TIDMSVT
RNS Number : 2231O
Severn Trent PLC
29 September 2023
THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR RELEASE,
PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA,
CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER
JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION
WOULD BE UNLAWFUL
FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND
IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
For immediate release
29 September 2023
Severn Trent Plc
("Severn Trent", the "Company" or the "Group")
Results of the Equity Issue
Severn Trent Plc successfully raises GBP1 billion of new
equity
Severn Trent announces the successful pricing of the
non-pre-emptive placing of new ordinary shares of 97(17/19) pence
each in the capital of the Company ("New Ordinary Shares")
announced earlier today (the "Placing").
A total of 22,922,277 New Ordinary Shares (the "Placing Shares")
have been placed with institutional investors by Merrill Lynch
International ("BofA Securities"), Morgan Stanley & Co.
International ("Morgan Stanley"), and Citigroup Global Markets
Limited ("Citi", together with BofA Securities and Morgan Stanley,
the "Joint Bookrunners") at a price of 2,150 pence per Placing
Share (the "Placing Price") raising gross proceeds of approximately
GBP493 million.
Concurrently with the Placing, retail investors in the UK have
subscribed in the offer made by the Company via the PrimaryBid
platform for a total of 320,750 New Ordinary Shares (the "Retail
Offer Shares") at the Placing Price (the "Retail Offer") raising
gross proceeds of approximately GBP7 million.
Additionally, certain directors of the Company have subscribed
for Ordinary Shares for a total of 12,787 New Ordinary Shares (the
"Director Subscription Shares") at the Placing Price (the "Director
Subscription") raising gross proceeds of approximately
GBP275,000.
The Placing, Retail Offer, and Director Subscription in
aggregate comprise 23,255,814 New Ordinary Shares, and will raise
gross proceeds of approximately GBP500 million.
The Subscription by Qatar Investment Authority ("QIA") for
23,255,814 New Ordinary Shares (the "Subscription Shares") at the
Placing Price will raise proceeds of approximately GBP500
million.
As a result, the Placing, Retail Offer, Director Subscription
and Subscription (together, the "Equity Issue") will raise total
gross proceeds of approximately GBP1 billion.
The Placing Price of 2,150 pence represents a discount of
approximately 5.1 per cent to the closing share price of 2,265
pence on 28 September 2023 and a discount of approximately 7.1 per
cent to the middle market price at the time at which the Company
and the Joint Bookrunners agreed the Placing Price.
Together, the Placing Shares, Retail Offer Shares, Director
Subscription Shares and Subscription Shares ("New Ordinary Shares")
being issued represent approximately 18.2 per cent of the existing
issued ordinary share capital of Severn Trent prior to the Equity
Issue.
Applications have been made to the Financial Conduct Authority
(the "FCA") and London Stock Exchange plc (the "LSE") respectively
for the admission of the New Ordinary 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 (together, "Admission"). It
is expected that Admission will become effective on or before 8.00
a.m. on 3 October 2023. The Placing is conditional upon, amongst
other things, Admission becoming effective and upon the placing
agreement between the Joint Bookrunners and the Company not being
terminated in accordance with its terms.
The New Ordinary Shares, when issued, will be fully paid and
will rank pari passu in all respects with each other and with the
existing Ordinary Shares, 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 Ordinary Shares in
issue in Severn Trent will be 301,692,002. The Company holds
2,645,984 Ordinary Shares in treasury, and therefore the total
number of voting rights in Severn Trent will be 299,046,018
following Admission, and this figure may be used by shareholders as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in, Severn Trent under the FCA's Disclosure Guidance
and Transparency Rules.
Related party transaction
Funds and accounts under management by direct and indirect
investment management subsidiaries of BlackRock Inc. ("BlackRock")"
hold more than 10 per cent. of the issued share capital in the
Company. Blackrock is therefore a substantial shareholder in the
Company for the purposes of the Listing Rules and is considered to
be a related party for the purposes of Listing Rules. BlackRock has
agreed to subscribe for 1,598,130 Placing Shares in the Placing,
amounting to a total subscription of approximately GBP34 million.
