3rd Feb 2011 16:45
TR-1: NOTIFICATION OF MAJOR INTERESTS IN SHARES
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:
Low & Bonar PLC
2. Reason for the notification (please place an X inside the appropriate bracket/s):
An acquisition or disposal of voting rights: ( X)
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached: ( )
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments: ( )
An event changing the breakdown of voting rights: ( )
Other (please specify): Transfer of voting rights
3. Full name of person(s) subject to the notification obligation:
BT Pension Scheme Trustees Limited as trustee of the BT Pension Scheme. See Section 9 for further information.
4. Full name of shareholder(s) (if different from 3.):
Hermes UK Specialist Focus Fund
5. Date of the transaction (and date on which the threshold is crossed or reached if different):
2 February 2011
6. Date on which issuer notified:
3 February 2011
7. Threshold(s) that is/are crossed or reached
14%
8. Notified details:
A: Voting rights attached to shares
Class/type of shares if possible using the ISIN CODE | Situation previous to the Triggering transaction | |
Number of shares | Number of voting Rights | |
GB0005363014
| 43,666,064 | 43,666,064 |
Resulting situation after the triggering transaction
Class/type of shares if possible using the ISIN CODE | Number of shares | Number of voting rights | % of voting rights | ||
Direct | Indirect | Direct | Indirect | ||
GB0005363014
| N/A | N/A | 42,861,064 | N/A | 14.8870% |
B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial instrument | Expiration Date | Exercise/Conversion Period/ Date | Number of voting rights that may be acquired if the instrument is exercised/ converted. | % of voting rights |
N/A | N/A | N/A | N/A | N/A |
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial instrument | Exercise price | Expiration Date | Exercise/Conversion Period | Number of voting rights instrument refers to | % of voting rights
| ||
Nominal | % | ||||||
N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
Total (A+B+C)
Number of voting rights | % of voting rights |
42,861,064 | 14.8870% |
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:
BT Pension Scheme Trustees Limited, as trustee of the BT Pension Scheme ("BTPS") is the parent undertaking of Britel Fund Nominees Limited and Britel Fund Trustees Limited, which is the parent undertaking of Hermes Fund Managers Limited ("HFML"). HFML is the parent undertaking of:
1. Hermes Equity Ownership Services Limited ("HEOS") (voting rights: 0.620%)*
2. Hermes Focus Asset Management Limited ("HFAM")** as General Partner of the following limited partnerships:
a. Hermes UK Specialist Focus Fund ("HUKSFF") (voting rights: 14.2670%) ***
* This notification is also being made in respect of HEOS, which is an indirect holder of shares for the purpose of DTR 5.2.1(h). The voting rights include the following: (i) all of the voting rights of the underlying clients of HEOS for whom it provides voting services; (ii) all of the voting rights attaching to the direct shareholding of BTPS; (iii) all of the voting rights attaching to shares managed by HFML; and (iv) the voting rights attaching to the direct shareholding of BTPS that are managed by HSL.
** This notification is also being made in respect of HFAM, which is an indirect holder of shares for the purpose of DTR 5.2.1 (h) and has an individual notification obligation under DTR 5.1.5
*** This notification is also being made in respect of HUKSFF, which has an individual notification obligation under DTR 5.1.
Please see Section 13 for further information.
Proxy Voting:
10. Name of the proxy holder:
See Comment in Section 13
11. Number of voting rights proxy holder will cease to hold:
See Comment in Section 13
12. Date on which proxy holder will cease to hold voting rights:
See Comment in Section 13
13. Additional information:
HEOS hold the voting rights under a standing proxy contained in agreements for the provision of voting services to various underlying clients for the purposes of DTR 5.2.1 (h), which includes all of the shares owned directly by BTPS, all of the voting rights attaching to shares managed by HIML and the voting rights attaching to the direct shareholding of BTPS that are managed by HSL.
HFAM hold the voting rights as General Partner under a standing proxy contained in limited partnership agreements with various limited partnerships for the purposes of DTR 5.2.1 (h).
All voting rights held on behalf of the above entities are aggregated for the purposes of DTR 5.2.1 (e).
The disclosure is made by BT Pension Scheme Trustees Limited as trustee of the BT Pension Scheme, which is the ultimate parent undertaking for the purposes of DTR 5.2.1 (e).
14. Contact name:
Matthew Joy, Company Secretary, Low & Bonar PLC
15. Contact telephone number:
0207 535 3180
Related Shares:
LWB.L