27 Apr 2011 07:00
CITY OF LONDON GROUP PLC
RESULTS OF FIRM PLACING AND OPEN OFFER
On 1 April 2011, the Board of City of London Group plc (the "Company" or "City of London Group") announced details of a proposed share issue to raise gross proceeds of £7.5 million (£6.7 million net of expenses) by way of a firm placing of 6,280,723 new ordinary shares of 83 pence each (the "New Ordinary Shares") (the "Firm Placing") and open offer of up to 2,736,592 New Ordinary Shares (the "Open Offer)" at a price of 83 pence per New Ordinary Share.
Defined terms used in this announcement shall have the same meaning as those terms defined and used in the prospectus of the Company dated 1 April 2011.
The Open Offer closed for acceptances at 11.00 a.m. on 26 April 2011. At that time the Company had received valid acceptances in respect of 952,292 Open Offer Shares from Qualifying Shareholders. This represents approximately 34.8 per cent. of the Open Offer Shares offered. All eligible applications received from Qualifying Shareholders will be allocated their pre-emption entitlements and all eligible applications under the Excess Application Facility will be allocated their Open Offer Shares.
The Firm Placing and Open Offer remain conditional, amongst other things, upon the passing of the Issue Resolutions at the General Meeting, to be held at 10.00 a.m. on 27 April 2011 at The City Club, 19 Old Broad Street, London EC2N 1DS and Admission of the 7,233,015 New Ordinary Shares occurring no later than 8.00 a.m. on 28 April 2011 or such later time or date as the parties to the Placing Agreement may determine.
Application has been made to the UK Listing Authority for the New Ordinary Shares to be admitted to the premium segment of the Official List and to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on the London Stock Exchange's main market for listed securities. It is expected that Admission will become effective on 28 April 2011 and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 28 April 2011. Thereafter, City of London Group will have a total of 18,179,384 Ordinary Shares in issue.
The New Ordinary Shares, when issued and fully paid will rank equally in all respects with the Existing Ordinary Shares.
This announcement should be read in conjunction with the full text of the Prospectus. A copy of the Prospectus is available at the UKLA's National Storage Mechanism (www.hemscott.com/nsm) and will also be available to view on the Company's website (www.cityoflondongroup.com).
For further information please contact:
City of London Group Plc Eric Anstee, Chief Executive Officer John Kent, Executive Director | Tel: +44 (0)20 7628 5518 |
Singer Capital Markets Limited Jeff Keating Jonathan Marren
| Tel: +44 (0)20 3205 7500 |
College Hill (Financial PR and Communications) Roddy Watt Tony Friend | Tel: +44 (0)20 7457 2020 |
This announcement is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada or Japan or any jurisdiction into which the publication or distribution would be unlawful.
This announcement is for information purposes only and does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire shares in the capital of the Company in the United States, Australia, Canada or Japan or any jurisdiction in which such offer or solicitation would be unlawful. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdictions. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act") and may not be offered, sold or transferred, directly or indirectly, within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the securities laws of any state or other jurisdiction of the United States. The securities are being offered and sold outside the United States in accordance with Regulation S under the Securities Act. No public offering of the shares referred to in this announcement is being made in the United States, Australia, Canada or Japan or any jurisdiction in which such public offering would be unlawful.
The information in this press release may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution, reproduction, or disclosure of this information in whole or in part is unauthorised. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions.