Doc re. Buyback Proposals
May 13 2003 - 3:00AM
UK Regulatory
RNS Number:0028L
GPG (UK) Holdings PLC
12 May 2003
NOT FOR RELEASE IN OR DISTRIBUTION INTO THE UNITED STATES, CANADA, THE REPUBLIC
OF IRELAND OR JAPAN.
12 May 2003
Buyback offer for up to approximately 62.5 million Ordinary Shares of Guinness
Peat Group plc ("GPG") to be satisfied by the issue by GPG (UK) Holdings plc
("GPGUK") of up to 156.25 million listed 8 per cent. Convertible Subordinated
Unsecured Loan Notes of 20 pence each due 2005 ("CLNs") (the "Buyback Offer").
GPG and GPGUK announce that they are today posting to Qualifying Shareholders a
mini-prospectus in connection with the Buyback Offer. The mini-prospectus gives
further particulars of the offer to repurchase up to 10 per cent. of GPG's
Ordinary Shares in aggregate on the basis that Tendering Shareholders whose
tenders are accepted (and who, subject to the aggregate maximum of 10 per cent.,
will be entitled to tender up to 25 per cent. of their holding of Ordinary
Shares) would receive five CLNs, to be issued by GPGUK, for every two Ordinary
Shares repurchased.
Based on the assumptions set out in the mini-prospectus, the consideration under
the Buyback Offer represents a premium of approximately 8.5 per cent. to the
closing sale price of an Ordinary Share of NZ$1.50 on the New Zealand Stock
Exchange on 8 May 2003, adjusted for the proposed Capitalisation Issue. In
addition to the increase in capital value the mini-prospectus also shows that,
on those assumptions, acceptance of the Buyback Offer would result in an
increase in gross income of 300 per cent.
Shareholders should note however that the above premium may fall or rise prior
to 7 July 2003, the date on which the Buyback Offer is expected to become
effective, depending on the way in which the market prices of the Ordinary
Shares and the existing CLNs move during that period.
Copies of the full prospectus are obtainable until 30 May 2003 on request, free
of charge, from the addresses set out below:
United Kingdom:
Financial Services Authority Herbert Smith
25, The North Colonnade Exchange House
Canary Wharf Primrose Street
London E14 5HS London EC2A 2HS
Computershare Investor Services Plc Guinness Peat Group plc
7th Floor, Jupiter House First Floor
Triton Court Times Place
14 Finsbury Square 45 Pall Mall
London London
EC2A 1BR SW1Y 5GP
New Zealand:
Computershare Registry Services Plc Simpson Grierson
Level 2 HSBC Tower
159 Hurstmere Road 195 Lambton Quay
Takapuna PO Box 2402
North Shore City Wellington
Auckland New Zealand
New Zealand
Australia:
Registries Limited Baker & McKenzie
PO Box R67 AMP Centre
Royal Exchange 50 Bridge Street
Sydney NSW 1223 Sydney NSW 1223
Australia Australia
Copies of both the mini-prospectus and the full prospectus have been submitted
to the UK Listing Authority and are now available for inspection at the UK
Listing Authority's Document Viewing Facility in addition to the above
locations. The documents will also appear on the Australian Stock Exchange
website at www.asx.com.au.
If shareholders are in any doubt as to the action they should take, they are
recommended to seek their own personal financial advice from a stockbroker, bank
manager, solicitor, accountant or other financial adviser (who, in the United
Kingdom, should be authorised under the Financial Services and Markets Act
2000).
Unless the context requires otherwise, terms defined in this announcement have
the meanings ascribed to them in the full prospectus.
Richard Russell
Company Secretary
Telephone No. +44 (0)20 7484 3370
This announcement does not constitute an offer or an invitation to purchase or
subscribe for or dispose of any securities. Shareholders should also be aware
that past performance cannot be relied on as a guide to future performance.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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