The parent company of Premier Inn, Whitbread PLC, has completed its one-for-two share issue of 61,452,547 new ordinary shares, or 91.4% of new, available shares.
Whitbread PLC ("Whitbread" or the "Company") today announces that the 1 for 2 Rights Issue of 67,277,416 New Ordinary Shares at 1,500 pence per New Ordinary Share announced on 21 May 2020 closed for acceptances at 11:00 a.m. on 9 June 2020. The Company received acceptances in respect of 61,452,547 New Ordinary Shares, representing approximately 91.4 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 will commence trading, fully paid, on the London Stock Exchange plc's main market for listed securities at 8:00 a.m. on 10 June 2020.
It is expected that the New Ordinary Shares in uncertificated form will be credited to CREST accounts by no later than today and that definitive share certificates in respect of New Ordinary Shares held in certificated form will be despatched by no later than 23 June 2020.
In accordance with their obligations as Joint Bookrunners, J.P. Morgan Cazenove and Morgan Stanley will use reasonable endeavours to procure, on behalf of the Company, by no later than 4.30 p.m. on 11 June 2020, acquirers for all (or as many as possible) of the remaining 5,824,869 New Ordinary Shares not accepted, failing which the Joint Bookrunners have agreed to acquire, on a several basis, or procure that sub-underwriters acquire, 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 1,500 pence per New Ordinary Share and the expenses of procuring subscribers including any applicable brokerage, commissions, currency conversion costs and any amounts in respect of value added tax which are not recoverable) will be paid (without interest) to those Shareholders 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.
Defined terms in this announcement shall have the same meanings as in the prospectus dated 21 May 2020 (the "Prospectus"), unless the context requires otherwise.
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