26th Apr 2005 07:00
Redstone PLC26 April 2005 Redstone plc (the "Company") Results of Placing and Open Offer On 31 March 2005, the Company announced a Firm Placing and a Placing and OpenOffer of a total of 416,726,337 new ordinary shares of 1 pence each at 6.25pence each to raise approximately £26.0 million (before expenses). QualifyingShareholders were invited to participate in the Issue by way of the Open Offerand to apply for up to 128,726,337 of these New Ordinary Shares on the basis of6 Open Offer Shares for every 13 Existing Ordinary Shares held on the RecordDate and so in proportion to any number of Existing Ordinary Shares then heldand such further numbers in excess of their Basic Entitlement as could besatisfied, to the extent that other Qualifying Shareholders did not take uptheir Basic Entitlement. Under the Open Offer which closed at 11.00 a.m. on 25 April 2005, validapplications have been received in respect of 53,368,223 Open Offer Shares,representing 41.4587 per cent. of the Open Offer Shares available under the OpenOffer. The remaining 75,358,114 Open Offer Shares will be subscribed for byinstitutional and other investors with whom they were conditionally placedsubject to a right of clawback to satisfy valid applications from QualifyingShareholders under the Open Offer. 288,000,000 New Ordinary Shares were alsoplaced firm with institutional and other investors pursuant to the Firm Placingand will therefore be subscribed for by those investors. The Issue remains subject to shareholder approval, the resolutions for whichwill be proposed at an Extraordinary General Meeting of the Company to be heldon Wednesday 27 April 2005 at 10.00 a.m., completion of the acquisition of XpertGroup Limited and Admission. Assuming that shareholder approval is obtained and the Acquisition is completed,it is expected that dealings in the New Ordinary Shares on the London StockExchange will commence by 8.00 a.m. on 28 April 2005, following their admissionto the Official List of the UK Listing Authority and to trading on the marketfor listed securities of the London Stock Exchange, for which applications havebeen made. CREST stock accounts are expected to be credited on 28 April 2005 inrespect of New Ordinary shares to be held in uncertificated form and definitiveshare certificates in respect of New Ordinary Shares to be held in certificatedform are expected to be posted, where applicable, by 12 May 2005. Unless the context provides otherwise, words and expressions defined in theprospectus sent to shareholders of the Company dated 31 March 2005 shall havethe same meanings in this announcement. 26 April 2005 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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