13th Mar 2006 17:29
Lehman Brothers Intl (Europe)13 March 2006 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION INTO OR IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN PROPOSED SECONDARY PLACING OF ORDINARY SHARES IN INMARSAT PLC ("INMARSAT") Lehman Brothers International (Europe) ("Lehman") and Morgan Stanley SecuritiesLimited ("Morgan Stanley") (together the "Managers") announce an acceleratedbookbuilt secondary placing of approximately 74 million ordinary shares inInmarsat (the "Placing Shares"), representing in aggregate approximately 16.2per cent. of the issued share capital of Inmarsat (the "Placing"), subject todemand, price and market conditions. The proposed sellers of the ordinary shares which are the subject of the Placingare funds advised by Apax Partners Worldwide LLP, funds advised by Permira,Comsat Investments Inc., a subsidiary of Lockheed Martin Corporation and TelenorSatellite Broadcasting AS (formerly called Telenor Satellite Services AS)(together the "Sellers"). Whether the Placing proceeds, the number of ordinaryshares in Inmarsat in the Placing and the placing price will be decided at theclose of the accelerated bookbuilding period following agreement between theManagers and the Sellers, and a further announcement will be made by theManagers at that time. The books for the Placing will open with immediate effect. Pricing andallocations are expected to be announced as soon as practicable following theclosing of the books. The timing of closing of the books will be at theabsolute discretion of the Managers. If all of the Placing Shares are sold, the Sellers will hold, in aggregate, lessthan 0.75% of Inmarsat's issued share capital. Dated 13 March 2006 Enquiries: Lehman Brothers Mark Lane Tel: +44 20 7102 1756 Ben Iversen Tel: +44 20 7103 1026 Duncan Smith Tel: +44 20 7103 2793 Morgan Stanley Henrik Gobel Tel: +44 20 7425 9069John Porter Tel: +44 20 7677 3301 MEMBERS OF THE GENERAL PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING.THIS ANNOUNCEMENT AND ANY OFFER OF SECURITIES TO WHICH IT RELATES ARE ONLYADDRESSED TO AND DIRECTED AT PERSONS WHO ARE (1) QUALIFIED INVESTORS WITHIN THEMEANING OF DIRECTIVE 2003/71/EC AND ANY RELEVANT IMPLEMENTING MEASURES (THE "PROSPECTUS DIRECTIVE") AND (2) WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERSRELATING TO INVESTMENTS WHO FALL WITHIN ARTICLE 19(1) OF THE FINANCIAL SERVICESAND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE "ORDER") OR AREPERSONS FALLING WITHIN ARTICLE 49(2)(A) TO (D) ("HIGH NET WORTH COMPANIES,UNINCORPORATED ASSOCIATIONS, ETC") OF THE ORDER (ALL SUCH PERSONS TOGETHER BEINGREFERRED TO AS "RELEVANT PERSONS"). THE INFORMATION REGARDING THE PLACING SETOUT IN THIS ANNOUNCEMENT MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARENOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THISANNOUNCEMENT RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGEDIN ONLY WITH RELEVANT PERSONS. This announcement has been issued by the Managers and is the sole responsibilityof the Managers. This announcement is for information purposes only and doesnot constitute an offer or an invitation to acquire or dispose of any securitiesof Inmarsat plc in the United States, Canada, Australia or Japan or in any otherjurisdiction in which such an offer of solicitation is unlawful. The PlacingShares have not been, and will not be, registered under the United StatesSecurities Act of 1933, as amended, and may not be offered or sold in the UnitedStates absent registration or an exemption from registration. There will be nopublic offering of securities in the United States. Any investment decision to buy securities in the Placing must be made solely onthe basis of publicly available information which has not been independentlyverified by the Managers or the Sellers. Neither this announcement nor any copy of it may be taken, transmitted ordistributed, directly or indirectly in or into the United States, Canada,Australia or Japan. Any failure to comply with this restriction may constitutea violation of United States, Canadian, Australian or Japanese securities laws. The distribution of this announcement and the offering or sale of the PlacingShares in certain jurisdictions may be restricted by law. No action has beentaken by the Managers, or any of their respective affiliates, or any otherperson that would permit an offer of the Placing Shares or possession ordistribution of this announcement or any other offering or publicity materialrelating to the Placing Shares in any jurisdiction where action for that purposeis required. Persons into whose possession this announcement comes are requiredby the Managers to inform themselves about and to observe any such restrictions. The Managers are acting for the Sellers only in connection with the Placing, andno one else, and will not be responsible to anyone other than the Sellers forproviding the protections offered to clients of the Managers nor for providingadvice in relation to the Placing. End CA060620054 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Inmarsat