SUT Sheffield Utd

RNS Number:2544Z
Sheffield United PLC
03 March 2006


3 March 2006

                              Sheffield United plc

                              Result of Open Offer

On the 8 February 2006, Sheffield United plc ("Sheffield United" or "the
Company") (AIM: SUT), one of the oldest football club operators in the UK,
announced that it intended to raise up to approximately #10.7 million before
expenses, by way of a one-for-two Open Offer of up to 71,242,565 new Ordinary
Shares at 15 pence per share to Qualifying Shareholders.

Sheffield United is pleased to announce that by 3.00pm on the 2 March 2006, that
being the latest time and date for receipt of Application Forms and payment in
full under the Open Offer, 11,002,885 new Ordinary Shares representing
approximately 15.5 per cent. of the total number of Ordinary Shares available
under the Open Offer had been applied for by Qualifying Shareholders. Such
applications included 2,048,540 new Ordinary Shares applied for by certain
Qualifying Shareholders in excess of their pro rata entitlements under the Open
Offer.

In accordance with the Underwriting Agreement ("the Underwriting Agreement")
dated the 8 February 2006, of the 60,219,680 new Ordinary Shares which have not
been taken up by Qualifying Shareholders under the Open Offer, 55,666,666 will
be taken up by Scarborough Property Company plc (a company indirectly controlled
by Kevin McCabe and his immediate family), 1,333,333 will be taken up by
Craftglen Ltd (a company controlled by JL Burnley) and 1,333,333 will be taken
up by Green Piling Ltd (a company in which D Green, a director of the Club, has
a significant interest).

KC McCabe and his connected persons currently have a beneficial interest in
Ordinary Shares of 66,631,320, representing 46.76 per cent. of the issued share
capital of the Company, and a non-beneficial interest of 698,040 Ordinary
Shares, representing a further 0.49 per cent. of the issued share capital of the
Company. In addition, the Panel on Takeovers and Mergers has ruled that the
Underwriters (other than Green Piling) together with certain of their connected
parties constitute a concert party with regard to the Company's share capital.
Under the City Code, a person who already holds shares which carry between 30
and 50 per cent. of the voting rights in the Company may not, except with the
consent of the Takeover Panel, normally acquire further shares without making a
general offer to the other Shareholders to acquire their Ordinary Shares.
Accordingly, the Underwriting is conditional, inter alia, on the approval of
Independent Shareholders and a resolution to approve the waiver ("the Waiver")
by the Takeover Panel of this mandatory requirement, which would otherwise
arise, is to be proposed at the Extraordinary General Meeting ("EGM") to be held
at 11 a.m on 3 March 2006.

Should the Resolutions (including to approve the Waiver and to give the
necessary authorities and powers to give effect to the Open Offer) be approved
at the EGM, the total take up under the Open Offer and the Underwriting will be
69,356,217 new Ordinary Shares, raising a total of approximately #10.4 million
(before expenses) for the Company.

Subject to the approval of the Resolutions at the EGM, Admission to AIM of the
total of 69,356,217 new Ordinary Shares which have been applied for by
Qualifying Shareholders or subscribed for under the Underwriting Agreement is
expected to take place on 6 March 2006.

Terms used in this announcement have the same meaning as those defined in the
prospectus dated 8 February 2006.
                                        
                                        -Ends-

For further information:
Tavistock Communications: 020 7920 3150
Jeremy Carey/Richard Sunderland



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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