12 June 2024
National Grid plc
Results of Rights Issue
National Grid plc (“National Grid” or the “Company”) today announces that the 7 for 24 Rights Issue of 1,085,448,980 New Ordinary Shares at 645 pence per New Ordinary Share announced on 23 May 2024 (the “Rights Issue”) closed for acceptances at 11:00 am on 10 June 2024. The Company received valid acceptances in respect of 987,429,382 New Ordinary Shares, representing approximately 91% of the total number of New Ordinary Shares to be issued pursuant to the fully underwritten Rights Issue.
It is expected that the New Ordinary Shares will commence trading, fully paid, on the London Stock Exchange plc’s main market for listed securities as soon as possible after 8:00 a.m. on 12 June 2024.
It is expected that the New Ordinary Shares held in uncertificated form will be credited to CREST accounts as soon as practical after 8:00 a.m. on 12 June 2024 and that share certificates in respect of New Ordinary Shares held in certificated form will be despatched by no later than 24 June 2024.
In accordance with their obligations as underwriters in respect of the Rights Issue as set out in the prospectus dated 23 May 2024 (the “Prospectus“), Barclays Bank PLC (“Barclays“) and J.P. Morgan Securities plc (which conducts its UK investment banking activities under the marketing name J.P. Morgan Cazenove) (“J.P. Morgan“) (together, the “Banks” or the “Underwriters“) will use reasonable endeavours to procure subscribers for the remaining 97,727,572 New Ordinary Shares not taken up at the Rights Issue Price, failing which the Underwriters have agreed to subscribe themselves (in the agreed proportions), on a several basis, for any remaining New Ordinary Shares at the Rights Issue Price.
In addition to the New Ordinary Shares not taken up at the Rights Issue Price, the Underwriters will also place 292,026 Ordinary Shares resulting from the aggregation of fractional entitlements of Ordinary Shares following the Rights Issue.
The net proceeds from the placing of such New Ordinary Shares (after the deduction of the Rights Issue Price of 645 pence per New Ordinary Share and the expenses of procuring subscribers, including any applicable brokerage commissions and VAT which are not recoverable) will be paid (without interest) to those Shareholders whose rights have lapsed in accordance with the terms of the Rights Issue, pro rata to their lapsed provisional allotments, save that individual amounts of less than £5.00 will not be paid to such persons but will be aggregated and will accrue for the benefit of the Company.
A further announcement as to the number of New Ordinary Shares for which subscribers have been procured will be made in due course.
In accordance with the FCA’s Disclosure Guidance and Transparency Rules, the Company also notifies that, as at 12 June 2024, the total issued share capital of National Grid plc is 5,052,587,194 ordinary shares, of which 245,598,853 were held as treasury shares. leaving a balance of 4,806,988,341 ordinary shares with voting rights.
The figure of 4,806,988,341 ordinary shares may be used by shareholders as the denominator for the calculations by which they will 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.
Capitalised terms used but not otherwise defined in this announcement shall have the meanings set out in the Prospectus, which is available on the Company’s website at: www.nationalgrid.com.