Pennon completes share placement for capital program

Published 18/02/2025, 12:42
Pennon completes share placement for capital program

LONDON - Pennon (LON:PNN) Group Plc has successfully placed all the new ordinary shares left unsubscribed after a recent rights issue, the company announced on Tuesday. The placement, which represents roughly 7.4% of the total new shares issued, was part of Pennon's largest ever capital investment program.

The shares were placed at a price of 460 pence per share, with Barclays (LON:BARC) Bank PLC and Morgan Stanley & Co (NYSE:MS). International plc acting as underwriters. The demand for the shares was significantly higher than the supply, indicating strong investor confidence in the company's future plans.

Proceeds from the placement, after deducting the original rights issue price and related expenses, will be distributed to shareholders who did not exercise their rights, in proportion to their lapsed provisional allotments. However, amounts less than £5.00 will not be returned to individual shareholders but will instead be added to the WaterShare+ Proceeds.

This financial move is part of a broader funding strategy set by Pennon Group to bolster its commitment to customers, the environment, and shareholders over the next five years. The details of the rights issue were initially outlined in a prospectus dated January 29, 2025.

The company has emphasized that this announcement is purely informational and is not an offer to sell or a solicitation to buy any securities. The rights issue and subsequent placement were conducted in compliance with applicable laws and regulations, avoiding distribution in jurisdictions where such actions would be unlawful.

The information is based on a press release statement from Pennon Group Plc.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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