25 Jun 2009 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.
25 June 2009
STYLES & WOOD GROUP PLC
OPEN OFFER OVERSUBSCRIBED
The Open Offer closed at 11.00 a.m. on 24 June 2009. Styles & Wood is pleased to announce that applications under the Open Offer have been received for 12,283,296 New Ordinary Shares and accordingly the Open Offer was oversubscribed by approximately 42.8%. Excess applications will be scaled back pro rata to existing shareholdings. Consequently, the maximum number of 8,599,150 Open Offer Shares will be issued under the Open Offer.
Completion of all elements of the Refinancing is conditional upon, amongst other things, the approval by shareholders of the resolutions at the general meeting of the Company convened at 3.00 p.m. on Friday 26 June 2009, upon the placing agreement described in the Circular becoming unconditional in all respects and upon admission of the New Ordinary Shares to the Official List and to trading on the main market of the London Stock Exchange. Admission is expected to occur and dealings in the New Ordinary Shares are expected to commence on the London Stock Exchange at 8.00 a.m. on Monday 29 June 2009.
Thereafter, Styles & Wood will have a total of 61,823,830 Ordinary Shares in issue. The Company does not hold any shares in treasury and, therefore, the above figure may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.
The New Ordinary Shares will, when issued and fully paid, rank pari passu in all respects with the Existing Ordinary Shares.
The New Ordinary Shares (in uncertificated form) are expected to be credited to CREST accounts on or around 8.00 a.m. on Monday 29 June 2009 and definitive share certificates for the New Ordinary Shares are expected to be despatched to certificated shareholders by 6 July 2009.
For further information, please contact:
Styles & Wood Group plc | Tel: 0161 926 6000 |
Ivan McKeever, CEO | |
Graham Clark, Group Finance Director | |
Financial Dynamics | Tel: 020 7831 3113 |
Billy Clegg / Georgina Bonham / Alex Beagley | |
Shore Capital and Corporate Limited | Tel: 020 7408 4090 |
Guy Peters/Edward Mansfield |