The participation in the Placing by BlackRock constitutes a
"smaller" related party transaction and falls within Listing Rule
11.1.10 R(1) and this announcement is therefore made in accordance
with Listing Rule 11.1.10R(2)(c).
Director participation
Each of the following directors of the Company has agreed to
subscribe for the number of Director Subscription Shares at the
Placing Price opposite his or her name as set out below:
Director Number of Director Subscription
Shares
Liv Garfield 4,651
--------------------------------
Christine Hodgson 2,325
--------------------------------
Helen Miles 2,325
--------------------------------
Kevin Beeston 1,162
--------------------------------
John Coghlan 1,162
--------------------------------
Sarah Legg 1,162
--------------------------------
Capitalised terms used but not defined in this Announcement have
the same meanings as set out in the placing launch announcement
released by the Company earlier today.
BofA Securities and Morgan Stanley acted as Joint Global
Coordinators and Joint Corporate Brokers and, together with Citi,
acted as Joint Bookrunners in respect of the Placing.
Rothschild & Co acted as Financial Adviser to the
Company.
About QIA
QIA is the sovereign wealth fund of the State of Qatar. QIA was
founded in 2005 to invest and manage the state reserve funds. QIA
is among the largest and most active sovereign wealth funds
globally. QIA invests across a wide range of asset classes and
regions as well as in partnership with leading institutions around
the world to build a global and diversified investment portfolio
with a long-term perspective that can deliver sustainable returns
and contribute to the prosperity of the State of Qatar.
The person responsible for making this Announcement on behalf of
the Company is Hannah Woodall-Pagan, Group Company Secretary.
This Announcement should be read in its entirety and in
conjunction with the "Important Notices" section below.
For further information on the Announcement, please contact:
Severn Trent Plc:
Rachel Martin, Head of Investor +44 (0)7824 624
Relations 011
BofA Securities (Joint Global Coordinator, Joint Bookrunner and
Joint Corporate Broker)
+44 (0)20 7628 1000
Peter Luck
Patrick De Loe
Oliver Elias
Alexander Penney
Morgan Stanley (Joint Global Coordinator, Joint Bookrunner and
Joint Corporate Broker)
+44 (0)20 7425 8000
Ben Grindley
Melissa Godoy
Francesco Puletti
Sean Cox
Citi (Joint Bookrunner)
+44 (0)20 7500 5000
Simon Lindsay
Sian Evans
Patrick Evans
Christopher Wren
Rothschild & Co (Financial Adviser to Severn Trent Plc)
+44 (0)20 7280 5000
John Deans
Emmet Walsh
Robert Barnes
Colm Burns
Media enquiries:
Jonathan Sibun, Teneo +44 (0)20 7353 4200
Press Office, Severn Trent Plc +44 (0)24 7771 5640
Pre-Emption Group Reporting
The Placing is a non-pre-emptive issue of equity securities for
cash and accordingly the Company makes the following post
transaction report in accordance with the most recently published
Pre-Emption Group Statement of Principles (2022).
Name of Issuer Severn Trent plc
Transaction details In aggregate, the Equity Issue of 46,511,628
New Ordinary Shares (comprising 22,922,277
Placing Shares, 320,750 Retail Offer Shares,
12,787 Director Subscription Shares and 23,255,814
Subscription Shares) represents approximately
18.2% of the Company's issued ordinary share
capital. Settlement for the New Ordinary Shares
and Admission are expected to take place on
or before 8.00 a.m. on 3 October 2023.
--------------------------------------------------------
Use of proceeds The proceeds of the proposed Equity Issue
complete the equity contribution to the funding
of Severn Trent's business plan for the regulatory
period 2025-2030 ("AMP8") which Severn Trent
intends to submit to Ofwat on 2 October 2023.
In particular, the plan and Equity Issue will
ensure Severn Trent is responsibly funded
from the outset and ensure robust financial
resilience is maintained whilst financing
a step-up in investment.
--------------------------------------------------------
Quantum of proceeds In aggregate, the Equity Issue raised gross
proceeds of approximately GBP1 billion and
net proceeds of approximately GBP987 million.
