Edition:
United Kingdom

Marks & Spencer Announces Rights Issue To Fund JV With Ocado


Wednesday, 22 May 2019 

May 22 (Reuters) - Marks and Spencer Group PLC ::MARKS & SPENCER GRP - RIGHTS ISSUE ANNOUNCEMENT.MARKS AND SPENCER GROUP PLC - 1 FOR 5 FULLY UNDERWRITTEN RIGHTS ISSUE RAISING PROCEEDS OF C. £601.3 MILLION TO FUND JOINT VENTURE WITH OCADO GROUP PLC.MARKS AND SPENCER - RIGHTS ISSUE FULLY UNDERWRITTEN ON TERMS OF UNDERWRITING AGREEMENT ENTERED BETWEEN COMPANY, MORGAN STANLEY, BNP PARIBAS, HSBC BANK.MARKS AND SPENCER GROUP PLC - PROPOSING TO OFFER 325 MILLION NEW ORDINARY SHARES BY WAY OF A RIGHTS ISSUE TO QUALIFYING SHAREHOLDERS.MARKS AND SPENCER GROUP PLC - RIGHTS ISSUE WILL RESULT IN ISSUE OF 325,009,968 NEW ORDINARY SHARES OF 25 PENCE EACH.MARKS AND SPENCER GROUP PLC - RIGHTS ISSUE PRICE OF 185 PENCE PER NEW ORDINARY SHARE REPRESENTS A DISCOUNT OF APPROXIMATELY 31.8 PER CENT.MARKS AND SPENCER GROUP PLC - DIRECTORS INTEND TO TAKE UP IN FULL NEW ORDINARY SHARES TO WHICH THEY ARE ENTITLED UNDER RIGHTS ISSUE..MARKS AND SPENCER GROUP PLC - RIGHTS ISSUE REPRESENTING APPROXIMATELY 20.0 PER CENT. OF EXISTING ISSUED SHARE CAPITAL OF M&S.MARKS AND SPENCER GROUP PLC - RIGHTS ISSUE CONDITIONAL ON SALE AND PURCHASE AGREEMENT IN RESPECT OF JOINT VENTURE REMAINING IN FULL FORCE.