Terrace Hill Group PLC
25 May 2007
25 May 2007
TERRACE HILL GROUP PLC ('Terrace Hill' or 'the Company')
Placing to raise £25 million before expenses ('the Placing')
Terrace Hill Group plc (LSE: THG) announces that 24,752,475 new ordinary shares
of 2p each ('the Placing Shares') have been placed at a price of 101 pence per
share, conditional, inter alia, on admission to trading on the AIM market of the
London Stock Exchange plc, which is expected to occur on 1 June 2007. The net
proceeds of the Placing of approximately £24.3 million will be used:
• to acquire further commercial development sites further growing our
development programme; and
• to further grow the residential land bank in the house building
division
The Placing Shares, which will rank pari passu in all respects with the
Company's existing ordinary shares, represent approximately 13% of the current
issued share capital of the Company.
Commenting on the Placing, Robert Adair, Executive Chairman, said:
'We are very pleased with the strong institutional response to this fund
raising, which is the first undertaken by the Company in over three years. This
issue expands our free float and should I hope enhance liquidity in our shares.
Terrace Hill has always used and recycled its capital extremely efficiently,
which has helped us to create very significant value for shareholders to date.
The board is confident of its ability to use the proceeds of the placing to
further enhance shareholder value.'
For further information please contact:
Terrace Hill Group Plc 020 7631 1666
Robert Adair, Executive Chairman
Philip Leech, Chief Executive
Oriel Securities Limited 020 7710 7600
Scott Richardson Brown
Luke Webster
Noble & Company Limited 0131 225 9677
Alasdair Robinson
St Brides Media & Finance Ltd 020 7242 4477
Isabel Crossley
This information is provided by RNS
The company news service from the London Stock Exchange
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