--------------------------------------------------------
Discount The Placing Price of 2,150 pence represents
a discount of approximately 5.1 per cent to
the closing share price of 2,265 pence on
28 September 2023 and a discount of approximately
7.1 per cent to the middle market price at
the time at which the Company and the Joint
Bookrunners agreed the Placing Price.
--------------------------------------------------------
Allocations Soft pre-emption has been adhered to in the
allocations process for the Placing. Management
was involved in the allocations process, which
has been carried out in compliance with the
MiFID II Allocation requirements.
Allocations made outside of soft pre-emption
were preferentially directed towards existing
shareholders in excess of their pro rata interests,
and wall-crossed accounts.
The committed allocation to QIA pursuant to
the Subscription recognises the support of
QIA to the Company in raising the target gross
proceeds of the Equity Issue resulting in
a fully funded equity plan for AMP8.
--------------------------------------------------------
Consultation The Joint Bookrunners undertook a pre-launch
wall-crossing process, including consultation
with major shareholders, to the extent reasonably
practicable and permitted by law.
--------------------------------------------------------
Retail Investors The Equity Issue included the Retail Offer,
for a total of 320,750 Retail Offer Shares,
via the PrimaryBid platform, alongside the
Placing.
Retail investors, who participated in the
Retail Offer, were able to do so at the same
Placing Price as all other investors participating
in the Equity Issue.
The Retail Offer was made available to existing
shareholders and new retail investors in the
UK. Investors were able to participate through
PrimaryBid's platform via its partner network
(covering 60+ FCA registered intermediaries)
and through PrimaryBid's free-to-use direct
channel. Investors had the ability to participate
in this transaction through ISAs and SIPPs,
as well as General Investment Accounts (GIAs).
This combination of participation routes meant
that, to the extent practicable on the transaction
timetable, eligible UK retail investors had
the opportunity to participate alongside institutional
investors.
Allocations in the Retail Offer were preferentially
directed towards existing shareholders in
keeping with the principle of soft pre-emption.
--------------------------------------------------------
IMPORTANT NOTICES
No action has been taken by the Company or Merrill Lynch
International ("BofA Securities") or Morgan Stanley & Co.
International plc ("Morgan Stanley", and together with BofA
Securities, the "Joint Global Coordinators") or Citigroup Global
Markets Limited ("Citi", and together with the Joint Global
Coordinators, the "Joint Bookrunners") or N.M. Rothschild &
Sons Limited ("Rothschild & Co"), or any of their respective
Affiliates, or any of its or their respective agents, directors,
officers or employees (collectively, "Representatives") that would,
or which is intended to, permit an offer of the securities referred
to herein or result in the possession or distribution of this
Announcement or any other offering or publicity material relating
to the securities referred to herein in any jurisdiction where
action for that purpose is required. Any failure to comply with
these restrictions may constitute a violation of the securities
laws of such jurisdictions. Persons into whose possession this
Announcement comes shall inform themselves about, and observe, such
restrictions.
No prospectus will be made available in connection with the
matters contained in this Announcement and no such prospectus is
required (in accordance with the Prospectus Regulation (EU)
2017/1129 as amended from time to time (the "Prospectus
Regulation") and the Prospectus Regulation as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
(the "UK Prospectus Regulation") to be published. Persons needing
advice should consult an independent financial adviser.
This Announcement has been issued by and is the sole
responsibility of the Company. No representation or warranty,
express or implied, is or will be made as to, or in relation to,
and no responsibility or liability is or will be accepted by the
Joint Bookrunners or Rothschild & Co or by any of their
respective Affiliates or Representatives as to, or in relation to,
the contents of the information contained in this Announcement or
any other written or oral information made available to or publicly
available to any interested party or its advisers, or any other
statement made or purported to be made by or on behalf of any of
the Joint Bookrunners or Rothschild & Co or any of their
respective Affiliates or Representatives in connection with the
Company, the Placing Shares, the Subscription Shares, the Director
Subscription Shares, the Retail Offer Shares, the Placing, the
Subscription, the Director Subscription or the Retail Offer and any
liability therefor is expressly disclaimed. The Joint Bookrunners
and Rothschild & Co and each of their respective Affiliates or
Representatives accordingly disclaim all and any liability, whether
arising in tort, contract or otherwise (save as referred to above)
in respect of any statements or other information contained in this
Announcement and no representation or warranty, express or implied,
is made by any of the Joint Bookrunners or Rothschild & Co or
any of their respective Affiliates or Representatives as to the
accuracy, completeness or sufficiency of the information contained
in this Announcement.
