DS Smith Results of Placing of New Ordinary Shares
DS Smith Plc ("DS Smith" or "the Company") is pleased to announce the successful completion of the placing (the "Placing") announced earlier today.
A total of 39,296,253 new ordinary shares of 10 pence each in the Company (the "Placing Shares") have been placed by J.P. Morgan Securities Ltd, which conducts its UK investment banking activities as J.P. Morgan Cazenove, ("J.P. Morgan Cazenove" or "JPMC") with institutions at a price of 120 pence per Placing Share (the "Placing Price"). Based on the Placing Price, the gross proceeds of the Placing will be approximately £47.2 million. The Placing Shares being issued represent approximately 9.99% of DS Smith's issued ordinary share capital prior to the Placing.
The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of DS Smith, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.
Applications have been made for the Placing Shares to be admitted to the Official List of the UK Listing Authority and to trading on the main market of the London Stock Exchange (together, the "Admission"). It is expected that Admission will take place and that trading in the Placing Shares will commence on 12 July 2010.