Pennon Group PLC has successfully completed an equity capital raise, issuing 24,657,535 new ordinary shares at a price of 730 pence per share. The gross proceeds from the raise are approximately 180 million. The offering included a placement by Barclays Bank PLC and Morgan Stanley & Co. International plc, as well as subscriptions by certain directors and executives of the company and retail investors through the PrimaryBid platform.

The offer price represents a discount of approximately 2.6% to the closing share price on January 9, 2024, and a discount of 4.9% to the middle market price at the time the offer price was agreed upon. The new ordinary shares are expected to be admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange on or before 8:00 a.m. on January 12, 2024.

Following the admission, the total issued share capital of the company will consist of 286,018,720 ordinary shares, with the company holding 5,628 shares in treasury. The total number of voting rights in the company following admission will be 286,013,092. The directors of the company have also participated in the subscription, with Susan Davy subscribing for 8,356 new ordinary shares, and other directors subscribing for 2,054 new ordinary shares each.

The equity capital raise is a non-pre-emptive issue of equity securities for cash, and the company has made a post-transaction report in accordance with the most recently published Pre-Emption Group Statement of Principles (2022). For further information, interested parties can contact Pennon Group PLC or the appointed media and financial advisors.

This comprehensive summary provides an overview of Pennon Group PLC's successful equity capital raise, including details of the offering, the pricing, and the participation of directors and retail investors.