Members of the public are not eligible to take part in the
Placing. This Announcement and the terms and conditions set out
herein are for information purposes only and are directed at and my
only be communicated to (a) in the European Economic Area ("EEA"),
persons who are "qualified investors" within the meaning of Article
2(e) of Prospectus Regulation (Regulation (EU) 2017/1129)
("Qualified Investors"); and (b) in the United Kingdom, at
Qualified Investors within the meaning of Article 2(e) of the UK
Prospectus Regulation who are also (i) persons having professional
experience in matters relating to investments who fall within the
definition of "investment professionals" in Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (the "Order"); (ii) high net worth bodies corporate,
unincorporated associations and partnerships and trustees of high
value trusts as described in Article 49(2) of the Order; or (iii)
persons to whom it may otherwise lawfully be communicated (all such
persons together being referred to as "Relevant Persons").
Any investment or investment activity to which this Announcement
relates is only available to, and will be engaged in only with,
Relevant Persons. Persons distributing this Announcement must
satisfy themselves that is lawful to do so. This Announcement is
for information purposes only and shall not constitute an offer to
sell or issue or the solicitation of an offer to buy, subscribe for
or otherwise acquire securities in any jurisdiction in which any
such offer or solicitation would be unlawful. Any failure to comply
with this restriction may constitute a violation of the securities
laws of such jurisdictions. Persons needing advice should consult
an independent financial adviser.
The distribution of this Announcement and the offering, placing
and/or issue of the Placing Shares in certain jurisdictions may be
restricted by law. No action has been taken by the Company or the
Joint Bookrunners or Rothschild & Co or any of their respective
Affiliates that would permit an offer of the Placing Shares or
possession or distribution of this Announcement or any other
offering or publicity material relating to such Placing Shares in
any jurisdiction where action for that purpose is required. Persons
into whose possession this announcement comes are required by the
Company and the Joint Bookrunners and Rothschild & Co to inform
themselves about and to observe any such restrictions.
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS
RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION,
DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED
STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF
THE UNITED STATES OR THE DISTRICT OF COLUMBIA (COLLECTIVELY, THE
"UNITED STATES"), AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA
OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION,
RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL. FURTHER, THIS
ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER
OF SECURITIES IN ANY JURISDICTION. THIS ANNOUNCEMENT HAS NOT BEEN
APPROVED BY THE LONDON STOCK EXCHANGE, NOR IS IT INTED THAT IT WILL
BE SO APPROVED.
This communication is not a public offer of securities for sale
in the United States. The securities referred to herein have not
been and will not be registered under the US Securities Act 1933,
as amended (the "Securities Act") or under the securities laws of
any state or other jurisdiction of the United States, and may not
be offered or sold directly or indirectly in or into the United
States except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act
and in compliance with the securities laws of any state or any
other jurisdiction of the United States. The securities referred to
herein may not be offered and sold within the United States except
pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act.
UK Product Governance Requirements
Solely for the purposes of the product governance requirements
of Chapter 3 of the FCA Handbook Product Intervention and Product
Governance Sourcebook (the "UK MiFIR Product Governance
Requirements"), and disclaiming all and any liability, whether
arising in tort, contract or otherwise, which any 'manufacturer'
(for the purposes of the UK MiFIR Product Governance Requirements)
may otherwise have with respect thereto, the Placing Shares have
been subject to a product approval process, which has determined
that the Placing Shares are: (i) compatible with an end target
market of retail investors and investors who meet the criteria of
professional clients and eligible counterparties, each as
respectively defined in paragraphs 3.5 and 3.6 of the FCA Handbook
Conduct of Business Sourcebook ; and (ii) eligible for distribution
through all permitted distribution channels (the "UK Target Market
Assessment"). Notwithstanding the UK Target Market Assessment,
distributors should note that: the price of the Placing Shares may
decline and investors could lose all or part of their investment;
the Placing Shares offer no guaranteed income and no capital
protection; and an investment in the Placing Shares is compatible
only with investors who do not need a guaranteed income or capital
protection, who (either alone or in conjunction with an appropriate
financial or other adviser) are capable of evaluating the merits
and risks of such an investment and who have sufficient resources
to be able to bear any losses that may result therefrom. The UK
Target Market Assessment is without prejudice to the requirements
of any contractual, legal or regulatory selling restrictions in
relation to the Placing. Furthermore, it is noted that,
notwithstanding the UK Target Market Assessment, BofA Securities,
Citi and Morgan Stanley will only procure investors who meet the
criteria of professional clients and eligible counterparties.
