14th Sep 2006 15:38
Capital & Counties Limited14 September 2006 Capital & Counties Limited (the "Company", formerly Capital & Counties plc) (incorporated with limited liability in England and Wales with registered number 00280739) Notice to the holders of the £80,000,000 111/4 per cent. First Mortgage Debenture Stock 2021 (ISIN: GB0001732030) (the "2021 Stock") and £150,000,000 9 7/8 per cent. First Mortgage Debenture Stock 2027 (ISIN: GB0001734309) (the "2027 Stock" and, together with the 2021 Stock, the "Stock" and each a " Series" of Stock) This announcement is made in connection with the Proposals as defined in theConsent Solicitation Statement dated 16 August 2006 (the "Consent SolicitationStatement"). The final pricing details for the Proposals, as determined by the SolicitationAgents at or around 3.00 p.m. today, Thursday, 14 September, are as follows: EXISTING STOCK PRICING 2021 Stock• Spread over Benchmark: 1.15 per cent.• Benchmark Security: 4.75 per cent. UK Treasury Gilt due March 2020• Mid-Market Benchmark Security Rate: 4.523 per cent.• Existing Stock Price: £1,563.68 per £1,000 Nominal Amount• Exchange Ratio: 1.56368x• Accrued Interest: £29.652027 Stock• Spread over Benchmark: 1.25 per cent.• Benchmark Security: 6.00 per cent. UK Treasury Gilt due December 2028• Mid-Market Benchmark Security Rate: 4.312 per cent.• Existing Stock Price: £1,533.40 per £1,000 Nominal Amount• Exchange Ratio: 1.53340x• Accrued Interest: £26.03 NEW STOCK PRICING• New Stock Spread over Benchmark: 1.25 per cent.• New Stock Benchmark Gilt: 6.00 per cent. UK Treasury Gilt due December 2028• Mid-Market Benchmark Security Rate: 4.312 per cent.• New Stock Coupon: 5.562 per cent. (payable semi-annual, actual/actual day count basis)• New Issue Price: £1,000 per £1,000 Nominal Amount• New Stock Final Maturity: 31 December 2027• Total size: £354,876,000 Settlement date: 5 October 2006 Note: Pricing and accrued interest calculations above are based on an expectedsettlement date of 5 October 2006. Accrued interest is shown rounded to nearest£0.01 per £1,000 for indicative purposes only; for actual calculations, accruedinterest will be rounded to nearest £0.01 based on the size of registeredholding Expected Date of Redemption As announced by the Company on Wednesday, 13 September 2006, each of theExtraordinary Resolutions detailed in the relevant Notice of Meeting ofStockholders of each Series was duly passed by the requisite majority of holdersof the relevant Stock at the meetings of holders of the Stock held yesterday andthe Terms and Conditions of each Series of Stock will be amended accordingly. The Company expects that the Settlement Date for the redemption of the Stockwill be 5 October 2006 subject to listing of the new stock. Capital & Counties Limited Registered Office:40 BroadwayLondon SW1H 0BU Dated 14 September 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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