Johnston Press Plc ('Johnston Press') announced earlier today that, as at 11:00am on 23 June 2008, being the latest date for receipt of valid subscriptions, it had received valid acceptances in respect of 311,058,684 new Johnston Press ordinary shares, representing approximately 97.25 per cent of the total number of new Johnston Press ordinary shares offered to shareholders pursuant to the 1 for 1 rights issue announced on 14 May 2008 (the 'Rights Issue').
Johnston Press announces that, in accordance with the arrangements set out in Part III of the Rights Issue prospectus dated 14 May 2008 (the 'Prospectus'), Deutsche Bank AG, London branch ('Deutsche Bank') has procured subscribers for the remaining 8,811,199 new Johnston Press ordinary shares, for which valid acceptances were not received, at a price of 72 pence per share.
The net proceeds from the sale of these new Johnston Press shares after deduction of the Rights Issue price of 53p and relevant costs (including any commissions and taxes), will, save for amounts that do not exceed £5.00, be paid without interest to shareholders who have not taken up their entitlements, pro rata to their lapsed provisional allotments. As a result of the sale of these shares, the underwriter will not be required to subscribe for any new Johnston Press ordinary shares.
Definitions used in the Prospectus shall have the same meanings when used in this announcement unless the context otherwise requires.
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This announcement is not a prospectus but an advertisement and investors should not subscribe for any Nil Paid Rights, Fully Paid Rights, or New Ordinary Shares issued in connection with the Rights Issue except on the basis of the information contained in the Prospectus.
This announcement is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended (the 'US Securities Act') or an exemption therefrom. The Company has not registered and does not intend to register any securities under the US Securities Act, and does not intend to offer the Nil Paid Rights, the Fully Paid Rights, the New Ordinary Shares or the Provisional Allotment Letters to the public 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 does not constitute an offer to sell or issue or a solicitation of an offer to buy New Ordinary Shares or to take up entitlements to Nil Paid Rights in any jurisdiction in which such offer or solicitation is unlawful. Neither this announcement, nor the Prospectus, nor the Provisional Allotment Letter will be distributed in or into the Australia, Canada, Japan or the Republic of South Africa.
The Nil Paid Rights, the Fully Paid Rights, the New Ordinary Shares and the Provisional Allotment Letters have not been and will not be registered under the relevant laws of any state, province or territory of Australia, Canada or Japan and may not be offered, sold, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, within Australia, Canada or Japan except pursuant to an applicable exemption.
Deutsche Bank AG is authorised under German Banking Law (competent authority: BaFin - Federal Financial Supervising Authority) and regulated by the Financial Services Authority for the conduct of UK business. Deutsche Bank AG is acting for the Company and no one else in connection with the Rights Issue and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Deutsche Bank nor for providing advice in connection with the Rights Issue.