19th Sep 2006 10:15
Shaftesbury PLC19 September 2006 ANNOUNCEMENT RELATING TO THE PROPOSED PURCHASE BY SHAFTESBURY PLC OF UP TO £60,000,000 OF THEOUTSTANDING £119,643,000 8 1/2 PER CENT DEBENTURE STOCK DUE 2024 (THE "STOCK"), ISIN GB0007991150 Shaftesbury PLC (the "Company") today announces an invitation to stockholders tosell back to the Company up to £60,000,000 nominal of the Stock. The invitationwill remain open from 11:00 am London time on 19 September 2006 to 3:00 pmLondon time on 25 September 2006 (the "Expiration Date") or such other period asmay be notified by the Company (the "Offer Period"). The Company reserves theright to withdraw the invitation to sell at any time during the Offer Periodupon giving twenty-four hours notice. Pricing for the sale is expected to occuron or around 11:00 am London time on 26 September 2006 (the "Pricing Date").The Bonds are listed on the London Stock Exchange ("LSE"). The purchase will be limited to a maximum of £60,000,000 in aggregate principalamount of Stock (the "Maximum Purchase Amount"). The Company may choose toincrease or decrease the Maximum Purchase Amount. Any such increase or decreaseof the Maximum Purchase Amount will be announced, through an RNS announcement,on the Pricing Date. In the event that offers to sell are received in respectof an aggregate principal amount of Stock which is greater than the MaximumPurchase Amount, a pro rata reduction will be applied. All Stock purchased bythe Company will be cancelled. The price payable for the Stock will be determined by reference to a fixedspread of 0.55 per cent. over the yield to maturity of the 5% Treasury Stock2025 (the "Reference Stock"), based on the offer price of the Reference Stock asreported by Bloomberg (page PXUB) at or around 11:00 am London time on thePricing Date, plus accrued and unpaid interest from, and including 31 March 2006to, but excluding, the Pricing Date (further details on the calculation set outbelow). Payment for Stock will be made on the third business day following the PricingDate (the "Payment Date"). References to a business day herein are to a day(other than Saturday or Sunday) on which commercial banks are generally open forbusiness in London. For further information or to offer Stock for sale, holders should contact theTransaction Manager. Adviser and Transaction Manager: Dresdner Kleinwort Attention: Tim Cartmell +44 (0) 20 7444 9003 Colin Archibald +44 (0) 20 7475 8327 Hugh Carter +44 (0) 20 7475 3400 Notes on calculation of the purchase price: The purchase price will be expressed as a percentage of the par value (roundedto three decimal places, 0.0005 per cent. being rounded upwards), as reported inwriting by Dresdner Kleinwort to the Company, at which the Redemption Yield onthe Stock if it were purchased at such a price would be equal to 0.55 per cent.plus the Redemption Yield at or around 11:00 am London time on that date of theReference Stock, based on the offer price of the Reference Stock as reported byBloomberg (page PXUB). The Redemption Yield means a yield calculated on the basis set out by the UnitedKingdom Debt Management Office in the paper "Formulae for Calculating GiltPrices from Yields" page 4, Section one: Price/Yield Formulae "ConventionalGilts; Double-dated and Undated Gilts with Assumed (or Actual) Redemption on aQuasi-Coupon Date" (published 8/6/1998 and updated 15/1/2002), together withaccrued and unpaid interest from, and including 31 March 2006 to, but excluding,the Payment Date. This communication has been issued by the Company (which is not an authorisedperson for the purposes of the Financial Services and Markets Act 2000). Thiscommunication is directed only at existing holders of the Stock in accordancewith Article 43 of the Financial Services and Markets Act 2000 (FinancialPromotion) Order 2005. Dresdner Kleinwort (and its respective directors, employees and affiliates)makes no representation or recommendation whatsoever regarding this announcement(or any invitation or offer contained in it) or any purchase or sale followingfrom it and it excludes any and all liability in respect of such announcement,invitation, offer, sale or purchase. Shaftesbury PLC: Jonathan Lane, Chief Executive Penny Thomas, Company Secretary +44 (0) 20 7333 8118 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SHB.L