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SEGRO Board increases fundraise to £680 million due to strong demand

SEGRO plc (LON:SGRO) has announced the successful pricing of the non-pre-emptive placing of new ordinary shares of 10 pence each in the capital of the Company announced on 9 June 2020. In light of the strong demand received both from existing investors and potential new holders, the Board has decided to increase the size of the raise from approximately £650 million to £680 million.

A total of 82,061,394 new Ordinary Shares in the capital of the Company have been placed by BofA Securities and UBS AG London Branch at a price of 820 pence per Placing Share.

Concurrently with the Placing, retail and other investors have subscribed in the offer made by the Company via the PrimaryBid platform for a total of 865,435 new Ordinary Shares in the capital of the Company at the Placing Price.

The Placing and Retail Offer in aggregate comprised 82,926,829 new Ordinary Shares which will raise gross proceeds of approximately £680 million for the Company. The Placing Price of 820 pence represents a discount of 4.5 per cent to the closing share price of 858.8 pence on 9 June 2020. The Placing Shares and Retail Offer Shares, in aggregate, represent approximately 7.5 per cent of the existing issued ordinary share capital of SEGRO prior to the Placing.

SEGRO consulted with a number of its major shareholders prior to the Placing and has respected the principles of pre-emption through the allocation process. The Company is pleased by the strong support it has received from new and existing shareholders, including a number of its existing retail shareholders via the Retail Offer.

Applications have been made to the Financial Conduct Authority and London Stock Exchange plc respectively for the admission of the Placing Shares and the Retail Offer Shares to the premium listing segment of the Official List of the FCA and to trading on the main market for listed securities of the LSE. It is expected that Admission will become effective on or before 8.00 a.m. on 12 June 2020. The Placing and the Retail Offer are conditional upon, amongst other things, Admission becoming effective and upon the placing agreement between the Company and the Joint Bookrunners not being terminated in accordance with its terms.

The Placing Shares and Retail Offer Shares will, when issued, be credited as fully paid and rank pari passu in all respects with the existing ordinary shares of 10 pence in the capital of the Company, including, without limitation, the right to receive all dividends and other distributions declared, made or paid after the date of issue.

Following Admission, the total number of shares in issue in the Company will be 1,190,923,252. SEGRO currently holds no shares as treasury shares, and, therefore, following Admission, the total number of voting shares in SEGRO in issue will be 1,190,923,252.

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