Lamprell completes rights issue

Equity injection to part finance acquisition of MIS

Lamprell's Sharjah Quayside facility. The firm expects to complete on the purchase of MIS on 14 July.
Lamprell's Sharjah Quayside facility. The firm expects to complete on the purchase of MIS on 14 July.

As part of their planned acquisition of MIS, UAE specialist engineering services provider Lamprell has completed a rights issue previously announced on 19 May.

The 3 for 10 rights issue was accepted by 98.96% of qualifying shareholders. The Board of Lamprell announces that it has received valid acceptances in respect of 59,457,120 New Ordinary Shares (from a total eligible shareholding of 60,083,792 New Ordinary Shares).

The remaining 626,672 New Ordinary Shares will be marketed through J.P. Morgan Cazenove, BofA Merrill Lynch and HSBC, acting as joint bookrunners.

According to a statement from Lamprell's solicitors Freshfields Bruckhaus Deringer, the rights issue was expected to net around $225.1 million to part-fund Lamprell's anticipated completion of the MIS purchase on 14 July.

It is expected that the New Ordinary Shares in uncertificated form will be credited to the London Stock Exchange's CREST accounts today, and that definitive share certificates in respect of the New Ordinary Shares in certificated form will be dispatched to Qualifying non-CREST Shareholders by no later than 12 July 2011. It is expected that the New Ordinary Shares will commence trading fully paid on London Stock Exchange plc’s main market for listed securities today, 29 June 2011, at 8 a.m.

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