For the avoidance of doubt, the UK Target Market Assessment does
not constitute: (a) an assessment of suitability or appropriateness
for the purposes of Chapters 9A or 10A respectively of the FCA
Handbook Conduct of Business Sourcebook; or (b) a recommendation to
any investor or group of investors to invest in, or purchase or
take any other action whatsoever with respect to the Placing
Shares. Each distributor is responsible for undertaking its own
target market assessment in respect of the securities referred to
herein and determining appropriate distribution channels.
EU Product Governance Requirements
Solely for the purposes of the product governance requirements
contained within: (a) EU Directive 2014/65/EU on markets in
financial instruments, as amended, ("MiFID II"); (b) Articles 9 and
10 of Commission Delegated Directive (EU) 2017/593 supplementing
MiFID II; and (c) local implementing measures (together, the "MiFID
II Product Governance Requirements"), and disclaiming all and any
liability, whether arising in tort, contract or otherwise, which
any "manufacturer" (for the purposes of the MiFID II Product
Governance Requirements) may otherwise have with respect thereto,
the Placing Shares have been subject to a product approval process,
which has determined that such Placing Shares are: (i) compatible
with an end target market of retail investors and investors who
meet the criteria of professional clients and eligible
counterparties, each as defined in MiFID II; and (ii) eligible for
distribution through all distribution channels as are permitted by
MiFID II (the "Target Market Assessment"). Notwithstanding the
Target Market Assessment, distributors should note that: the price
of the Placing Shares may decline and investors could lose all or
part of their investment; the Placing Shares offer no guaranteed
income and no capital protection; and an investment in the Placing
Shares is compatible only with investors who do not need a
guaranteed income or capital protection, who (either alone or in
conjunction with an appropriate financial or other adviser) are
capable of evaluating the merits and risks of such an investment
and who have sufficient resources to be able to bear any losses
that may result therefrom. The Target Market Assessment is without
prejudice to the requirements of any contractual, legal or
regulatory selling restrictions in relation to the Placing.
Furthermore, it is noted that, notwithstanding the Target Market
Assessment, BofA Securities, Citi and Morgan Stanley will only
procure investors who meet the criteria of professional clients and
eligible counterparties.
For the avoidance of doubt, the Target Market Assessment does
not constitute: (a) an assessment of suitability or appropriateness
for the purposes of MiFID II; or (b) a recommendation to any
investor or group of investors to invest in, or purchase, or take
any other action whatsoever with respect to the Placing Shares.
Each distributor is responsible for undertaking its own target
market assessment in respect of the Placing Shares and determining
appropriate distribution channels.
Forward looking information
This Announcement contains (or may contain) certain
forward-looking statements with respect to certain of the Company's
current expectations and projections about future performance,
anticipated events or trends and other matters that are not
historical facts. These forward-looking statements, which sometimes
use words such as "aim", "anticipate", "believe", "intend", "plan"
"estimate", "expect" and words of similar meaning, include all
matters that are not historical facts and reflect the directors'
beliefs and expectations and involve a number of risks,
uncertainties and assumptions that could cause actual results and
performance to differ materially from any expected future results
or performance expressed or implied by the forward-looking
statement. These statements are subject to unknown risks,
uncertainties and other factors, many of which are beyond the
Company's control, that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements. Statements contained in this Announcement regarding
past trends or activities should not be taken as a representation
that such trends or activities will continue in the future. The
information contained in this Announcement is subject to change
without notice and, except as required by applicable law, neither
the Company nor the Joint Bookrunners or Rothschild & Co assume
any responsibility or obligation and each expressly disclaim any
obligation or undertaking to update publicly or review any of the
forward-looking statements contained herein, whether as a result of
new information, future events or otherwise, unless required to do
so by applicable law or regulation. The final PR24 Business Plan is
subject to approval by Ofwat and there can be no assurance that the
PR24 Business Plan will be approved, in whole or in part. You
should not place undue reliance on forward-looking statements,
which speak only as of the date of this Announcement.
