19th Jun 2007 15:40
Hammerson PLC19 June 2007 Proposals for the modification of redemption provisions of the £200,000,00010.75 per cent. bonds due 2013 (the "Bonds ") of which £106,180,000 in aggregateprincipal amount remain outstanding issued by Hammerson plc; and Notice ofMeetings of the holders of the Bonds to be held on Thursday 12 July 2007. A meeting of the holders of the Bonds (the "Meeting") issued by Hammerson plc(the "Issuer") is being convened tomorrow for the purpose of considering and, ifthought fit, passing an extraordinary resolution (the "Extraordinary Resolution") relating to the price payable on the optional redemption of the Bonds, thenotice period for such redemption and the publication requirements for noticesconcerning optional redemption. The Meeting will be held at One Bunhill Row,London EC1Y 8YY on Thursday 12 July 2007 at 10.00 a.m. The Extraordinary Resolution will instruct the Trustee to amend the terms andconditions of the Bonds to provide that the price payable on an optionalredemption be calculated by reference to a redemption formula, based on thegross redemption yield of the Bonds which is equal to the aggregate of the grossredemption yield of a reference gilt plus an agreed spread, together with allaccrued and unpaid interest to the date of redemption. Description of the Bonds ISIN Common Code Early Response Redemption Reference Redemption Price Gilt Price agreed agreed spread spread£200,000,000 10.75% GB0004063078 1065718 0.400% 0.425% 5.00%Bonds due 2013 Treasury Gilt due September 2014 The Early Response Redemption Price shall be paid only for Bonds in respect ofwhich a valid instruction has been submitted in accordance with the provisionsof the Trust Deed of the Bonds to vote either in favour of or against therelevant Extraordinary Resolution prior to the Early Response Deadline (being4.00 p.m. on Wednesday 4 July 2007, as may be extended by the Issuer in itsabsolute discretion, the "Early Response Deadline"). The Redemption Price shallbe paid only for Bonds in respect of which a valid instruction has not beensubmitted in accordance with the provisions of the Trust Deed of the Bonds tovote either in favour of or against the Extraordinary Resolution prior to theEarly Response Deadline. Further information concerning the Extraordinary Resolution will be contained inthe circular to the holders of the Bonds to be issued 20 June 2007 (the "Circular") copies of which will be available from the offices of the solicitorsto the Issuer at Herbert Smith LLP, Exchange House, Primrose Street, London EC2A2HS between 9.00 a.m. and 5.00 p.m. on any weekday (public holidays excepted). The proposals contained in the Circular have been considered by a SpecialCommittee of the ABI at the request of the Issuer. The members of the SpecialCommittee, who hold approximately £88.7 million in nominal value representing83.5 per cent. of the current principal amount outstanding of the Bonds haveexamined the proposals. They have informed the Issuer that they find theproposals acceptable, that they intend to vote in favour of the ExtraordinaryResolution in respect of their holdings and that they will be inviting other ABImembers to consider a similar course of action. The Special Committee hasadvised the Issuer that this recommendation relates only to the proposals setout in the Circular with respect to the Bonds and not to future offers orproposals which the Issuer may make. The Royal Bank of Scotland plc, as Solicitation Agent, has been appointed by theIssuer and approved by the Trustee of the Bonds to determine the Early ResponseRedemption Price and the Redemption Price in accordance with the ExtraordinaryResolution on the Pricing Date which, provided the Extraordinary Resolution is passed, is expected to beThursday 12 July 2007 at or around 3.00 p.m. If the Meeting is quorate and the Extraordinary Resolution is passed, it isintended that the Bonds will be redeemed in full on Tuesday 17 July 2007. Requests for information in relation to voting and attendance at the Meetingshould be directed to: The Bank of New YorkOne Canada SquareLondon E14 5ALTel: +44 (0)20 7964 8819Fax: +44 (0)20 7964 2536Attn: Amaka Onyekwelu Solicitation Agent Trustee The Royal Bank of Scotland plc The Law Debenture Trust Corporation p.l.c.135 Bishopsgate Fifth FloorLondon EC2M 3UR 100 Wood Street London EC2V 7EXTel: +44 (0)20 7085 8056/3781Attn: Andrew Burton / Gianmarco Deiana Tel: +44 (0)20 7696 5297/5221 Attn: Charles Lander / Katy Le GrosIssuer Principal Paying Agent Hammerson plc Kredietbank S.A. Luxembourgeoise10 Grosvenor Street 43 Boulevard RoyalLondon W1K 4BJ L-2955 Luxembourg Tel: +44 (0)20 7887 1013Attn: Duncan Beardsley This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Hammerson