22nd Jun 2007 11:05
Cable & Wireless PLC22 June 2007 THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF BONDHOLDERS. IF BONDHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD SEEK THEIR OWN FINANCIAL ADVICE, INCLUDING AS TO ANY TAX CONSEQUENCES, IMMEDIATELY FROM THEIR STOCKBROKER, BANK MANAGER, SOLICITOR, ACCOUNTANT OR OTHER APPROPRIATELY AUTHORISED INDEPENDENT FINANCIAL ADVISER. 22 June 2007 NOTICE OF EARLY REDEMPTION ON 23 JULY 2007 to the holders of those of the Cable and Wireless plc £257,714,000 4 per cent. Convertible Bonds due 2010 (ISIN: XS0171039893) currently outstanding (the Bonds) Last day of Conversion Period: 17 July 2007 Optional Redemption Date: 23 July 2007 Cable and Wireless plc (the Company) hereby gives notice to holders of the Bondsof its intention pursuant to Condition 6(b) of the Bonds as set out in Schedule1 to the Trust Deed dated 16 July 2003 (as modified on 4 May 2005) constitutingthe Bonds (the Trust Deed) to redeem all of the Bonds on 23 July 2007 (theOptional Redemption Date). Bonds will be redeemed at their principal amountplus accrued interest (amounting to £1,000.76 per £1,000 principal amount ofBonds) in accordance with the Conditions of the Bonds. Payment in respect ofthe Bonds will be made in accordance with Condition 7 of the Bonds to the bearerof the Permanent Global Bond in accordance with the standard procedures ofEuroclear Bank S.A./N.V. (Euroclear) and Clearstream Banking, societe anonyme(Clearstream, Luxembourg). Bondholders who wish to exercise their Conversion Rights in respect of theirBonds may do so up to the close of business on 17 July 2007 in accordance withCondition 5(i) of the Bonds but subject always to the requirements and thestandard procedures of Euroclear and Clearstream, Luxembourg. The number of Ordinary Shares to be issued on exercise of Conversion Rights isdetermined by dividing the principal amount of the relevant Bond(s) by theConversion Price. The Conversion Price is £1.45 per Ordinary Share. The mid-market closing price of the Ordinary Shares as derived from the DailyOfficial List of the London Stock Exchange was £1.967 as at 20 June 2007, beingthe latest practicable date before publication of this notice. Bondholders who exercise their Conversion Rights on or after the date hereof butprior to 16 July 2007 (being the next Interest Payment Date) will receiveaccrued interest from and including the Interest Payment Date on 16 January 2007to but excluding the London business day immediately after they deliver theirConversion Notice. Any such interest will be paid as described in Condition 5(l). Bondholders who exercise their Conversion Rights on 16 July 2007 or 17 July 2007(the last day to exercise Conversion Rights) will receive the regularlyscheduled interest payment on the Interest Payment Date of 16 July 2007, but nofurther interest will accrue on such Bonds. IMPORTANT Value of the Ordinary Shares into which each £1,000 principal amount of Bonds is £1,375.26convertible based solely on the mid-market closing price of the Ordinary Shares as derivedfrom the Daily Official List of the London Stock Exchange as at 20 June 2007 (ignoringfractions of Ordinary Shares) plus interest payable on the Interest Payment Date fallingon 16 July 2007 of £20.00, assuming the delivery of a Conversion Notice on 16 or 17 July2007. Such market price is subject to change. Redemption price (including interest payable on the Interest Payment Date falling on 16 £1,020.76July 2007 of £20.00 plus accrued interest from and including 16 July 2007 to but excluding23 July 2007 of £0.76) for each £1,000 principal amount of the Bonds redeemed on 23 July2007. The attention of the Bondholders is drawn to the Conditions, and particularlyConditions 5, 6 and 7, which contain further details regarding conversion,redemption and payments. As of the close of business on 21 June 2007, £57,232,000 of the Bonds remainedoutstanding. Taking into account outstanding repurchases for cancellation,£45,732,000 of Bonds remained outstanding as of 21 June 2007. All capitalised terms used herein but not otherwise defined have the meaninggiven to them in the Trust Deed. As an alternative to conversion, Bondholders should be aware that the Company'sbroker, JPMorgan Cazenove, may be in a position to respond to offers ofunconverted Bonds for repurchase and cancellation by the Company if these areoffered at attractive prices. Contacts: Cable and Wireless plc Ashley Rayfield, Investor Relations Director, +44 (0) 20 7315 4460 Mat Sheppard, Investor Relations Manager, +44 (0) 20 7315 6225 JPMorgan Cazenove Simon Smith / Richard Tomblin, Convertible Bonds, + 44 (0) 20 7155 8111 Francis Burkitt, Debt Capital Markets, +44 (0)20 7155 4924 The Bank of New York (as Principal Paying and Conversion Agent) Paying Agent: Corporate Trust Services, One Canada Square, London, E14 5AL Tel: +44(0) 207 9646705 Fax: +44(0) 207 9646399 email: [email protected] Attention: ITS Puts and Calls team Tel: +44 (0) 1202 689590 / 689593 Fax: +44 (0)1202 689660 Conversion Agent: Corporate Trust Services, Lower ground Floor, 30 Cannon Street, London, EC4M 6XH Convertibles Desk Tel: +44 (0) 207 964 7284/4245/7271 Fax: +44 (0) 207 964 7294 email: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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