Results of Rights Issue

19 Dec 2005 16:35

Kiln PLC19 December 2005 Kiln plc ("Kiln" or "the Company") Results of Rights Issue Kiln is pleased to announce that the 3 for 7 Rights Issue of 87,413,244 IssueShares at 87 pence per share as detailed in the Prospectus and SupplementaryProspectus to Shareholders dated 2 November 2005 and 5 December 2005respectively, closed for acceptance at 11:00am on 16 December 2005. The Company received valid acceptances in respect of 83,823,660 Issue Sharesfrom Qualifying Shareholders, which represents an aggregate take-up ofapproximately 95.89 per cent. This includes 17,570,135 Issue Shares which havebeen subscribed for by Berkley Insurance Company, a 20.1 per cent. beneficialshareholder in the Company. On 19 December 2005 subscribers were procured by Numis for the 3,589,584 IssueShares for which valid acceptances were not received, at a price of 92 pence pershare. The net proceeds from the sale of these Issue Shares, after deduction ofthe Issue Price of 87 pence per share and relevant costs, will be paid toQualifying Shareholders who have not taken up their entitlements, pro rata totheir lapsed provisional allotments in accordance with the terms of the RightsIssue. As a result of the procurement of subscribers, neither Numis nor thesub-underwriters will be required to subscribe for any Issue Shares. The Rights Issue was fully underwritten by Numis other than in respect of the17,570,135 Issue Shares for which Berkley Insurance Company irrevocablyundertook to subscribe, and has now done so, in order to take up the rights towhich it was beneficially entitled under the Rights Issue in full. It is expected that the Issue Shares in uncertificated form will be credited toCREST accounts on 21 December 2005 and that definitive share certificates inrespect of Issue Shares in certificated form will be dispatched to shareholdersby 28 December 2005. Definitions used in the Prospectus apply in this announcement unless the contextotherwise requires. 19 December 2005 Enquiries: Kiln plc 020 7886 9000Keith Grant Company Secretary College Hill 020 7457 2020Roddy Watt The Directors have taken all reasonable care to ensure that the informationcontained in this announcement is, to the best of their knowledge, in accordancewith the facts and contains no omission likely to affect the import of suchinformation. Numis, which is authorised and regulated in the United Kingdom by the FinancialServices Authority, is acting as sponsor, joint financial adviser, corporatebroker and underwriter to Kiln in relation to the matters described in thisannouncement and is not acting for any other person and will not be responsibleto any other person for providing the protections afforded to customers of Numisnor for advising them on the contents of this announcement or any other matterin relation to the Rights Issue. Lexicon Partners, which is authorised and regulated in the United Kingdom by theFinancial Services Authority, is acting as joint financial adviser to Kiln inrelation to the matters described in this announcement and is not acting for anyother person and will not be responsible to any other person for providing theprotections afforded to customers of Lexicon Partners nor for advising them onthe contents of this announcement or any other matter in relation to the RightsIssue. The release, publication or distribution of this announcement in certainjurisdictions may be restricted by law and therefore persons in suchjurisdictions into which this announcement is released, published or distributedshould inform themselves about and observe such restrictions. This announcement does not constitute or form any part of, and should not beconstrued as, an offer to sell, or the solicitation of an offer to subscribefor, underwrite or acquire the Issue Shares being issued in connection with theRights Issue. The Issue Shares have not been, and will not be, registered underthe applicable securities laws of Canada, Australia, Japan, New Zealand, theRepublic of South Africa or the Republic of Ireland. Accordingly, unless anexemption under any applicable laws is available, the Issue Shares may not beoffered, sold, transferred, taken up or delivered, directly or indirectly, in orinto Canada, Australia, Japan, New Zealand, the Republic of South Africa or theRepublic of Ireland or any other country outside the United Kingdom where suchdistribution may otherwise lead to a breach of any law or regulatoryrequirement. This announcement is not an offer of securities for sale into the United Statesor in any jurisdiction in which such an offer or solicitation is unlawful. Thesecurities referred to in this announcement have not been and will not beregistered under the Securities Act and may not be offered, sold, transferred,taken up or delivered, directly or indirectly, in or into the United States,absent registration or an exemption from registration under the Securities Act.No public offering of the securities will be made in the United States. This information is provided by RNS The company news service from the London Stock Exchange