Statement re Tender Offer
January 09 2001 - 3:30AM
UK Regulatory
RNS Number:9002W
Hemingway Properties Ld
9 January 2001
Hemingway Properties Limited
Stg 100 million 10.375 per cent. Debenture Stock 2023 (the
"stock")
Tender for the purchase by Hemingway Properties Limited (the
"charging company") of up to Stg 75m of stock
Background
The charging company and its parent (First Sloane Street
Limited (the "parent", and together with the charging
company, the "group")) have recently been considering a
number of alternatives concerning the stock, so as to
provide the group with additional flexibility to pursue its
strategy. As a result of a recent approach, these
alternatives include the disposal of the charging company,
together with all or part of the stock, to a third party,
for which discussions are ongoing. The alternatives also
include the tender set out below.
The Tender
Dresdner Kleinwort Wasserstein, on behalf of the charging
company, announces a tender by the charging company to all
stockholders alike to offer to sell up to Stg 75 million
nominal amount of the stock. The tender will be conducted by
way of a reverse book-build on a spread basis. Stockholders
are invited to submit offers at such price at which the
Gross Redemption Yield of the stock (as defined in the
conditions of the stock) equals the sum of (i) the Gross
Redemption Yield of the 8 per cent. Treasury Stock 2021 (the
"reference gilt") and (ii) a spread of between 2.25 per
cent. and 2.35 per cent.. For the purposes of calculating
the tender price, the Gross Redemption Yield of the
reference gilt will be based on the average of the bid and
offer prices of the reference gilt quoted by three Gilt
Edged Market Makers at or around 10am on 24 January 2001.
The charging company and its parent reserve the right to
continue discussions with third parties and to dispose of
any stock not repurchased via the tender to such third
parties. The charging company reserves the right to
purchase less than the full amount of the stock tendered, or
to purchase no stock. The charging company reserves the
right to extend the period of the tender or to make any
revision or amendment thereto, provided that if any such
revision or amendment is material the charging company will
permit stockholders to withdraw any offer to sell stock made
by that price at that date.
Tender Period and Closing
The tender will close at 10am on 19 January 2001 with
pricing set at 10am on 24 January 2001 and bargains to
settle on 31 January 2001.
Contact:
Stockholders who wish to tender a bid on these terms should
contact Bernard Grundy at Dresdner Kleinwort Wasserstein on
+44 20 7475 7024.
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