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Grainger procures subscribers for remaining shares in rights issue

British residential landlord Grainger PLC said J.P. Morgan Cazenove and Numis Securities Ltd. procured subscribers for the 7,888,061 new ordinary shares, at 210.0 pence apiece, in its rights issue for which valid acceptances were not received.

The shares represent approximately 4.05% of the total number of new ordinary shares offered in the 7-for-15 rights issue, which the company launched to fund its £396 million buyout of GRIP REIT PLC.

Following the allotment of all the shares under the issue, Grainger's issued share capital will consist of 612,098,116 ordinary shares of 5 pence each, with the company holding 1,506,300 shares in treasury. As of Dec. 18, the total number of voting rights in the company was 612,098,116.

J.P. Morgan and Numis Securities are the joint book runners and joint brokers to Grainger. J.P. Morgan also serves as lead financial adviser, while Numis Securities serves as sponsor.