National Grid PLC has announced the results of its 7 for 24 Rights Issue, which closed for acceptances on 10 June 2024. The company received valid acceptances for approximately 91% of the total number of New Ordinary Shares to be issued. The New Ordinary Shares are expected to commence trading on the London Stock Exchange's main market for listed securities on 12 June 2024. Shareholders who did not take up their rights will have their lapsed provisional allotments paid to them, with a further announcement on the number of New Ordinary Shares for which subscribers have been procured to be made in due course.
Barclays Bank PLC and J.P. Morgan Securities plc, as underwriters, will use reasonable endeavors to procure subscribers for the remaining New Ordinary Shares not taken up at the Rights Issue Price. If they fail to do so, they have agreed to subscribe themselves for any remaining New Ordinary Shares at the Rights Issue Price. Additionally, the Underwriters will place 292,026 Ordinary Shares resulting from the aggregation of fractional entitlements of Ordinary Shares following the Rights Issue.
As of 12 June 2024, the total issued share capital of National Grid PLC is 5,052,587,194 ordinary shares, with 245,598,853 held as treasury shares, leaving a balance of 4,806,988,341 ordinary shares with voting rights. Shareholders can use this figure as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in, National Grid PLC under the FCA's Disclosure Guidance and Transparency Rules.
For further information, investors and media can contact National Grid directly. The company has also provided contact details for Barclays, J.P. Morgan Cazenove, and Robey Warshaw, as well as Brunswick, for any inquiries related to the announcement.