2 September 2021
Grainger plc
(“Grainger” or the “Company”)
RESULTS OF PLACING
Grainger plc is pleased to announce the successful completion of the placing announced yesterday (the “Placing”).
A total of 67,379,369 new Ordinary Shares in Grainger (the “Placing Shares”) were placed by J.P. Morgan Cazenove and Numis Securities, raising gross proceeds of £209 million. The Placing Shares have been issued at a price of 310 pence per Placing Share (the “Issue Price”), representing a discount of 4.6 per cent. to the closing price on 1 September 2021 of 325 pence per Ordinary Share. The Placing was significantly oversubscribed with considerable support from existing shareholders.
As part of the Placing, Rob Hudson the Company's new Chief Financial Officer, acquired a total of 112,900 Placing Shares in the Placing at the Issue Price. Following Admission, his resulting holding in the Company will represent 0.02 per cent. of the enlarged issued share capital of the Company (excluding shares held in treasury).
Helen Gordon, Chief Executive Officer of Grainger, commented:
“We are delighted with the support we have received from our shareholders. Grainger has a well- articulated growth strategy to further strengthen our nationwide PRS market leadership position with 10,000 homes and a further pipeline to almost double that. Our vision is to continue to provide high quality, mid-market, well located rental homes. This placing secures significant growth in net rental income and therefore dividend.”
The Placing Shares represent, in aggregate, approximately 9.99 per cent. of Grainger's issued ordinary share capital prior to the Placing. The Placing Shares will, when issued, be credited as fully paid and rank pari passu with the existing Ordinary Shares, including the right to receive all future dividends and distributions declared, made or paid.
Application has been made to the Financial Conduct Authority for admission of the 67,379,369 Placing Shares to the premium listing segment of the Official List maintained by the UK Listing Authority and to London Stock Exchange plc (“LSE”) for admission to trading of the Placing Shares on LSE's Main Market for listed securities (together, “Admission”). It is expected that Admission will take place on 6 September 2021 and that dealings in the Placing Shares on the LSE's Main Market for listed securities will commence at the same time.
Following Admission the Company's issued share capital will be will be 741,196,149 Ordinary Shares with voting rights (the “Voting Rights Figure”). The Company holds 1,506,300 Ordinary Shares in treasury. The Voting Rights figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
The Placing is conditional, inter alia, upon Admission becoming effective and the Placing Agreement becoming unconditional and not being terminated.
Capitalised terms used but not defined in this announcement have the same meanings as set out in the placing announcement of the Company released at 16:35 (BST) on 1 September 2021.