5th Nov 2007 08:50
Xchanging PLC05 November 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN 5 November 2007 Xchanging PLC SECONDARY PLACING OF ORDINARY SHARES OF 5p EACH IN XCHANGING PLC ("XCHANGING" OR THE "COMPANY") Citigroup Global Markets UK Equity Limited ("Citi") and UBS Investment Bank ("UBS") (together the "Bookrunners") announce that, following agreement betweenthe Bookrunners and funds advised by General Atlantic LLC ("General Atlantic"),18,230,000 ordinary shares in Xchanging, representing in aggregate approximately8.5% of the issued share capital of Xchanging (the "Placing"), have been placedat a price of 280 pence per ordinary share raising gross proceeds ofapproximately £51 million. Settlement of the Placing is expected to take placeon 8 November. The Placing was increased in size by 3,000,000 shares, to a total of 18,230,000shares, as a result of significant institutional demand. Following the Placing,General Atlantic now holds 39,093,080 ordinary shares in Xchanging, representing18.2% of the issued share capital. The shares retained by General Atlantic willbe subject to new lock-up undertakings which restrict any further disposal ofshares by General Atlantic until the release of Xchanging's preliminary resultsfor the year ended 31 December 2007. In accordance with undertakings entered into at the time of the Initial PublicOffering of Xchanging, as General Atlantic's shareholding in Xchanging hasfallen below 20% of the issued share capital, one of the two General Atlanticdirectors currently on the Xchanging board will step down at the next AGM. Enquiries: Xchanging David Andrews Tel: +44 (0) 20 7780 6999 Richard Houghton Citi Darell Uden Tel: +44 (0) 20 7986 4000 Charlie Lytle UBS Christopher Smith Tel: +44 (0) 20 7567 8000 Nick Adams General Atlantic Pat Hedley Tel: +1 203 629 8600 Tulchan Communications David Trenchard Tel: +44 (0)20 7353 4200 David Allchurch About Xchanging Xchanging is a fast-growing international, pure play business processoutsourcing company providing complex industry specific processing to thebanking and insurance industries such as securities processing, commercialinsurance premiums and claims processing. We also provide procurement, financeand accounting, and human resources services to customers across industries. www.xchanging.com This announcement is not for publication or distribution, directly orindirectly, in or into the United States of America (including its territoriesand possessions, any state of the United States and the District of Columbia).This announcement is not an offer of securities for sale into the United States.The securities referred to herein have not been and will not be registered underthe U.S. Securities Act of 1933, as amended, and may not be offered or sold inthe United States, except pursuant to an applicable exemption from registration.No public offering of securities is being made in the United States. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
XCH.L