29th Nov 2005 17:08
Hiscox PLC29 November 2005 29 November 2005 Not for release, publication or distribution in whole or in part in or into theUnited States, Canada, Australia or Japan HISCOX PLC ANNOUNCEMENT Result of Rights Issue Hiscox plc ("Hiscox") today announces that it has received valid acceptances inrespect of 95,146,129 new ordinary shares of Hiscox ("New Hiscox Shares"),representing approximately 98.7% of the total number of New Hiscox Sharesoffered to Qualifying Shareholders pursuant to the 0.327 for 1 rights issueannounced by Hiscox on 8 November 2005 (the "Rights Issue"). A total of96,376,553 New Hiscox Shares were offered to Qualifying Shareholders in theRights Issue, which closed at 11:00am on 29 November 2005. In accordance with the arrangements set out in Part II of the prospectusrelating to the Rights Issue, subscribers have today been procured for theremaining 1,230,424 New Hiscox Shares for which valid acceptances were notreceived, at a price of 213.25 pence per share. The net proceeds from the saleof these New Hiscox Shares after deduction of the Rights Issue price of 183pence per share and relevant costs, will be paid to those QualifyingShareholders who have not taken up their entitlements, pro rata to their lapsedprovisional allotments or to Hiscox, if the net proceeds are less than £5. As a result of the sale of these shares, neither the underwriters nor thesub-underwriters will be required to subscribe for any new Hiscox shares. The Rights Issue was fully underwritten by UBS Limited. Enquiries: Hiscox plc 020 7448 6000Robert Hiscox, ChairmanBronek Masojada, Chief Executive OfficerStuart Bridges, Finance Director The Maitland Consultancy 020 7379 5151Public RelationsAngus MaitlandSuzanne Bartch UBS Investment Bank 020 7567 8000Sole Sponsor, Underwriter and Joint Financial AdviserJohn WoollandIan Gladman N M Rothschild & Sons 020 7280 5000Joint Financial AdviserJonathan Eddis Each of UBS Investment Bank and N M Rothschild & Sons Limited is acting forHiscox plc in connection with the Rights Issue and no-one else and will not beresponsible to anyone other than Hiscox plc for providing the protectionsafforded to each of their respective clients or for providing advice in relationto the Rights Issue or any other matters referred to in this document. Definitions used in the prospectus dated 8 November 2005 issued by Hiscox plcshall have the same meanings when used in this announcement unless the contextotherwise requires. This announcement is not for release, publication or distribution, directly orindirectly, in whole or in part, in or into the United States (including itsterritories and possessions, any state of the United States and the District ofColumbia). This announcement is not an offer of securities for sale into theUnited States or in any jurisdiction in which such an offer or solicitation isunlawful. The securities referred to in this announcement have not been and willnot be registered under the US Securities Act of 1933, as amended, and may notbe offered or sold in the United States, absent registration or an applicableexemption from registration. No public offering of the securities will be madein the United States. This announcement does not constitute or form part of any offer or invitation tosell or issue, or any solicitation of any offer to purchase or subscribe for,the nil paid rights, the fully paid rights or the new Ordinary Shares beingissued in connection with the Rights Issue, in any jurisdiction or in anycircumstances in which such offer or solicitation is unlawful. The nil paidrights, the fully paid rights, the new Ordinary Shares and the provisionalallotment letters have not been, and will not be, registered under theapplicable securities laws of Canada, Australia or Japan. Accordingly, unless anexemption under any applicable laws is available, the nil paid rights, the fullypaid rights, the new Ordinary Shares and the provisional allotment letters maynot be offered, sold, transferred, taken up or delivered, directly orindirectly, in Canada, Australia or Japan or any other country outside theUnited Kingdom where such distribution may otherwise lead to a breach of any lawor regulatory requirement. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Hiscox