UK - SVG caps commitments and launches £200m rights issue

The rights issue is being launched at a price of 100 pence per ordinary share, which represents a discount of 45.1% to the closing price on 17 December 2008 and a 49% discount to adjusted post-issue NAV. Shareholders representing 48% of issued ordinary shares have given irrevocable undertakings or firm interest to take up their entitlements in full under the rights issue, while SVG also hopes to attract several new investors. JPMorgan Cazenove is acting as sole sponsor and bookrunner to the rights issue and placing. JP Morgan Securities is partially underwriting the rights issue.

The cap on commitments equates to a reduction in uncalled commitments of £796.3m to £343.8m (calculated by reference to foreign exchange rates as at 30 November 2008). Permira has seperately announced that 90% of investors in the fund have refused the offer to cap their commitments, with the restructuring resulting in a fund size of no less than €9.6bn, compared to the original size of €11.1bn.

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