TIDMSVT
RNS Number : 0820O
Severn Trent PLC
29 September 2023
THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR RELEASE,
PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA,
CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER
JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION
WOULD BE UNLAWFUL
FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND
IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION
THIS ANNOUNCEMENT AMOUNTS TO A FINANCIAL PROMOTION FOR THE
PURPOSES OF SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT
2000 AND HAS BEEN APPROVED BY PRIMARYBID LIMITED WHICH IS
AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY (FRN
779021).
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
For immediate release
29 September 2023
Severn Trent Plc
("Severn Trent", the "Company" or the "Group")
Retail Offer
-- Severn Trent announces a retail offer by way of conditional
offer for subscription of new Ordinary Shares via PrimaryBid
;
-- Investors can access the Retail Offer through PrimaryBid's
website and on PrimaryBid's app ;
-- Investors may also be able to take part through PrimaryBid's
network of retail brokers, wealth managers and investment
platforms, (subject to such partners' participation), which
includes AJ Bell, Hargreaves Lansdown and interactive investor;
-- Applications for new Ordinary Shares through these partners
can be made from tax efficient savings vehicles such as
ISAs or SIPPs, as well as General Investment Accounts (GIAs);
-- The Retail Offer is available to existing shareholders,
new investors and Company employees;
-- The issue price for the new Ordinary Shares will be equal
to the Placing Price, which will be determined at the close
of the bookbuilding process;
-- There is a minimum subscription of GBP250 per investor
in the Retail Offer;
-- No commission will be charged by PrimaryBid on applications
to the Retail Offer.
Retail Offer
Severn Trent Plc (LON: SVT) is pleased to announce, a retail
offer by way of conditional offer for subscription of new ordinary
shares of 97(17/19) pence each in the capital of the Company
("Retail Offer Shares") via PrimaryBid (the "Retail Offer").
The Company is also conducting a non-pre-emptive placing of new
Ordinary Shares by way of an accelerated bookbuilding process (the
"Placing") as announced earlier today. The issu e price of the new
Ordinary Shares to be issued pursuant to the Placing (the "Placing
Price") will be determined following the close of the bookbuilding
process.
In conjunction with the Placing, Qatar Investment Authority
("QIA") has agreed to invest GBP500 million through a subscription
for new Ordinary Shares at the Placing Price (the "Subscription")
and certain directors of the Company intend to subscribe for new
Ordinary Shares at the Placing Price (the "Director Subscription"),
contributing approximately GBP275,000 in total.
The issue price for the Retail Offer Shares to be issued
pursuant to the Retail Offer will be equal to the Placing
Price.
The Retail Offer is conditional on the new Ordinary Shares to be
issued pursuant to the Retail Offer and the Placing being admitted
to the premium listing segment of the Official List of the
Financial Conduct Authority and admitted to trading on the main
market for listed securities of London Stock Exchange plc
("Admission"). Admission is expected to take place at 8.00 a.m. on
3 October 2023. The Retail Offer will not be completed without the
Placing also being completed.
The Company intends to use the funds raised from the Placing,
the Subscription, the Retail Offer and the Director Subscription to
provide the equity portion of the business plan for its subsidiary
Severn Trent Water for the regulatory period beginning 1 April 2025
until 31 March 2030, which it intends to submit to Ofwat on 2
October 2023.
Reason for the Retail Offer
While the Placing has been structured as a non-Pre-Emptive offer
within the Company's existing authorities from shareholders for
non-pre-emptive offers so as to minimise cost and time to
completion, the Company values its retail investor base and is
therefore pleased to provide retail investors with the opportunity
to participate in the Retail Offer in line with the Pre-Emption
Group guidelines.
After consideration of the various options available to it, the
Company believes that the separate Retail Offer is in the best
interests of shareholders, as well as wider stakeholders in the
Company.
Details of the Retail Offer
Existing shareholders, new investors and Company employees can
access the Retail Offer through PrimaryBid's website and on
PrimaryBid's app . The PrimaryBid app is available on the UK Apple
App Store and Google Play Store.
Investors can also participate through PrimaryBid's partner
network of investment platforms, retail brokers and wealth
managers, subject to such partners' participation. Participating
partners include:
-- AJ Bell;
-- Hargreaves Lansdown; and
-- interactive investor.
Applications for Retail Offer Shares through participating
partners can be made from tax efficient savings vehicles such as
ISAs or SIPPs, as well as GIAs. Some partners may only accept
applications from existing shareholders.
