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Utilico Emerging Markets Utilities Limited (the "Company") - Result of Placing and Open Offer
Hamilton, Bermuda: May 8, 2006 -- On 7 April 2006, the Company announced the Placing and Open Offer by Arbuthnot Securities Limited on behalf of the Company of up to 100,000,000 C Shares at 100 pence per C Share with New Warrants attached on a one for five basis.
As at 11.00 a.m. on 4 May 2006, being the latest time for receipt of completed application forms and payment under the Open Offer, the Company had received applications for 53,280,001 C Shares representing approximately 71.0 per cent. of the total number of C Shares available under the Open Offer. The balance of 21,790,775 C Shares available under the Open Offer and 24,929,224 C Shares available under the Placing have been placed by Arbuthnot with institutional and other investors. Accordingly, subject to the remaining conditions for the Placing and Open Offer being satisfied, 100,000,000 C Shares (together with 20,000,000 New Warrants) will be issued raising approximately £98.6 million net of expenses equating to a net asset value per C Share of approximately 98.6p.
The Placing and Open Offer are conditional upon, inter alia, the admission of the C Shares and New Warrants to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the C Shares and New Warrants will commence on AIM and on the Bermuda Stock Exchange on 12 May 2006.
Enquiries:
Utilico Emerging Markets Utilities Limited
Tel. 0137 227 1486
Charles Jillings
Arbuthnot Securities Limited
Tel. 0207 012 2000
Alastair Moreton