17th May 2006 07:00
European Islamic Investment BankPLC 17 May 2006 NEWS RELEASE NOT FOR RELEASE IN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN, KUWAIT, QATAR, UNITED ARAB EMIRATES OR SAUDI ARABIA 17 May 2006 EUROPEAN ISLAMIC INVESTMENT BANK PLC COMPLETES AIM IPO European Islamic Investment Bank Plc ('EIIB' or 'the Company') is pleased to announce the completion of its IPO. The Company has raised (conditional on Admission) approximately £75 million (before expenses) through the Issue of 301,125,531 New Ordinary Shares at a price of 25p per share (the Issue Price), of which approximately £60 million was raised through the offer to existing shareholders. The New Ordinary Shares represent approximately 16.5 per cent of the enlarged issued share capital of the Company. On Admission, the Company will have 1,825,562,531 Ordinary Shares in issue. Admission to AIM and the commencement of dealings in the Ordinary Shares are expected to take place today, Wednesday, 17 May 2006. The Company's AIM ticker will be 'EIIB'. John Weguelin, Managing Director of EIIB, said: 'The IPO is another significant milestone in the continued roll-out of our business plan and we are pleased with the outcome, particularly in the light of the recent difficult markets. 'We will use the proceeds of the IPO to build our business and address the growing demand for Sharia'a compliant investment banking products and services. The global Islamic banking market is already estimated to be controlling approximately $500 billion in total assets and has grown significantly over the past five years. 'We believe that our purely Sharia'a compliant approach, together with our independence and status following Admission as a UK quoted and regulated company, will enable us to become a leading investment bank in the Islamic financial sector, and to bridge the gap between the Islamic and conventional financial markets.' EIIB, headquartered in London, was established in January 2005 and is the first independent, Sharia'a compliant Islamic investment bank to be authorised and regulated by the Financial Services Authority ('FSA'). The Company received FSA authorisation in March and opened for business on 3 April 2006. In the second quarter of 2005 EIIB completed a private placement which raised approximately £108 million (net of expenses). EIIB's business activities will include: - Treasury and Capital Markets - Asset Management, including Private Banking - Trade Finance and Correspondent Banking - Advisory and Corporate Finance. EIIB aims to attract a wide customer base including Islamic institutions and high net worth investors, investors in conventional financial markets and international institutions wishing to transact business in the Islamic financial markets. BNP Paribas acted as financial adviser to EIIB and global coordinator and joint bookrunner to the IPO. Evolution Securities Ltd was joint bookrunner to the IPO and is acting as Nominated Adviser and Broker to EIIB. Ends Further information: John Weguelin, Managing Director, EIIB, 020 7847 9910 / 07710 461 093 Andy Berry/Michelle James/Andrew Marshall, Fishburn Hedges, 020 7839 4321 This announcement has been issued and communicated by and is the sole responsibility of EIIB and has been approved solely for the purposes of section 21(2)(b) of the Financial Services and Markets Act 2000 by Evolution Securities Limited ('Evolution'). BNP Paribas and Evolution are acting solely for EIIB (and no-one else) in connection with the proposed IPO (the 'Offer') and no one else and will not be responsible to anyone other than EIIB for providing protections afforded to their clients nor for providing advice in relation to the proposed Offer. BNP Paribas and Evolution are regulated in the United Kingdom by the Financial Services Authority. This announcement does not constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscribe for any securities nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This announcement is not intended to form the basis of any investment decision and any decision to purchase shares to be issued or sold in connection with the proposed Offer should be made solely on the basis of information contained in any offering document issued in connection with the proposed Offer. This announcement does not constitute a recommendation regarding the securities of EIIB and does not constitute, and is not to be taken as constituting, the giving of investment advice by Evolution. This announcement does not contain or constitute an offer of securities for sale in the United States. The securities proposed to be offered in EIIB 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 or sold in the United States or to, or for the account or benefit of, US persons (within the meaning of Regulation S under the Securities Act) except pursuant to an exemption from registration. No public offering of securities is being made in the United States. This announcement and the information contained herein is not for publication, distribution or release in, or into, the United States, Canada, Australia or Japan. Certain statements in this announcement relating to future performance, growth, expectations, industry results, plans, strategy and management's objectives are forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of EIIB, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors include, among others, general economic, business and political conditions, particularly in the United Kingdom, the rest of Europe, the Middle East and Asia; structural or regulatory changes in the banking industry; relationships with customers; competition; and the ability to attract personnel. These forward-looking statements speak only as of the date of this announcement.Related Shares:
Rasmala