8th Jan 2010 07:00
IFG Group plc ("IFG" or "the Company")
Result of Open Offer
Following the announcement on 9 December 2009, of the proposed acquisition of James Hay Holdings Limited and the Placing and Open Offer, IFG is pleased to announce that applications have been received for 26,837,588 New Ordinary Shares representing 55.61% of the New Ordinary Shares offered to IFG Shareholders pursuant to the Open Offer of a total of 48,263,932 New Ordinary Shares which closed at 11.00 am on 7 January 2010. As a consequence 21,426,344 New Ordinary Shares will be allotted to Fiordland.
In addition, it is proposed that the Directors exercise their existing authority to allot a further 240,325 New Ordinary Shares to Fiordland, bringing Fiordland's shareholding to 21,666,669 ordinary shares representing 17.57% of the enlarged issued share capital of IFG.
Application has been made to the Irish Stock Exchange and to the UK Listing Authority for 48,263,932 New Ordinary Shares to be issued pursuant to the Open Offer to be admitted to the Official List of the Irish Stock Exchange and the Official List maintained by the UK Listing Authority. Application has also been made to the Irish Stock Exchange and the London Stock Exchange for admission of such New Ordinary Shares to trading on their respective main markets for listed securities. A further application will be made to the Irish Stock Exchange and to the UK Listing Authority for 240,325 New Ordinary Shares to be issued pursuant to the Potential Additional Placing to be admitted to the Official List of the Irish Stock Exchange and the Official List maintained by the UK Listing Authority. Application will also be made to the Irish Stock Exchange and the London Stock Exchange for admission of such New Ordinary Shares to trading on their respective main markets for listed securities.
It is expected that admission will become effective and that dealings in the New Ordinary Shares will commence immediately following the receipt of certain outstanding regulatory approvals in relation to the Acquisition. These approvals are expected to be received over the next few weeks and a further announcement will be made in relation to the Admission timetable at that point.
Unless otherwise defined, capitalised terms in this announcement have the same meaning as in the Circular to IFG Shareholders dated 11 December 2009.
Commenting, IFG Chief Executive Mark Bourke said:
"We are very pleased with the strong support from our shareholders in the Open Offer which, together with the funds being provided by our new investor Fiordland, allows IFG to complete the James Hay acquisition and puts the Company in a strong financial position".
For further information please contact:
|
Mark Bourke Chief Executive IFG Group plc Tel +353 1 275 2800 |
Niamh Hore Investor Relations Manager IFG Group plc Tel: +353 1 275 2866 |
IFG Group plc,
Booterstown Hall,
Booterstown,
Co Dublin.
www.ifggroup.com
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