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[August 2002]
Cookson Rights Issue Fully Subscribed
Cookson announced that the Rights Issue launched on 19 July 2002 was fully subscribed and raised £277 million net of expenses. Cookson received valid acceptances in respect of 1,065,705,484 New Shares, representing approximately 91.6% of the New Shares offered by way of the 8 for 5 Rights Issue at 25 pence per share.The remaining New Shares for which valid acceptances had not been received by 28 August 2002 were placed at a price of 30 pence per share on 29 August 2002. Interest in these remaining New Shares was four times subscribed.
Commenting on completion of the Rights Issue, the Group CEO Stephen Howard said: "We are pleased that Shareholders have fully supported the Rights Issue and that the Company has raised the £277 million it was seeking. This will allow Cookson to continue to build on its leading market positions with a stronger balance sheet.
"The proceeds will be applied to significantly reduce the Group's bank facilities. This will leave the Company with a sustainable capital structure and borrowings with long term maturity profiles. Cookson is now in a better position to benefit from a sustained upturn in its key markets, especially given its high operational leverage."
ENDS