24th Jul 2006 07:00
Guinness Peat Group PLC24 July 2006 Guinness Peat Group plc Announcement Proposed Issue of Capital Notes by GPG Finance plc Guinness Peat Group plc (GPG) announces a proposed issue of capital notes(Offer) to New Zealand investors by its subsidiary GPG Finance plc (GPGFinance). The proposed Offer will be for an aggregate principal amount of NZ$250million and GPG Finance will have the ability to accept up to a further NZ$100million of over-subscriptions. The Offer will be made only to New Zealandresident investors and is conditional on requisite resolutions being passed atGPG's shareholders' meeting on 31 August 2006. The Offer will consist of an Exchange Offer for holders, as at 2 August 2006, ofexisting capital notes issued by GPG Finance in 2001 (Existing 2001 Noteholders)and a General Offer available only by firm allocation. The Exchange Offer will allow Existing 2001 Noteholders to exchange their 2001capital notes for new capital notes issued under the Offer. It is proposed thatthe Exchange Offer will open on 8 August 2006 and will close on 29 August 2006.The General Offer will open on 31 August 2006 and will close on 29 September2006. GPG Finance will have the right to extend or otherwise vary the openingdates and the closing dates. To facilitate the Exchange Offer, New Zealand Exchange Limited (NZX) has, at therequest of GPG Finance, agreed to impose a trading halt in respect of the 2001capital notes from 31 July 2006 until close of business on 1 September 2006.Trading in 2001 capital notes which are not exchanged under the Exchange Offerwill recommence on 4 September 2006. GPG (UK) Holdings plc will be exercisingits option, under condition 4.5 of the conditions applicable to the 2001 capitalnotes, to purchase for cash on 15 November 2006 all 2001 capital notes which arenot exchanged. Chairman of GPG, Sir Ron Brierley said, "The new capital note issue will be auseful complement to GPG's existing capital resources when consideringprospective investment opportunities. GPG is presently considering a range ofinvestment opportunities within its existing portfolio and in the broaderAustralian, New Zealand and UK markets." The new issue will have a similar structure to GPG's previous two issues ofcapital notes, undertaken in 2001 and 2003. GPG's previous issues of capitalnotes were strongly sought after by investors. "The issue will provide NewZealand investors another opportunity to invest in GPG following on from theprevious highly successful capital note issues" Sir Ron said. Goldman Sachs JBWere (NZ) Limited is the Lead Manager and OrganisingParticipant. Contacts: Tony GibbsDirectorNew Zealand Tel: + 64 9 379 8888 Richard RussellCompany SecretaryUnited Kingdom Tel: + 44 207 484 3370 Andrew BarclayGoldman Sachs JB WereNew Zealand Tel: + 64 9 357 3200 Dated: 24 July 2006 Under the terms of the Offer, no offer or invitation is made in any jurisdictionother than New Zealand. This announcement is directed only at persons in NewZealand. Any person not resident in New Zealand should not rely or act uponthis announcement or any of its contents. Any person not resident in NewZealand who receives the Offer Document should not rely or act upon the Offermade in that document. GPG Finance has reserved the right to reject anysubscription received in respect of the capital notes other than from within NewZealand or which GPG Finance or any agent of GPG Finance believes may originatefrom outside New Zealand. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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