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BRIEF-The AA sets offer price at 250 pence per share
June 6, 2014 / 12:35 PM / in 3 years

BRIEF-The AA sets offer price at 250 pence per share

June 6 (Reuters) - AA (the) -

* Announcement of intention to float

* Buy-in team backed by leading institutional investors acquires aa from acromas

* Have received binding commitments of over 930 million stg from cornerstone investors to acquire shares

* Following Cornerstone Investors’ commitments, Acromas would retain an approximate 31 pct shareholding in AA

* Company is expected to issue approximately 210 mln stg of new shares ( “new shares”), with remainder of offer comprising sale of existing shares ( “existing shares”) by selling shareholder

* Admission is expected to take place in second half of June 2014

* Offer, which will commence shortly, will only be made outside of united states to certain institutional and professional investors

* Total expected market capitalisation of company at admission will be approximately 1.385 bln stg

* Company will apply for admission of its shares to standard listing segment of official list of FCA

* Offer comprises an offer of up to 554 million new shares and existing shares at an offer price of 250 pence per share

* Company is offering approximately 85 million new shares

* Will use approximately 185 mln stg of expected net proceeds after fees to reduce overall net leverage of group

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