Big Yellow Regulatory News (BYG)

23 January 2013

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA

Big Yellow Group PLC

("Big Yellow" or the "Company" and, together with its subsidiaries the "Group")

RESULTS OF PLACING

Big Yellow is pleased to announce the successful completion of the placing announced earlier today (the "Placing").

A total of 10,000,000 new ordinary shares of 10 pence each in Big Yellow (the "Placing Shares") have been placed by J.P. Morgan Cazenove at a price of 370 pence per Placing Share, with existing and new institutional investors, raising gross proceeds of approximately £37 million. The Placing Shares being issued represent 7.0% of Big Yellow's expected enlarged issued ordinary share capital.

Application has been made to the Financial Services Authority for admission of the Placing Shares to the Official List maintained by the UK Listing Authority and to the London Stock Exchange (the "LSE") for admission to trading of the Placing Shares on the LSE's main market for listed securities (together "Admission"). It is expected that Admission will take place at 8.00 a.m. on 28 January 2013 and that dealings in the Placing Shares on the LSE's main market for listed securities will commence at the same time.

The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of 10 pence each in the capital of Big Yellow, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue of the Placing Shares.

J.P. Morgan Cazenove acted as sole bookrunner in respect of the Placing.

Commenting on the Placing, Nick Vetch, Big Yellow's Executive Chairman, said:

"We are delighted that this successful £37 million equity raising will enable the Company to reduce its debt level, improve its interest cover at the pre-interest cash flow level and allow us to rebase our dividend policy. In addition, we will now proceed with the phased development of three existing sites and at the same time we will continue to track other site acquisition opportunities in London."

Total Voting Rights

For the purposes of the Disclosure and Transparency Rules, Big Yellow's total issued share capital following the completion of the Placing will consist of 142,627,679 ordinary shares of 10 pence each with one voting right per share, of which 1,418,750 ordinary shares are held in treasury. 

The total number of voting rights in Big Yellow, excluding treasury shares is therefore 141,208,929.

The above figure (141,208,929) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Big Yellow Group PLC, under the FSA's Disclosure and Transparency Rules.

Enquiries

For further information, please contact:

Big Yellow 01276 477 811

Nicholas Vetch (Executive Chairman)

James Gibson (Chief Executive)

John Trotman (Chief Financial Officer)

Address: 2 The Deans, Bridge Road, Bagshot GU19 5AT

Fax: 01276 470 191

Website: www.bigyellow.co.uk

J.P. Morgan Cazenove 020 7742 4000

Robert Fowlds

Bronson Albery

Barry Meyers

Weber Shandwick 020 7067 0700

Nick Oborne

John Moriarty

Disclaimer

This announcement has been issued by and is the sole responsibility of the Company. This announcement is for information only and does not constitute an offer or invitation to underwrite, subscribe for or otherwise acquire or dispose of any securities or investment advice in any jurisdiction in which such an offer or solicitation is unlawful, including without limitation, the United Kingdom, Australia, Canada, Japan or South Africa. No prospectus will be made available in connection with the matters contained in this announcement. Persons needing advice should consult an independent financial adviser.

This announcement, including the appendix and the information contained herein is not an offer of securities for sale in the United States. The securities discussed herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act. No public offering of the securities discussed herein is being made in the United States and the information contained herein does not constitute an offering of securities for sale in the United States, Australia, Canada, Japan, South Africa or any jurisdiction in which the same would be unlawful. This announcement is not for distribution directly or indirectly in or into the United States, Australia, Canada, Japan or South Africa. No money, securities or other consideration is being solicited and, if sent in response to the information herein, will not be accepted. There will be no public offer of Ordinary Shares in the United States, the United Kingdom or elsewhere.

The distribution of this announcement and the Placing of the Placing Shares as set out in this announcement in certain jurisdictions may be restricted by law. No action has been taken that would permit an offering of such shares or possession or distribution of this announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required to inform themselves about, and to observe, such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement is directed only at persons (i) having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) who are high net worth entities falling within Article 49(2)(a) to (d) of the Order, and other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). This announcement must not be acted or relied on in the United Kingdom by persons who are not relevant persons.

In member states of the European Economic Area ("EEA"), this announcement is only addressed to and directed at persons who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State) and includes any relevant implementing measure in each Relevant Member State) (the "Prospectus Directive") ("Qualified Investors").

J.P. Morgan Securities plc (which conducts its UK investment banking business under the name J.P. Morgan Cazenove) ("JPMC"), which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting for the Company in connection with the Placing and no-one else and will not be responsible to anyone other than the Company for providing the protections afforded to clients of JPMC nor for providing advice in relation to the Placing. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by the Company or JPMC or by any of respective affiliates or agents as to or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

Certain statements in this announcement are forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. These forward-looking statements, which may use words such as "aim", "anticipates", "believe", "intend", "estimate", "expect" and words of similar meaning, include all matters that are not historical facts. These forward-looking statements involve risks and uncertainties that could cause the actual results of operations, financial condition, liquidity, dividend policy and the development of the industry in which the Company's business operates to differ materially from the impression created by the forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by the FSA, the London Stock Exchange or applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Any indication in this announcement of the price at which Ordinary Shares have been bought or sold in the past cannot be relied upon as a guide to future performance. No statement in this announcement is intended to be a profit forecast and no statement in this announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company. The price of Ordinary Shares and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of the Placing Shares.

The Placing Shares to be issued pursuant to the Placing will not be admitted to trading on any stock exchange other than the London Stock Exchange plc.

Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.