It is expected that the New Ordinary Shares will commence trading, fully paid, on the London Stock Exchange's main market for listed securities at 8.00 am today, 18 December 2018.
It is also expected that the New Ordinary Shares held in uncertificated form will be credited to CREST accounts as soon as practicable after 8.00 am today, 18 December 2018, and that definitive share certificates in respect of the New Ordinary Shares held in certificated form will be despatched by post by no later than 3 January 2019.
In accordance with their obligations under the Underwriting Agreement, J.P. Morgan Cazenove and Numis Securities Limited (the “Banks”) will use reasonable endeavours to procure subscribers for the remaining 7,888,061 New Ordinary Shares not validly taken up in the Rights Issue, failing which the Banks have agreed to subscribe, on a several basis, for any remaining New Ordinary Shares.
The net proceeds (if any) from the placing of such New Ordinary Shares (after the deduction of the Rights Issue Price of 178.0 pence per New Ordinary Share and the expenses of procuring subscribers including any applicable brokerage and commissions and amounts in respect of VAT which are not recoverable) will be paid (without interest) to those persons whose rights have lapsed in accordance with the terms of the Rights Issue, pro rata to the entitlements not taken up, save that no payment will be made of amounts of less than £5.00 per holding, which amounts will be aggregated and ultimately accrue for the benefit of 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.
Capitalised terms used in this announcement have the meanings given to them in the combined prospectus and class 1 circular dated 14 November 2018 (the “Prospectus”), which is available on the Company's website (www.graingerplc.co.uk).