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Castorama rights issue


On 7 June 2002 Kingfisher received shareholder approval to purchase the remaining Castorama shares for €67 per share. By 3 August 2002 Kingfisher raised £2 billion by way of a rights issue in order to part fund the offer, increasing its existing holding of 53.2 per cent of the issued share capital of Castorama.

Kingfisher shareholders had the right to buy one new share for every share they were holding on 8 July 2002 at a price of 155p. The offer was opened on 4 September and closed on 16 October 2002 resulting in an increased holding of 98.80% of the fully diluted share capital (including the shares purchased on the market during this time). Kingfisher re-opened its offer on 29 October 2002 for a further ten days, as a result of which its holding was further increased to 99.19% of the fully diluted share capital.

On 8 May 2003, a formal offer was opened for the remaining shares still in circulation, enabling Kingfisher to obtain 100% ownership of Castorama and to delist the company from Euronext with effect from 22 May 2003.