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13 Jan 2010 07:00
IFG Group plc ("IFG" or "the Company")
Updated Result of Open Offer
On 8 January 2010, IFG announced that applications had been received for 26,837,588 New Ordinary Shares representing 55.61% of the New Ordinary Shares offered to IFG Shareholders pursuant to the Open Offer of a total of 48,263,932 New Ordinary Shares which closed at 11.00 am on 7 January 2010.
Due to a combination of factors, including in particular the seasonal aspect of the posting of the Application Forms (i.e. the Open Offer application forms were posted on 18 December 2009 however in some cases they were not received by Shareholders until shortly before the closing date due to slow postal delivery over the holiday season) and the poor weather conditions which prevented hand delivery of completed application forms in good time, a number of applications of certain retail shareholders were not received by the cut off time as specified in the Prospectus.
The Board of IFG considered the matter and in order to facilitate smaller shareholders who may have been disadvantaged due to the circumstances described above, has decided to exercise its discretion as provided for in the Prospectus, to allow that such applications received immediately after the deadline of 7 January, to be valid and to be included in the total shares applied for pursuant to the Open Offer. Larger institutional shareholders had the facility to apply for their entitlements through the CREST system, which did not experience any delay.
The amount of funds received by the Company under the Placing and Open Offer will not change as a consequence.
Accordingly, IFG announces that total applications have been received for 27,048,890 New Ordinary Shares representing 56.04% of the New Ordinary Shares offered to IFG Shareholders pursuant to the Open Offer of a total of 48,263,932 New Ordinary Shares. As a consequence 21,215,042 New Ordinary Shares will be allotted to Fiordland.
In addition, it is proposed that the Directors exercise their existing authority to allot a further 451,627 New Ordinary Shares to Fiordland, bringing Fiordland's shareholding to 21,666,669 ordinary shares representing 17.50% of the enlarged issued share capital of IFG.
Application has been made to the Irish Stock Exchange and to the UK Listing Authority for 48,263,932 New Ordinary Shares to be issued pursuant to the Open Offer to be admitted to the Official List of the Irish Stock Exchange and the Official List maintained by the UK Listing Authority. Application has also been made to the Irish Stock Exchange and the London Stock Exchange for admission of such New Ordinary Shares to trading on their respective main markets for listed securities. A further Application will be made to the Irish Stock Exchange and to the UK Listing Authority for 451,627 New Ordinary Shares to be issued pursuant to the Potential Additional Placing to be admitted to the Official List of the Irish Stock Exchange and the Official List maintained by the UK Listing Authority. Application will also be made to the Irish Stock Exchange and the London Stock Exchange for admission of such New Ordinary Shares to trading on their respective main markets for listed securities.
It is expected that admission will become effective and that dealings in the New Ordinary Shares will commence immediately following the receipt of certain outstanding regulatory approvals in relation to the Acquisition. These approvals are expected to be received over the next few weeks and a further announcement will be made in relation to the Admission timetable at that point.
Unless otherwise defined, capitalised terms in this announcement have the same meaning as in the circular to IFG Shareholders dated 11 December 2009.
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For further information please contact:
Mark Bourke Niamh Hore
Chief Executive Investor Relations Manager
IFG Group plc IFG Group plc
Tel +353 1 275 2800 Tel: +353 1 275 2866
IFG Group plc
Booterstown Hall,
Booterstown,
Co Dublin.
www.ifggroup.com
12 January 2010
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