Result of Equity Issue
Results of the Rights Issue
Lamprell, a leading provider of specialist engineering services to the international oil & gas and renewable industry, is pleased to announce that the 5 for 16 Rights Issue of 81,363,469 New Ordinary Shares at 88 pence per New Ordinary Share announced on 16 May 2014 closed for acceptances at 11.00 a.m. (UK time) on 25 June 2014. The Company received valid acceptances in respect of 78,528,325 New Ordinary Shares, representing approximately 96.52 per cent. of the total number of New Ordinary Shares to be issued pursuant to the fully underwritten Rights Issue.
It is expected that the New Ordinary Shares in uncertificated form will be credited to CREST accounts of Qualifying CREST Shareholders as soon as practicable after 8.00 a.m. (UK time) on 26 June 2014 and that definitive share certificates in respect of New Ordinary Shares in certificated form will be dispatched to Qualifying non-CREST Shareholders by no later than 10 July 2014.
It is expected that the New Ordinary Shares will commence trading, fully paid, on the London Stock Exchange plc's main market for listed securities today, 26 June 2014, at 8.00 a.m. (UK time).
In accordance with their obligations as Joint Bookrunners and Underwriters in respect of the Rights Issue pursuant to the Underwriting Agreement, J.P. Morgan Securities plc (which conducts its UK investment banking business as J.P. Morgan Cazenove) and HSBC Bank plc will endeavour to procure subscribers for the remaining 2,835,144 New Ordinary Shares not validly taken up in the Rights Issue, failing which J.P. Morgan Securities plc and HSBC Bank plc have agreed to acquire, on a several basis, any remaining New Ordinary Shares.
The net proceeds from the placing of such New Ordinary Shares (after the deduction of the Issue Price of 88 pence per New Ordinary Share and the expenses of procuring subscribers including any applicable brokerage and commissions and amounts in respect of VAT) will be paid (without interest) to those persons whose rights have lapsed in accordance with the terms of the Rights Issue, pro rata to their lapsed provisional allotments, save that individual amounts of less than £5.00 will not be paid to such persons but will be paid to the Company.
A further announcement as to the number of New Ordinary Shares for which subscribers have been procured will be made in due course.
For full details of the Rights Issue, please refer to the prospectus relating to the Company dated 16 May 2014 (the "Prospectus") which is available for inspection on the Company's website at www.lamprell.com and at the Company's registered office at Fort Anne, Douglas, IM1 5PD, Isle of Man, save that the Prospectus is not available, whether through the website or otherwise, subject to certain exceptions, to person located in the Excluded Territories.
Unless otherwise defined herein, capitalised terms used in this announcement shall have the meanings given to such terms in the Prospectus.