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share placemen 48p = $1.17 aussie

  1. MJR

    1,085 posts.
    Company HHG PLC
    TIDM HHG
    Headline Result of Placing
    Released 16:34 31 Mar 2004
    Number 1859X






    RNS Number:1859X
    HHG PLC
    31 March 2004



    HHG PLC
    31 March 2004 (London time)
    1 April 2004 (Sydney time)

    Not for release, publication or distribution in, or into, the United States,
    Canada or Japan.

    Result of placing (the "Placing") of new ordinary shares of HHG PLC ("HHG")

    HHG is pleased to announce that, further to the announcement on 31 March 2004 by HHG of a proposed Placing, 246,160,000 new HHG ordinary shares (the "Placing Shares") have been successfully placed by UBS Limited ("UBS") and Cazenove & Co.
    Ltd ("Cazenove"). Following the accelerated bookbuilding process, the placing price has been set at 48 pence per share.

    The Placing is accordingly expected to raise proceeds of approximately £118 million.

    HHG intends to use the proceeds of the Placing, together with existing internal resources, to acquire the remaining 24% of HHG Invest plc from its subsidiary, Pearl Assurance plc, for approximately £118.7m. This will give HHG 100% ownership of HHG Invest, the holding company for Henderson Global Investors (Henderson). The acquisition maximises HHG's direct economic exposure to Henderson and simplifies the Group structure.

    It also benefits the regulatory capital position of Pearl in relation to proposals outlined in Consultation Paper 204 published by the UK Financial Services Authority,
    as the acquisition will mitigate the potential adverse impact of CP 204 by approximately £118.7m.

    The Placing Shares will represent approximately 9.99% of HHG's issued share capital prior to the Placing. The order book for the Placing has been closed and the offer will not be extended.

    Application has been made for the Placing Shares to be admitted to the Official List maintained by the UK Listing Authority and to be admitted to trading on the London Stock Exchange plc's market for listed securities.

    It is expected that admission of the Placing Shares to the Official List will become effective and dealings will commence at 8.00 am on 6 April 2004 (London time). The Placing Shares will, when issued, rank pari passu with the existing ordinary shares of HHG.

    Application for quotation on the financial market operated by Australian Stock Exchange Limited ("ASX") will also be made for the CDIs representing
    the Placing Shares. It is expected that quotation of the CDIs on the ASX will become effective and dealings will commence at 10.00 am on 7 April 2004 (Sydney time).

    For further information:
    HHG PLC:
    Gail Williamson +44 20 7818 5310

    UBS Limited:
    Ian Gladman / Christopher Smith +44 20 7567 8000
    Cazenove & Co. Ltd:
    Tim Wise / Greg Bennett +44 20 7588 2828

    This announcement has been issued by, and is the sole responsibility of, HHG. UBS and Cazenove are acting exclusively for HHG and no one else in connection with the Placing and will not be responsible to anyone other than HHG for providing the protections afforded to clients of UBS and Cazenove, respectively, nor for providing any advice in relation to the Placing or any
    other matters referred to in this press announcement.

    This announcement does not constitute an offer of securities for sale in the United States. The Placing Shares have not been and will not be registered
    under the US Securities Act of 1933, as amended, (the "Securities Act") or under the securities laws of any state of the United States, and, accordingly may not be offered or sold within the United States unless they are registered with the US Securities and Exchange Commission or an exemption from registration under the Securities Act is available. No public
    offering of the Placing Shares has been made in the United States.

    This announcement and the information contained herein are not for publication or distribution to persons in the United States, Canada or Japan or in any jurisdiction in which such publication or distribution is
    unlawful.

    This announcement is for information purposes only and does not constitute an offer or an invitation to underwrite, subscribe for or otherwise acquire or
    dispose of any securities or investment advice. Past performance is no guide to future performance and persons needing advice should consult an independent
    financial adviser.






    This information is provided by RNS
    The company news service from the London Stock Exchange

    END

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