13th Dec 2005 15:14
UMECO PLC13 December 2005 UMECO plc ("UMECO" or the "Company") 13 December 2005 FOR IMMEDIATE RELEASE NOT FOR RELEASE, DISTRIBUTION OR TRANSMISSION, DIRECTLY OR INDIRECTLY, IN WHOLEOR IN PART IN OR INTO THE UNITED STATES, ANDORRA, AUSTRALIA, AUSTRIA, BELGIUM,CANADA, FRANCE, GERMANY, GREECE, HOLLAND, JAPAN, NEW ZEALAND, THE REPUBLIC OFIRELAND, SOUTH AFRICA, SPAIN OR SWITZERLAND The release, distribution or transmission of this announcement in or intocertain other jurisdictions may be restricted by law and therefore persons inall jurisdictions into which this announcement is released, distributed ortransmitted should inform themselves about and observe such restrictions. Results of Rights Issue 96.8 per cent. take up of UMECO plc Rights Issue UMECO plc ("UMECO") today announces that it has received valid acceptances inrespect of 13,993,079 New Ordinary Shares, representing approximately 96.8 percent. of the total number of New Ordinary Shares offered to Shareholders,pursuant to the 4 for 9 rights issue announced by UMECO on 1 November 2005 (the"Rights Issue") which closed at 11.00 a.m. today. A total of 14,462,770 NewOrdinary Shares were offered to Shareholders in the Rights Issue. Arbuthnot Securities Limited ("Arbuthnot") will be seeking to procuresubscribers for the remaining New Ordinary Shares, net of fractionalentitlements, for which valid acceptances were not received. This amounts to469,294 New Ordinary Shares. The net proceeds from the sale of these shares,after the deduction of the Rights Issue subscription price of 350 pence per NewOrdinary Share and relevant costs, will be paid to Shareholders that have nottaken up their entitlements pro rata to their lapsed provisional allotments,provided that individual amounts of less than £5.00 will not be paid to suchpersons but will be retained for the benefit of UMECO. Clive Snowdon, Chief Executive of UMECO said: "We are delighted by the high level of support that we have received frominvestors for the Rights Issue, and for their endorsement of the strategicrationale behind it. As well as funding the recently announced acquisitions ofProvest and Aeromedic Innovations, the proceeds will allow us to capitalisefully on other growth projects and opportunities that we have identified, boththrough organic expansion and by acquisition. "With a positive trading environment in our core markets and with the additionalfinancial capacity provided by the Rights Issue proceeds, we can look forward toa period of sustained progress." Words and phrases used but not defined in this announcement shall have themeanings ascribed to them in the UMECO prospectus dated 1 November 2005, unlessthe context requires otherwise. Enquiries: UMECO plc 01926 331 800Clive SnowdonJohn Beaumont Arbuthnot Securities Limited 020 7012 2000Andrew FullertonGraham Swindells The Hogarth Partnership 020 7357 9477John OlsenBarnaby Fry THIS ANNOUNCEMENT DOES NOT CONSTITUTE, OR FORM PART OF, AN OFFER TO SELL OR THESOLICITATION OF AN OFFER TO SUBSCRIBE FOR OR BUY ANY SECURITIES, NOR SHALL THEREBE ANY SALE, ISSUE OR TRANSFER OF THE SECURITIES REFERRED TO IN THISANNOUNCEMENT IN ANY JURISDICTION IN CONTRAVENTION OF APPLICABLE LAW. OFFERS ORSOLICITATIONS OF OFFERS MAY ONLY BE MADE ON THE BASIS OF THE INFORMATION THAT ISCONTAINED IN THE PROSPECTUS PUBLISHED IN CONNECTION WITH THE RIGHTS ISSUE DATED1 NOVEMBER 2005. Arbuthnot, which is authorised and regulated in the United Kingdom by theFinancial Services Authority, is acting as sponsor, joint stockbroker andunderwriter to UMECO and for no one else in relation to the Rights Issue.Arbuthnot will not be responsible to any persons other than UMECO for providingthe protections afforded to customers of Arbuthnot, or for providing advice inrelation to the Rights Issue or any other matters referred to in thisannouncement. This announcement is not an offer for sale of securities in or into the UnitedStates, Andorra, Australia, Austria, Belgium, Canada, France, Germany, Greece,Holland, Japan, New Zealand, the Republic of Ireland, South Africa, Spain orSwitzerland. The securities of UMECO have not been registered with, recommended,approved or disapproved by any US federal or state securities commission orregulatory authority. There will be no public offer of securities in the UnitedStates or in any of the Excluded Territories. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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