The Retail Offer will open to investors resident and physically
located in the United Kingdom following the release of this
Announcement. The Retail Offer is expected to close later today at
the same time as the Placing, and may close early if it is
oversubscribed.
There is a minimum subscription amount of GBP250 per investor in
the Retail Offer.
The Company reserves the right to scale back any order at its
discretion. The Company and PrimaryBid reserve the right to reject
any application for subscription under the Retail Offer without
giving any reason for such rejection.
It is a term of the Retail Offer that the total value of the
Retail Offer Shares available for subscription at the Placing Price
does not exceed EUR8 million or equivalent. Accordingly, the
Company is not required to publish, and has not published, a
prospectus in connection with the Retail Offer as it falls within
the exemption set out in section 86(1)(e) and 86(4) of FSMA. The
Retail Offer is not being made into any jurisdiction where it would
be unlawful to do so. In particular, the Retail Offer is being made
only to persons who are, and at the time the Retail Offer Shares
are subscribed for, will be outside the United States and
subscribing for the Retail Offer Shares in an "offshore
transaction" as defined in, and in accordance with, Regulation S
under the U.S Securities Act of 1933, as amended. Persons who are
resident or otherwise located in the United States will not be
eligible to register for participation in the offer through
PrimaryBid or subscribe for Retail Offer Shares.
Investors who apply for Retail Offer Shares through PrimaryBid's
website or PrimaryBid's app will not be charged any fee or
commission by PrimaryBid. It is vital to note that once an
application for Retail Offer Shares has been made and accepted via
PrimaryBid, that application cannot be withdrawn.
Investors wishing to apply for Retail Offer Shares through their
investment platform, retail broker or wealth manager using their
ISA, SIPP or GIA should contact them for details of their terms and
conditions, process and any relevant fees or charges.
The Retail Offer Shares will be issued free of all liens,
charges and encumbrances and will, when issued and fully paid, rank
pari passu in all respects with the new Ordinary Shares to be
issued pursuant to the Placing, the Subscription, the Director
Subscription and the Company's existing Ordinary Shares.
For further information on PrimaryBid, the Retail Offer or for a
copy of the terms and conditions (including the procedure for
application and payment for new Ordinary Shares) that apply to
registered users of PrimaryBid in addition to the terms and
conditions set out in this Announcement, visit www.PrimaryBid.com
or email PrimaryBid at enquiries@primarybid.com .
Brokers wishing to offer their customers access to the Retail
Offer and future PrimaryBid transactions, should contact
partners@primarybid.com .
The person responsible for making this announcement on behalf of
the Company is Hannah Woodall-Pagan, Group Company Secretary.
Enquiries
Severn Trent Plc: +44 (0)7824 624
Rachel Martin, Head of Investor Relations 011
PrimaryBid Limited: enquiries@primarybid.com
Fahim Chowdhury/James Deal
+44 (0)20 7353
Media enquiries: 4200
Jonathan Sibun, Teneo +44 (0) 24 7771
Press Office, Severn Trent Plc 5640
Important notices
This Announcement should be read in its entirety. In particular,
you should read and understand the information provided in the
"Important Notices" section of this Announcement.
No action has been taken by the Company or any other person that
would permit an offer of the Retail Offer Shares in any
jurisdiction or result in the possession or distribution of this
Announcement or any other offering or publicity material relating
to such Retail Offer Shares in any jurisdiction where action for
that purpose is required. Any failure to comply with these
restrictions may constitute a violation of the securities laws of
such jurisdictions. Persons into whose possession this Announcement
comes are required by the Company to inform themselves about, and
to observe, such restrictions.
The Retail Offer is offered under the exemptions from the
requirement for a prospectus under the FCA 's Prospectus Regulation
Rules. As such, there is no requirement for publication of a
prospectus pursuant to the Prospectus Regulation Rules, or for
approval of the same by the Financial Conduct Authority (as
competent authority under Regulation (EU) 2017/1129 as it forms
part of retained EU law as defined in the European Union
(Withdrawal) Act 2018).
The Retail Offer is not being made into the United States,
Australia, Canada, the Republic of South Africa, Japan or any other
jurisdiction where it would be unlawful to do so.
This Announcement is not for publication or distribution,
directly or indirectly, in or into the United States of America.
