5th Nov 2007 07:04
Xchanging PLC05 November 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN 5 November 2007 Xchanging plc PROPOSED SECONDARY PLACING OF ORDINARY SHARES OF 5p EACH IN XCHANGING PLC ("XCHANGING" OR THE "COMPANY") Citigroup Global Markets UK Equity Limited ("Citi") and UBS Investment Bank ("UBS") (together the "Bookrunners") announce an accelerated bookbuilt secondaryplacing (the "Placing"), of 15,230,000 Shares in the Company representingapproximately 7% of Xchanging's issued share capital at 280p per share, subjectto demand and market conditions. The sellers of the ordinary shares which are the subject of the proposed Placingare funds advised by General Atlantic LLC ("General Atlantic"). If all of thePlacing Shares are sold, General Atlantic will hold in aggregate, 42,093,080shares, or approximately 19.6% of Xchanging's issued share capital. The shares retained by General Atlantic will be subject to new lock-upundertakings which restrict any further disposal of shares by General Atlanticuntil the release of Xchanging's preliminary results for the year ended 31December 2007. The books for the Placing will open with immediate effect. Allocations will bedetermined and announced as soon as practicable following the closing of thePlacing. The timing of the closing of the Placing will be determined in duecourse by the Bookrunners. Enquiries: XchangingDavid Andrews Tel: +44 (0) 20 7780 6999Richard Houghton CitiDarell Uden Tel: +44 (0) 20 7986 4000Charlie Lytle UBSChristopher Smith Tel: +44 (0) 20 7567 8000Nick Adams General AtlanticPat Hedley Tel: +1 203 629 8600 Tulchan CommunicationsDavid Trenchard Tel: +44 (0)20 7353 4200David Allchurch About Xchanging Xchanging is a fast-growing international, pure play business processoutsourcing company providing complex industry specific processing to thebanking and insurance industries such as securities processing, commercialinsurance premiums and claims processing. We also provide procurement, financeand accounting, and human resources services to customers across industries. www.xchanging.com This announcement is not for publication or distribution, directly orindirectly, in or into the United States of America (including its territoriesand possessions, any state of the United States and the District of Columbia).This announcement is not an offer of securities for sale into the United States.The securities referred to herein have not been and will not be registered underthe U.S. Securities Act of 1933, as amended, and may not be offered or sold inthe United States, except pursuant to an applicable exemption from registration.No public offering of securities is being made in the United States. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
XCH.L