Any indication in this Announcement of the price at which
ordinary shares have been bought or sold in the past cannot be
relied upon as a guide to future performance. No statement in this
Announcement is intended as a profit forecast or estimate for any
period and no statement in this Announcement should be interpreted
to mean that earnings, earnings per share or income, cash flow from
operations or free cash flow for the Company, as appropriate, for
the current or future years would necessarily match or exceed the
historical published earnings, earnings per share or income, cash
flow from operations or free cash flow for the Company. Past
performance is no guide for future performance and persons reading
this Announcement should consult an independent financial
adviser.
This Announcement does not constitute a recommendation to
acquire any securities of the Company. This Announcement does not
identify or suggest, or purport to identify or suggest, the risks
(direct or indirect) that may be associated with an investment in
the Placing Shares. Any investment decision to buy Placing Shares
in the Placing must be made solely on the basis of publicly
available information, which has not been independently verified by
the Joint Bookrunners or Rothschild & Co.
Persons (including, without limitation, nominees and trustees)
who have a contractual or other legal obligation to forward a copy
of this Announcement should seek appropriate advice before taking
any action.
BofA Securities, Citi and Morgan Stanley are each authorised by
the Prudential Regulatory Authority and regulated in the United
Kingdom by the Prudential Regulation Authority and the Financial
Conduct Authority. Each of BofA Securities, Citi and Morgan Stanley
is acting exclusively for the Company and no one else in connection
with the Placing, the content of this Announcement and other
matters described in this Announcement. BofA Securities, Citi and
Morgan Stanley will not regard any other person as their respective
clients in relation to the Placing, the content of this
Announcement and other matters described in this Announcement and
will not be responsible to anyone (including any placees) other
than the Company for providing the protections afforded to their
respective clients or for providing advice to any other person in
relation to the Placing, the content of this Announcement or any
other matters referred to in this Announcement.
In connection with the Placing, each of BofA Securities, Citi
and Morgan Stanley and any of their Affiliates, acting as investors
for their own account, may take up a portion of the shares in the
Placing as a principal position and in that capacity may retain,
purchase, sell, offer to sell for their own accounts such shares
and other securities of the Company or related investments in
connection with the Placing or otherwise. Accordingly, references
to Placing Shares being offered, acquired, placed or otherwise
dealt in should be read as including any issue or offer to, or
acquisition, placing or dealing by, the Joint Bookrunners and any
of their Affiliates acting in such capacity. In addition, the Joint
Bookrunners and any of their Affiliates may enter into financing
arrangements (including swaps) with investors in connection with
which the Joint Bookrunners and any of their respective Affiliates
may from time to time acquire, hold or dispose of shares. The Joint
Bookrunners do not intend to disclose the extent of any such
investment or transactions otherwise than in accordance with any
legal or regulatory obligations to do so. The Joint Bookrunners are
not acting for the Company with respect to the Retail Offer.
The most recent Annual Report of the Group and other information
about the Group are available on the Severn Trent website at
www.severntrent.com. Neither the contents of the Company's website
(or any other website) nor the content of any website accessible
from hyperlinks on the Company's website (or any other website) is
incorporated into or forms part of this Announcement. The Placing
Shares to be issued or sold pursuant to the Placing will not be
admitted to trading on any stock exchange other than the London
Stock Exchange.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ROISEWFDUEDSEEU
(END) Dow Jones Newswires
September 29, 2023 09:29 ET (13:29 GMT)
Severn Trent (LSE:SVT)
Historical Stock Chart
From Sep 2024 to Oct 2024
Severn Trent (LSE:SVT)
Historical Stock Chart
From Oct 2023 to Oct 2024