such new shares will rank pari passu with the existing Ordinary Shares of Big Yellow.

Commenting on the Placing, Nick Vetch, Big Yellow's Executive Chairman, said:

"We are delighted that the successful £32.9 million equity raising, with the backing of our shareholders, will allow us to further consolidate our market leading position in the UK self storage market. The placing proceeds provide us with the financial firepower to build out our existing development pipeline over the next two to five years and take advantage of the current adverse conditions in the property market."

J.P. Morgan Cazenove acted as sole bookrunner in respect of the Placing.

For further information, please contact:

Big Yellow                                                                                                                      01276 477 811

Nicholas Vetch (Executive Chairman)

James Gibson (Chief Executive)

John Trotman (Chief Financial Officer)

Address: 2 The Deans, Bridge Road, Bagshot GU19 5AT

Fax:        [phone]

Website:  www.bigyellow.co.uk

J.P. Morgan Cazenove                                                                                                    020 7588 2828

Robert Fowlds

Bronson Albery

Shona Graham

Weber Shandwick                                                                                                          020 7067 0700

Nick Oborne

John Moriarty

This announcement (the "Announcement"), and the information contained herein is not for publication, release or distribution, directly or indirectly, in or into the United States, Australia, Canada, Japan, South Africa or any jurisdiction in which the same would be unlawful. This Announcement does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire shares in the capital of the Company in the United States, Australia, Canada, Japan, South Africa or any other jurisdiction. The Placing Shares have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") and may not be offered, sold or transferred, directly or indirectly, within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Placing Shares are being offered and sold outside the United States in accordance with Regulation S under the Securities Act. Any offering to be made in the United States will be made pursuant to an exemption from registration under the Securities Act in a transaction not involving any public offering. No money, securities or other consideration is being solicited and, if sent in response to the information herein, will not be accepted. 

This Announcement has been issued by and is the sole responsibility of the Company. No representation or warranty express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by J.P. Morgan Cazenove Limited ("JPMC") or by any of its affiliates or agents as to or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

JPMC, which is authorised and regulated by the Financial Services Authority, is acting for the Company in connection with the Placing and no-one else and will not be responsible to anyone other than the Company for providing the protections afforded to clients of JPMC nor for providing advice in relation to the Placing. 

The distribution of this Announcement and the Placing in certain jurisdictions may be restricted by law. No action has been taken by the Company or JPMC that would permit an offering of such shares or possession or distribution of this Announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this Announcement comes are required by the Company and JPMC to inform themselves about, and to observe, such restrictions.

Certain statements in this Announcement are forward-looking statements which are based on the Company's, expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The information contained in this Announcement is subject to change without notice and neither the Company nor JPMC assume any responsibility or obligation to update publicly or review any of the forward-looking statements contained herein.

Any indication in this Announcement of the price at which ordinary shares have been bought or sold in the past cannot be relied upon as a guide to future performance. No statement in this Announcement is intended to be a profit forecast and no statement in this Announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company.

 

END

 

 

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