17th Aug 2006 13:18
Low & Bonar PLC17 August 2006 FOR IMMEDIATE RELEASE 17 August 2006 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OFAMERICA, CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA OR JAPAN Low & Bonar PLC RIGHTS ISSUE RUMP Further to the announcement made earlier today by Low & Bonar PLC (the"Company") regarding the receipt of valid acceptances in respect of 43,917,629New Ordinary Shares, representing approximately 86.19 per cent. of the up to50,952,569 New Ordinary Shares offered to Qualifying Shareholders pursuant tothe 1 for 2 Rights Issue announced on 7 July 2006, the Company announces thatHoare Govett and Numis (the "Lead Managers") have procured subscribers for theremaining 7,034,584 New Ordinary Shares for which valid acceptances were notreceived (having taken into account 356 New Ordinary Shares relating tofractional entitlements of Qualifying Shareholders which were not allotted), ata price of 117 pence per New Ordinary Share. As a result of the procurement ofthe subscribers, neither Hoare Govett nor Numis nor any sub-underwriter will berequired to subscribe for any New Ordinary Shares. The net proceeds, after deduction of the Issue Price of 85 pence per NewOrdinary Share and the expenses of procuring subscribers (including any relatedvalue added tax), will, save for amounts less than £5, be paid to those personswhose rights have lapsed in accordance with the terms of the Rights Issue, prorata to their lapsed provisional allotments in accordance with the terms of theRights Issue. Definitions used in the Prospectus dated 7 July 2006 apply in this announcementunless the context otherwise requires. Enquiries Paul Forman Low & Bonar PLC 020 7535 3191Tim Rowntree Hoare Govett Limited 020 7678 8000John MacGowanDickie Hall Numis Securities Limited 020 7776 1500Iain McDonaldDavid Trenchard Tulchan Communications Group Ltd 020 7353 4200Peter Hewer This announcement has been issued by, and is the sole responsibility of, theCompany. This announcement shall not constitute an offer of, or the solicitation of any offer to acquire New Ordinary Shares or to take up entitlements to Nil Paid Rights in any jurisdiction in which such an offer or solicitation is unlawful. The distribution of this announcement in certain jurisdictions may be restricted by law and therefore 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. Any purchase of, or application for, securities in the Rights Issue should only be made on the basis of information contained in the Prospectus expected to be published today and any supplement thereto. This announcement is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. The New Ordinary Shares, the Nil Paid Rights and the Fully Paid Rights have not been, nor will they be, registered under the US Securities Act of 1933, as amended, or under the securities laws of any state in the United States or under the applicable securities laws of any Excluded Territory. Subject to certain exceptions, the New Ordinary Shares, the Nil Paid Rights and the Fully Paid Rights may not be offered or sold in the United States or in any Excluded Territory, or to or for the benefit of any national, resident or citizen of any Excluded Territory. ABN AMRO, which is authorised and regulated in the United Kingdom by theFinancial Services Authority, is acting exclusively for the Company in relationto the Acquisition and the Rights Issue and for no one else and will not beresponsible to anyone other than the Company for providing the protectionsafforded to its clients or for providing advice in relation to the Acquisitionor the Rights Issue, or any other matter referred to in this announcement. PricewaterhouseCoopers, which is authorised and regulated in the United Kingdomby the Financial Services Authority for designated investment business, isacting exclusively for the Company and for no one else in relation to theAcquisition and the Rights Issue and will not be responsible to anyone otherthan the Company for providing the protections afforded to clients ofPricewaterhouseCoopers or for providing advice in relation to the Acquisition orthe Rights Issue, or any other matter referred to in this announcement. Hoare Govett and Numis, both of which are authorised and regulated in the UnitedKingdom by the Financial Services Authority, are acting exclusively for theCompany and for no one else in relation to the Rights Issue and will not beresponsible to anyone other than the Company for providing the protectionsafforded to their clients or for providing advice in relation to the RightsIssue or any other matter referred to in this announcement. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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