23rd Oct 2009 09:52
23 October 2009
Balfour Beatty plc
THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
BALFOUR BEATTY PLC - SUCCESSFUL PLACING OF RIGHTS ISSUE RUMP
Following the announcement earlier today that Balfour Beatty plc ("Balfour Beatty") had received valid acceptances in respect of 199,469,067 New Shares, representing approximately 97.06% of the total number of New Shares offered to Shareholders pursuant to the 3 for 7 Rights Issue announced on 17 September 2009 (the "Rights Issue"), Balfour Beatty now announces that, in accordance with the arrangements set out in Part III of the Prospectus, J.P. Morgan Cazenove Limited and RBS Hoare Govett Limited, as the Joint Bookrunners, have procured acquirers for the remaining 6,033,170 New Shares for which valid acceptances were not received, at a price of 287 pence per New Share.
The net proceeds from the sale of these New Shares, after the deduction of the Issue Price of 180 pence per New Share and the expenses of procuring acquirers (including any applicable brokerage and commissions and amounts in respect of relevant value added tax), will be paid (without interest) to those persons entitled thereto (as set out in Part III of the Prospectus), pro rata to their lapsed provisional allotments, save that amounts of less than £5.00 per holding will not be paid, but will be aggregated and retained for the benefit of Balfour Beatty. As a result of the sale of these New Shares, neither the Joint Underwriters nor the sub-underwriters will be required to acquire any New Shares.
The Rights Issue was fully underwritten by J.P. Morgan Securities Ltd., RBS Hoare Govett Limited and Citigroup Global Markets U.K. Equity Limited.
Capitalised definitions used in the Prospectus shall have the same meanings when used in this announcement, unless the context requires otherwise.
Enquiries:
Balfour Beatty
Duncan Murray, Director of Corporate Communications
Tel 020 7216 6865
Pelham PR
Andy Cornelius
Gavin Davis
Tel 020 7337 1514
J.P. Morgan Cazenove
Edmund Byers
Jonathan Wilcox
Charles Pretzlik
Tel: 020 7588 2828
RBS Hoare Govett
Bob Pringle
Neil Collingridge
Jeremy Thompson
Tel: 020 7678 8000
Disclaimer
This announcement is for information purposes only and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire, Nil Paid Rights, Fully Paid Rights or New Shares or to take up any entitlements to Nil Paid Rights in any jurisdiction in which such an offer or solicitation is unlawful.
This announcement is not for release, publication or distribution to persons in the United States (including its territories and possessions, any state of the United States and the District of Columbia), Australia, Japan and South Africa and should not be distributed, forwarded to or transmitted in or into any jurisdiction where to do so might constitute a violation of local securities laws or regulations.
This announcement does not constitute an offer for sale of securities of the Company in the United States, Australia, Japan and South Africa. Such securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration thereunder. There will be no public offering of the securities in the United States. The distribution of this announcement and/or the prospectus relating to the Rights Issue and/or the Provisional Allotment Letters ("PALs") and/or the transfer of Nil Paid Rights, Fully Paid Rights and/or New Shares into jurisdictions other than the United Kingdom may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
J.P. Morgan Cazenove Limited, J.P. Morgan Securities Ltd., RBS Hoare Govett Limited, Citigroup Global Markets Limited and Citigroup Global Markets U.K. Equity Limited are acting for the Company and no one else in connection with the Rights Issue and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for providing advice in connection with the Rights Issue or any other matter referred to herein.
The distribution of this announcement and/or the Prospectus and/or the PALs and/or the transfer or offering of New Shares into jurisdictions other than the United Kingdom may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
This announcement has been prepared for the purposes of complying with applicable law and regulation in the United Kingdom and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside the United Kingdom.
No person has been authorised to give any information or to make any representations other than those contained in this announcement and, if given or made, such information or representations must not be relied on as having been authorised by Balfour Beatty, J.P. Morgan Cazenove Limited, J.P. Morgan Securities Ltd., Citigroup Global Markets Limited, Citigroup Global Markets U.K. Equity Limited or RBS Hoare Govett Limited. Subject to the Listing Rules, the Prospectus Rules and the Disclosure and Transparency Rules, the issue of this announcement shall not, in any circumstances, create any implication that there has been no change in the affairs of Balfour Beatty or Parsons Brinckerhoff since the date of this announcement or that the information in it is correct as at any subsequent date.
Related Shares:
Balfour Beatty