25th May 2006 12:24
Hammerson PLC25 May 2006 FOR RELEASE THURSDAY, 25 MAY - POST MEETING Offer to Repurchase for Cash by Hammerson plc For any or all of its outstanding £200,000,000 10.75 per cent. Bonds due 2013 and proposal by Hammerson plc to the holders of such Bonds (Bondholders) Hammerson plc announces that in connection with its invitation to Bondholders toapprove a proposal to amend the terms and conditions of the Bonds byExtraordinary Resolution to provide for the company to have the option to redeemthe Bonds early, at the Meeting of the Bondholders convened by the Noticepublished in the Financial Times on 3 May 2006 and held on Thursday, 25 May2006, the Extraordinary Resolution was not passed. Accordingly, the proposalwill not be implemented. However, Hammerson plc intends to proceed with its repurchase of all Bondsvalidly tendered by eligible Bondholders for repurchase for cash pursuant to itsinvitation to such Bondholders set out in the Tender Offer Memorandum dated 3May 2006 and announces its acceptance for repurchase of such Bonds of anaggregate principal amount of £93.82 million. The repurchase will be financedout of existing committed facilities. Following such repurchase on theSettlement Date, which is expected to be 1 June 2006, an aggregate principalamount of £106.18 million of the Bonds will remain outstanding. After theredemption Hammerson will have cash and undrawn committed facilities of around£520 million. The price payable for the Bonds accepted for repurchase and the Early TenderPremium (as defined in the Tender Offer Memorandum) will be determined at oraround 11.00 a.m., London time, on 26 May 2006 and an announcement of therepurchase price and the Early Tender Premium will be made as soon aspracticable after such determination. Simon Melliss, Group Finance Director, commented, "We are pleased with theresponse to the tender offer we have recently made. As a result, Hammerson willenjoy lower financing costs and improved cashflow going forward, whilstmaintaining a healthy level of corporate liquidity." This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Hammerson