30 Oct 2017 07:00
For release on 30 October 2017
UIL Limited
(LEI: 213800CTZ7TEIE7YM468)
UIL Finance Limited
(LEI: 213800JPJWZ5P3QJX538)
Result of Placing and UIL Subscription
On 23 October 2017, following announcement of the result of the Rollover Offer UIL Finance Limited ("UIL Finance"), a wholly owned subsidiary of UIL Limited ("UIL"), announced proposals to issue up to 3,282,890 new 2024 ZDP Shares pursuant to the Placing contemplated by a prospectus published on 28 September 2017.
Placing
The Board of UIL Finance is pleased to announce that UIL Finance has placed 3,282,890 new 2024 ZDP Shares at 100 pence per share with certain institutional and other investors, raising gross proceeds of approximately £3.3 million.
UIL Subscription
Pursuant to the UIL Subscription, UIL Finance has agreed to issue 20 million 2024 ZDP Shares to UIL. The 2024 ZDP Shares will be held by UIL for investment purposes in accordance with its investment policy. If the proceeds from cash distributions from certain identified portfolio investments and proceeds from portfolio realisations are not received on a timely basis prior to the redemption of the 2018 ZDP Shares then UIL may also realise proceeds from the sale of 2024 ZDP Shares acquired by it pursuant to the UIL Subscription.
In the event that UIL decides not to sell some or all of the 2024 ZDP Shares acquired by it pursuant to the UIL Subscription then UIL may, at any time, transfer back any 2024 ZDP Shares held by UIL to UIL Finance for cancellation in consideration for UIL Finance releasing UIL from its obligation under the Subscription Agreement to the fund the redemption of such 2024 ZDP Shares.
Admission and dealings
Taking into account the 2024 ZDP Shares to be issued pursuant to the Rollover Offer, Placing and UIL Subscription, application will be made for 50,000,000 2024 ZDP Shares to be admitted to the Official List and to trading on the London Stock Exchange. Dealings are expected to commence at 8.00 a.m. on 2 November 2017. It is anticipated that CREST accounts will be credited (where applicable) on the same day and the 2024 ZDP Shares will trade using the ticker UTLG and under ISIN BMG916102079. New share certificates in respect of the 2024 ZDP Shares and any balancing share certificates in respect of 2018 ZDP Shares will be issued as soon as practicable following admission.
Following admission, the Group's share capital will comprise 90,197,208 Ordinary Shares, 32,716,029 2018 ZDP Shares, 39,000,000 2020 ZDP Shares, 50,000,000 2022 ZDP Shares and 50,000,000 2024 ZDP Shares.
Terms used and not defined in this announcement bear the meaning given to them in the Prospectus dated 28 September 2017.
For further information please contact:
ICM Investment Management Limited
Charles Jillings / Alastair Moreton 01372 271486
Stockdale Securities Limited
Robert Finlay / Owen Matthews 0207 601 6115