Grainger issue gets 92.7% acceptances

Residential property specialist Grainger's recent 2 for 1 rights issue received an acceptance rate of 92.66%.The rights issue was underwritten, and the 20.3m shares not purchased will be sold in the market by the underwriters.Trading in the new shares commenced on Wednesday, 16 December, 2009The company issued the new shares at a 40.2% discount to the closing price on the day before the rights issue announcement. During the rights issue period the company's shares were shorted by a number of financial institutions, including KBC Peel Hunt, Infinity Capital Markets, Trafalgar Asset and ABC Arbitrage. Grainger plc