ABL Ablon

TIDMABL

RNS Number : 8707F

Ablon Group Limited

04 May 2011

THIS ANNOUNCEMENT (THE "ANNOUNCEMENT") IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

Ablon Group Limited

("Ablon" or the "Company")

Successful Placing of Lapsed Entitlements under the Rights Issue

4 May 2011

Ablon announced previously that on 26 April 2011 it had received valid acceptances in respect of 13,723,689 New Shares, representing approximately 52.3 per cent of the total number of New Shares offered pursuant to the Rights Issue announced by the Company on 31 March 2011. Ablon is delighted to confirm that, in accordance with the arrangements set out in Part IX of the prospectus dated 31 March 2011 (the "Prospectus"), Religare Capital Markets have procured subscribers for all of the 12,535,474 remaining New Shares at a price of 34 pence per share at which price there was demand in excess of 2.5 times the available number of shares.

The receipt of the maximum net proceeds of the Rights Issue will allow the Company to continue its prudent policy of cash preservation whilst considering the initiation of development of future projects and/or opportunities for the acquisition or development of investment projects particularly in Poland where the Directors believe there are significant opportunities. The net proceeds from the Rights Issue will also significantly strengthen the Group's balance sheet. The Directors are also considering whether to apply for the Company's shares to be traded on additional or alternative listing venues following the closing of the Rights Issue and will make an announcement in due course if it decides to pursue this avenue.

The net proceeds from the sale of these New Shares, after deduction of the Issue Price of 33 pence per New Share and relevant costs, 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 GBP2.00 will not be so paid but will be retained for the ultimate benefit of the Company. Religare Capital Markets have also procured subscribers for the New Shares that represent the aggregated fractional entitlements.

Alex Borrelli, Chairman, commented:

"I am delighted that all of the entitlements from the Rights Issue have now been taken up which shows continued support for the Group's business from both existing and new shareholders. The Directors were pleased to note that the placing for the remaining New Shares was oversubscribed. In addition, the Directors believe that the percentage of shares in public hands, as defined in the Listing Rules, is currently in excess of 25% which represents an achievement of one of the objectives of the Rights Issue, so facilitating consideration of listing the Company's shares on an alternative listing venue. We very much look forward to progressing with our new and existing shareholder base and to closing the discount to net asset value and, as the markets in which we operate improve, to re-initiating development opportunities and continuing to grow. We will also look at additional or alternative listing venues where it is in the best interest of shareholders and I look forward to updating shareholders on our decision shortly."

Uri Heller, CEO, commented:

"The successful closing of the Rights Issue is a very important step in taking Ablon forwards and we look forward to updating shareholders with positive news over the upcoming months. The Rights Issue proceeds considerably strengthen our balance sheet whilst give the Group a certain degree of flexibility to be opportunistic where exciting development opportunities exist. We will continue our prudent cash conservation policies but we do look forward to taking the Group forwards as and when the markets in which we operate allow."

Definitions used in the Prospectus apply in this Announcement unless the context otherwise requires.

Contacts:

 
 Ablon Group Limited 
  Uri Heller / Adrienn Lovro                           +36(0)1 225 6600 
 Religare Capital Markets 
  James Pinner / Derek Crowhurst (Nomad)               +44(0)20 7444 0800 
  Daniel Briggs (Corporate Broker)                      +44(0)20 7444 0500 
 Buchanan Communications (Financial PR) 
  Tim Thompson / Richard Darby / Christian Goodbody 
  / Jonathan Rivlin                                    +44(0)20 7466 5000 
 

This Announcement does not constitute an offer to issue or sell, or the solicitation of an offer to acquire or buy, securities in the capital of Ablon in the United States, Australia, Canada, Japan or the Republic of South Africa or in any other jurisdiction in which such an offer or solicitation is unlawful. This Announcement is not for distribution, directly or indirectly, in or into the United States, Canada, Japan or the Republic of South Africa.

The Fully Paid Rights and the New Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act"), or under the securities laws of any state, or other jurisdiction, of the United States or under the securities laws of Australia, Canada, Japan or the Republic of South Africa. The Fully Paid Rights and the New Shares may not be offered, sold or distributed within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and in compliance with the applicable securities laws of any state or other jurisdiction of the United States. There has been no, nor will there be any, public offer of the Fully Paid Rights or the New Shares in the United States.

Neither the content of Ablon's website nor any website accessible by hyperlinks on Ablon's website is incorporated in, or forms part of, this Announcement.

The distribution of this Announcement and/or the Prospectus and/or the transfer of the Fully Paid Rights and/or the New Shares into jurisdictions other than the United Kingdom and Guernsey may be restricted by law. Persons into whose possession this Announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Religare Capital Markets, which is authorised and regulated by the FSA in the United Kingdom, is acting exclusively for the Company as Nominated Adviser and Broker in connection with the Rights Issue and Admission and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Rights Issue or any other matters referred to in this Announcement.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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