30th Sep 2005 10:00
Crest Nicholson PLC30 September 2005 30th September 2005 Crest Nicholson Plc ("Crest") Repayment of Preference Shares The Board of Crest Nicholson Plc, the residential and mixed-use developmentcompany, is today giving notice that its 38,036,097 51/2% Cumulative RedeemablePreference Shares of £1 each ("Preference Shares") will be repaid at par on 2ndNovember 2005. The latest due date for the redemption of the Preference Shares is 1st October2007. The Preference Shares are no longer convertible and will be categorised asborrowings under International Financial Reporting Standards which Crest adoptfor the financial year commencing 1st November 2005. The repayment of thePreference Shares will convert non tax deductible preference dividends into taxdeductible interest charges. Crest increased its borrowing facilities by £30m in February 2005 to prepare forearly repayment of the Preference Shares. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Crest Nicholson