12th Oct 2006 07:46
Ardana PLC12 October 2006 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN Ardana plc Result of Placing and Open Offer Edinburgh, UK, 12 October 2006 - Ardana plc (LSE: ARA) ("Ardana" or the "Company") has announced that by 11.00 a.m. on 11 October 2006, being the latesttime for receipt of application forms and payment in full under the Open Offerannounced on 20 September 2006, valid applications had been received fromQualifying Shareholders in respect of 1,595,931 New Ordinary Shares,representing 16.65 per cent. of the 9,585,380 New Ordinary Shares availableunder the Open Offer. This amount includes 44,573 New Ordinary Shares thesubject of irrevocable commitments to accept the Open Offer entered into by DrMaureen Lindsay, Graham Lee, Dr John Brown and Carol Ferguson, all Directors ofthe Company. A further 5,493,362 New Ordinary Shares which certain Qualifying Shareholdershad irrevocably undertaken not to take up under the terms of the Open Offer wereconditionally placed firm by Piper Jaffray. Accordingly, a total of 7,089,293New Ordinary Shares (being 73.96 per cent. of the New Ordinary Shares availableunder the Placing and Open Offer) were either placed firm by Piper Jaffray orwere the subject of valid applications from Qualifying Shareholders. Therefore the balance of 2,496,087 New Ordinary Shares not applied for byQualifying Shareholders under the Open Offer or placed firm by Piper Jaffraywill be taken up by institutional investors under the Placing pursuant to thePlacing Agreement. The New Ordinary Shares to be issued pursuant to the Placing and Open Offer willrank pari passu with the existing Ordinary Shares in all respects. The Placing and Open Offer remains conditional upon, inter alia, the passing ofthe resolutions at the EGM today at noon and admission of the New OrdinaryShares to the Official List and to trading on the London Stock Exchange's marketfor listed securities. Application has been made to the FSA for the NewOrdinary Shares to be admitted to the Official List and to be admitted totrading on the London Stock Exchange's markets for listed securities. It isexpected that Admission will become effective and dealings in the New OrdinaryShares will commence at 8.00 a.m. on 13 October 2006. Terms defined in the Prospectus dated 20 September 2006 have the same meaning inthis announcement. A copy of the Prospectus has been submitted to the FSA , andis available for inspection at the FSA's Document Viewing Facility, which issituated at: Financial Service Authority, 25 The North Colonnade, Canary Wharf,London E14 5HS. For further information, please contact: Ardana plcTel: 0131 226 8558Dr. Maureen Lindsay, Chief Executive OfficerGraham Lee, Chief Financial Officer Piper Jaffray Ltd.Tel: 020 7743 8700Jamie AdamsJames Steel Financial DynamicsTel: 020 7831 3113Julia PhillipsJohn Gilbert Piper Jaffray Ltd., which is authorised and regulated in the United Kingdom bythe Financial Services Authority and is a member of the London Stock Exchange,is acting for the Company and no-one else in connection with the Placing andOpen Offer and will not be responsible to anyone other than the Company forproviding the protections afforded to its customers or for providing advice inrelation to the Placing and Open Offer or any other matter referred to herein. This press announcement has been issued by Ardana plc and is the soleresponsibility of Ardana plc. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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