HPS Hercules Props.

RNS No 7897j
HERCULES PROPERTY SERVICES PLC
1st October 1998

HERCULES PROPERTY SERVICES PLC: RESULT OF PLACING AND OPEN OFFER, ANNUAL
GENERAL MEETING AND EXTRAORDINARY GENERAL MEETING

INTRODUCTION

On 8 September, 1998 Hercules Property Services PLC ("Hercules" or the
"Company") announced the acquisition of the business and assets of Dunlop
Heywood & Co. Limited (the "Acquisition") and an associated placing (the
"Placing") and open offer (the "Open Offer") of 1,923,679 ordinary shares of
5p each ("new Ordinary Shares") at 300p per new Ordinary Share (the "Issue
Price"). Pursuant to the Open Offer, qualifying shareholders were invited by
Guinness Mahon & Co. Limited, as agent for the Company, to apply for new
Ordinary Shares on the basis of 2 new Ordinary Shares for every 7 ordinary
shares of 5p each ("Ordinary Shares") held on 28 August, 1998.

RESULT OF PLACING AND OPEN OFFER

The Open Offer expired at 3.00pm on 30 September, 1998, at which time valid
applications had been received for 393,930 new Ordinary Shares.

The balance of 1,529,749 new Ordinary Shares not taken up by qualifying
shareholders under the Open Offer have been conditionally placed at the Issue
Price by Raphael Zorn Hemsley Limited, as agent for Guinness Mahon & Co.
Limited, with institutional and other investors. A significant proportion of
the new Ordinary Shares so placed have been subscribed for by existing
shareholders.

Accordingly, existing shareholders have conditionally subscribed for, in
aggregate, 1,672,767 new Ordinary Shares pursuant to the Placing and Open
Offer, representing approximately 87.0 per cent. of the new Ordinary Shares
made available under the Placing and Open Offer.

RESULT OF ANNUAL GENERAL MEETING

At the annual general meeting of the Company held earlier today, all
resolutions put to shareholders were duly passed.

RESULT OF EXTRAORDINARY GENERAL MEETING

The Placing and Open Offer were conditional, inter alia, on shareholder
approval being granted at an extraordinary general meeting of the Company (the
"EGM") held earlier today. At the EGM, the special resolution necessary to
effect the Placing and Open Offer was duly passed.

In addition, at the EGM, resolutions were passed enabling, inter alia, the
issue of 250,000 Ordinary Shares (the "ESOP Shares") to an employee share
ownership plan which is to be constituted by Hercules at completion of the
Acquisition, and amendment of the rules of the Hercules Property Services PLC
1996 Unapproved Executive Share Option Scheme.

Application has been made for the new Ordinary Shares and the ESOP Shares to
be admitted to the Alternative Investment Market of the London Stock Exchange
Limited ("AIM"). It is expected that such admission will become effective and
that dealings on AIM in the new Ordinary Shares and the ESOP Shares will
commence on 7 October, 1998. The Placing and Open Offer remain conditional
upon Admission becoming effective.

The new Ordinary Shares and the ESOP Shares will be issued credited as fully
paid and will rank, on issue, pari passu with the existing issued ordinary
share capital of the Company save that they will not rank for the final
dividend payable in respect of the year ended 30 June, 1998.

It is expected that definitive share certificates for the new Ordinary Shares
and the ESOP Shares will be despatched by 14 October, 1998.

Enquiries:

Larry Lipman        Hercules Property Services PLC            0181 203 9099
Chairman

Jagjit Mundi        Guinness Mahon & Co. Limited              0171 623 9333
Director

Baron Phillips      Baron Phillips Associates                 0171 224 1302

END

MSCBLBBGGDGCCIB

Hercules Props. (LSE:HPS)
Historical Stock Chart
From Jun 2024 to Jul 2024

Hercules Props. (LSE:HPS)
Historical Stock Chart
From Jul 2023 to Jul 2024