14th Sep 2007 09:41
Costain Group PLC14 September 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY ORINDIRECTLY, IN OR INTO, THE UNITED STATES, CANADA, FRANCE, JAPAN, MALAYSIA, NEWZEALAND, SOUTH AFRICA OR SWITZERLAND OR IN OR INTO ANY JURISDICTION WHERE TO DOSO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION FOR IMMEDIATE RELEASE 14 September 2007 Costain Group PLC Rights Issue - Successful Placement of RIGHTS OVER NEW ORDINARY SHARES Following Costain Group PLC's ("Costain") announcement earlier today relating tothe issue of 267,923,469 new ordinary shares (the "New Ordinary Shares") under a3 for 4 rights issue (the "Rights Issue"), Costain announces that DaedalusProjects Limited ("Daedalus"), has agreed, conditional inter alia on theadmission of the New Ordinary Shares, nil paid, to the Official List and totrading on the main market for listed securities of the London Stock Exchange,to sell rights over 81,261,941 New Ordinary Shares ("Daedalus Rights"),representing 30.3% of the New Ordinary Shares issuable under the Rights Issue,to Dresdner Kleinwort Securities Limited ("Dresdner") at 3.7857p per DaedalusRight to raise £3.1 million. Daedalus will use these proceeds to fund the takeup of its remaining entitlement to subscribe for 12,753,964 New Ordinary Sharesat the issue price of 24p under the terms of the Rights Issue. Dresdner has agreed to pay the 24p call on, and take up, the 81,261,941 DaedalusRights in full and sell 45,681,941 of such rights, fully paid, to ArbuthnotSecurities Limited at 27.7857p per Daedalus Right. With the exception of a small number of rights reserved for market makingpurposes, Dresdner and Arbuthnot have placed all of the fully paid DaedalusRights with investors. Prior to the Rights Issue, Daedalus held 35.1 per cent. of Costain's issuedordinary share capital. Following the Rights Issue Daedalus is expected to hold22.1 per cent. of the enlarged issued ordinary share capital. Contacts: Costain Group PLC Tel: 020 7705 8444Andrew Wyllie, Group Chief ExecutiveTony Bickerstaff, Group Finance Director Hawkpoint Partners Limited (Financial adviser and Sponsor) Tel: 020 7665 4500Christopher KemballChris Robinson Arbuthnot Securities Limited (Joint broker to Costain) Tel: 020 7012 2000James SteelRichard Dunn Dresdner Kleinwort Limited (Joint broker to Costain) Tel: 020 7623 8000Charles BattenMichael Covington College Hill (PR advisers) Tel: 020 7457 2020Mark GarrawayMatthew Gregorowski Hawkpoint Partners Limited, which is authorised and regulated in the UnitedKingdom by the Financial Services Authority, is acting as financial adviser andsponsor to Costain and is acting for no one else in connection with the RightsIssue and will not be responsible to anyone other than Costain for providing theprotections afforded to clients of Hawkpoint Partners Limited, nor for providingadvice in connection to the Rights Issue or any other matter referred to herein. Arbuthnot Securities Limited, which is authorised and regulated in the UnitedKingdom by the Financial Services Authority, is acting exclusively for Costainand for no one else in connection with matters described in this announcementand is not advising any other person or treating any other person as its clientin relation to matters described in this announcement and will not beresponsible to anyone other than Costain for providing the protections affordedto clients of Arbuthnot Securities Limited, or for giving advice to any otherperson in relation to the contents of this announcement or any other matterreferred to in this announcement. Dresdner Kleinwort Securities Limited, which is authorised and regulated by theFinancial Services Authority, is acting for Costain and for no one else inconnection with the matters described in this announcement and will not beresponsible to anyone other than Costain for providing the protections affordedto customers of Dresdner Kleinwort Securities Limited, or for affording advicein relation to the contents of this announcement or any other matter referred toherein. This announcement does not constitute an offer to sell or the solicitation of anoffer to acquire or subscribe for New Ordinary Shares. The offer to acquire NewOrdinary Shares pursuant to the proposed Rights Issue will be made solely on thebasis of the information contained in the Prospectus. This announcement is not an offer of securities for sale in, into or from theUnited States, Canada, France, Japan, Malaysia, New Zealand, South Africa orSwitzerland. The New Ordinary Shares have not been and will not be registeredunder the US Securities Act of 1933 (as amended) or under any relevantsecurities laws of any state or other jurisdiction of the United States, andwill not qualify for distribution under any of the relevant securities laws ofCanada, France, Japan, Malaysia, New Zealand, South Africa or Switzerland.Accordingly, the New Ordinary Shares may not be offered, sold, taken up,exercised, resold, renounced, transferred or delivered, directly or indirectly,within the United States (absent registration or an applicable exemption fromregistration) or within Canada, France, Japan, Malaysia, New Zealand, SouthAfrica or Switzerland.. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Costain