HSTN.L Regulatory News (HSTN)

8 Jul 2009 07:00



 8 July 2009

Hansteen Holdings PLC ("Hansteen" or the "Company")

RESULT OF OPEN OFFER

On 23 June 2009, Hansteen announced a share issue to raise gross proceeds of £200.8 million (approximately £194.6 million net of expenses) through the issue of 267,768,451 New Ordinary Shares by way of a placing and open offer at a price of 75p per New Ordinary Share, fully underwritten by KBC Peel Hunt. The Placing and Open Offer consists of the Firm Placing of 89,333,334 Firm Placed Shares, the Open Offer of 178,435,117 Open Offer Shares and the conditional placing of the Open Offer Shares. The Placing and Open Offer are conditional, amongst other things, on the approval of Shareholders.

The Open Offer has now closed in accordance with its terms. Hansteen is pleased to announce that it has received valid acceptances under the Open Offer in respect of 120,230,754 Open Offer Shares from Qualifying Shareholders. This represents a take-up of approximately 67.4% of the 178,435,117 Open Offer Shares offered pursuant to the Open Offer. The remaining 58,204,363 Open Offer Shares, representing approximately 32.6% of the 178,435,117 Open Offer Shares, have been allocated to the institutional investors with whom they had been conditionally placed. In addition, 89,333,334 Firm Placed Shares have been placed with certain institutional investors pursuant to the terms of the Firm Placing.

Shareholder approval for the Placing and Open Offer will be sought at the General Meeting to be held at the offices of Jones Day, 21 Tudor Street, London EC4Y 0DJ at 10.00 a.m. on 9 July 2009.

New Ordinary Shares in uncertificated form are expected to be credited to CREST accounts by 8.00 a.m. on 10 July 2009 and definitive share certificates for the New Ordinary Shares in certificated form are expected to be dispatched by 24 July 2009.

In addition to Shareholder approval, the Placing and Open Offer remain conditional upon the Placing Agreement becoming unconditional in all respects and Admission. It is expected that Admission will become effective, and dealings in the New Ordinary Shares will commence, at 8.00 a.m. on 10 July 2009.

The Enlarged Share Capital of Hansteen following Admission will be 446,203,568 Ordinary Shares in aggregate.

Commenting on the result of the Placing and Open Offer, Ian Watson and Morgan Jones, Joint Chief Executives of Hansteen said: "We would like to thank both our existing and new shareholders for their overwhelming support in this fundraising which means we can take advantage of the exceptional buying opportunities available."

ENQUIRIES:

Capitalised terms used, but not defined, in this announcement have the same meanings as given to them in the Prospectus published by the Company dated 23 June 2009 unless the context requires otherwise.

This announcement should be read in conjunction with the full text of the Prospectus published by Hansteen on 23 June 2009. The Prospectus is available to view at the UKLA's Document Viewing Facility, which is situated at Financial Services Authority, 25 North Colonnade, Canary Wharf, London E14 5HS. In addition, the Prospectus is available to view on the Company's website (www.hansteen.co.uk), and is available for inspection at the offices of Jones Day, 21 Tudor Street, London EC4Y 0DJ during usual business hours on any weekday (Saturdays, Sundays and public holidays excepted).