17th Aug 2006 07:01
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 RESULTS OF RIGHTS ISSUE Low & Bonar PLC (the "Company") announces that the 1 for 2 Rights Issue of up to50,952,569 New Ordinary Shares at 85 pence per share as detailed in theProspectus and Supplementary Prospectus dated 7 July 2006 and 19 July 2006respectively, closed for acceptance at 11:00 a.m. on 16 August 2006. The Company received valid acceptances in respect of 43,917,629 New OrdinaryShares from Qualifying Shareholders, which represents an aggregate take-up ofapproximately 86.19 per cent. In accordance with the terms of the Underwriting Agreement dated 7 July 2006between the Company and Hoare Govett and Numis (the "Lead Managers"), the LeadManagers will seek to procure subscribers for the remaining New Ordinary Sharesfor which valid acceptances were not received. It is expected that the New Ordinary Shares in uncertificated form will becredited to CREST accounts on 17 August 2006 and that definitive sharecertificates in respect of New Ordinary Shares in certificated form will bedispatched to shareholders by 23 August 2006.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 3191 Tim Rowntree Hoare Govett Limited 020 7678 8000 John MacGowan Dickie Hall Numis Securities Limited 020 7776 1500Iain McDonald David 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 anyoffer to acquire New Ordinary Shares or to take up entitlements to Nil PaidRights in any jurisdiction in which such an offer or solicitation is unlawful.The distribution of this announcement in certain jurisdictions may berestricted by law and therefore persons into whose possession this announcementcomes should inform themselves about and observe any such restrictions. Anyfailure to comply with these restrictions may constitute a violation of thesecurities laws of any such jurisdiction. Any purchase of, or application for,securities in the Rights Issue should only be made on the basis of informationcontained in the Prospectus expected to be published today and any supplementthereto. 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 registrationor 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 theUS Securities Act of 1933, as amended, or under the securities laws of anystate in the United States or under the applicable securities laws of anyExcluded Territory. Subject to certain exceptions, the New Ordinary Shares, theNil Paid Rights and the Fully Paid Rights may not be offered or sold in theUnited States or in any Excluded Territory, or to or for the benefit of anynational, 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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