Scottish & Newcastle has said that is has successfully completed the placement of 42m new ordinary shares of 20 pence each by Deutsche Bank and UBS, with institutions at a price of 500 pence per Placing Share.

Based on the Placing Price, the gross proceeds receivable by S&N are £210 million.

The Placing Shares being issued represent approximately 4.7% of S&N's issued ordinary share capital prior to the Placing.