This Announcement is not an offer of securities for sale into the
United States. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended (the "Securities Act"), or with any securities regulatory
authority of any state or other jurisdiction of the United States,
and may not be offered or sold, pledged, taken up, exercised,
resold, renounced, transferred or delivered, directly or indirectly
in, into or within the United States absent registration under the
Securities Act, except pursuant to an applicable exemption from, or
in a transaction not subject to, the registration requirements of
the Securities Act and in compliance with any applicable securities
laws of any state or any other jurisdiction of the United States.
The securities referred to herein have not been approved,
disapproved or recommended by the U.S. Securities and Exchange
Commission, any states securities commission in the United States
or any other U.S. regulatory authority, nor have any of the
foregoing authorities passed upon or endorsed the merits of the
offering of the securities referred to herein. No public offering
of securities is being made in the United States. The Retail Offer
is not available to persons in the United States. No money,
securities or other consideration from any person inside the United
States is being solicited and, if sent in response to the
information contained in this Announcement, will not be
accepted.
This Announcement and the information contained herein, is
restricted and is not for publication, release or distribution,
directly or indirectly, in whole or in part, in or into the United
States, Australia, Canada, the Republic of South Africa, Japan or
any other jurisdiction in which such publication, release or
distribution would be unlawful. Further, this Announcement is for
information purposes only and is not an offer of securities in any
jurisdiction.
This Announcement contains (or may contain) certain
forward-looking statements with respect to certain of the Company's
current expectations and projections about future performance,
anticipated events or trends and other matters that are not
historical facts. These forward-looking statements, which sometimes
use words such as "aim", "anticipate", "believe", "intend", "plan"
"estimate", "expect" and words of similar meaning, include all
matters that are not historical facts and reflect the directors'
beliefs and expectations and involve a number of risks,
uncertainties and assumptions that could cause actual results and
performance to differ materially from any expected future results
or performance expressed or implied by the forward-looking
statement. These statements are subject to unknown risks,
uncertainties and other factors, many of which are beyond the
Company's control, that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements. Statements contained in this Announcement regarding
past trends or activities should not be taken as a representation
that such trends or activities will continue in the future. The
information contained in this Announcement is subject to change
without notice and, except as required by applicable law, the
Company does not assume any responsibility or obligation and
expressly disclaims any obligation or undertaking to update
publicly or review any of the forward-looking statements contained
herein, whether as a result of new information, future events or
otherwise, unless required to do so by applicable law or
regulation. The final PR24 Business Plan is subject to approval by
Ofwat and there can be no assurance that the PR24 Business Plan
will be approved, in whole or in part. You should not place undue
reliance on forward-looking statements, which speak only as of the
date of this Announcement.
This Announcement does not constitute a recommendation
concerning any investor's investment decision with respect to the
Retail Offer. The price of shares and any income expected from them
may go down as well as up and investors may not get back the full
amount invested upon disposal of the shares. Past performance
cannot be relied upon as a guide to future performance.
The Retail Offer Shares to be issued or sold pursuant to the
Retail Offer will not be admitted to trading on any stock exchange
other than the London Stock Exchange.
The contents of this Announcement are not to be construed as
legal, business, financial or tax advice. Each investor or
prospective investor should consult his, her or its own legal
adviser, business adviser, financial adviser or tax adviser for
legal, financial, business or tax advice.
Investors should make their own investigations into the merits
of an investment in the Company. Nothing in this Announcement
amounts to a recommendation to invest in the Company or amounts to
investment, taxation or legal advice.
It should be noted that a subscription for the Retail Offer
Shares and any investment in the Company carries a number of risks.
Investors should consider the risk factors set out on
www.PrimaryBid.com and the PrimaryBid app before making a decision
to subscribe for Retail Offer Shares. Investors should take
independent advice from a person experienced in advising on
investment in securities such as the Ordinary Shares if they are in
any doubt.
The most recent Annual Report of the Group and other information
about the Group are available on the Severn Trent website at
www.severntrent.com. Neither the contents of the Company's website
(or any other website) nor the content of any website accessible
from hyperlinks on the Company's website (or any other website) is
incorporated into or forms part of this Announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IOESEMESAEDSESU
(END) Dow Jones Newswires
September 29, 2023 02:02 ET (06:02 GMT)
Grafico Azioni Severn Trent (LSE:SVT)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Severn Trent (LSE:SVT)
Storico
Da Mag 2023 a Mag 2024