19th Jan 2006 07:17
Insight Foundation Property Tst Ltd19 January 2006 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,CANADA, AUSTRALIA OR JAPAN. Insight Foundation Property Trust Limited 19 January 2006 SALE OF SHARES JPMorgan Cazenove Limited ("JPMorgan Cazenove") announces an offering on behalfof Clerical Medical Investment Group Limited ("CMIG") of up to 35,000,000ordinary shares at 115p per share ("Offering Shares") in Insight FoundationProperty Trust Limited ("IFPT") representing approximately 10 per cent of IFPT'sissued share capital, as described below (the "Offering"). The Offering Shares are being offered by way of an institutional bookbuilding.JPMorgan Cazenove is acting as sole bookrunner and lead manager to the Offering. The Offering is expected to close on or before the close of business on 19January 2006. The exact number of Offering Shares to be sold in the Offeringwill be announced thereafter. JPMorgan Cazenove reserves the right to close thebook at any earlier time. Settlement is expected to be on 24 January 2006.Investors wishing to participate should contact the sales desk at JPMorganCazenove. The sale reflects a desire to reduce the proportion of CMIG's portfolio that isinvested in a single investment company. CMIG has been, and continues to be,satisfied with the strategy and performance of IFPT and the balance of theinvestment in IFPT remains an important part of CMIG's portfolio. CMIG hasconfirmed it has no intention of further reducing its shareholding before 30June 2006. Enquiries: Duncan Owen (Insight Investment Management) 0207 321 1677 Richard Cotton (JPMorgan Cazenove) 020 7588 2828 Angus Gordon Lennox (JPMorgan Cazenove) 020 7588 2828 This announcement is issued on behalf of the CMIG by JPMorgan Cazenove who areregulated by the Financial Services Authority and does not constitute any offerto sell or any solicitation of any offer to purchase any securities. JPMorganCazenove are acting for CMIG in connection with the sale and for no one else andwill not be responsible to anyone other than CMIG for providing the protectionsoffered to prospective customers of JPMorgan Cazenove nor for providing advicein relation to the sale. Neither this document nor any copy of it may be transmitted into the UnitedStates of America, its territories and possessions, any state of the UnitedStates or the District of Columbia (the "United States") or distributed,directly or indirectly to any US person as defined in Regulation S under theSecurities Act, as amended. Any failure to comply with this restriction mayconstitute a violation of US securities laws. The Offering Shares are not beingregistered under the Securities Act and may not be offered or sold in the UnitedStates or to or for the account of any US person unless registered under theSecurities Act or pursuant to an exemption from such registration. No publicoffer is being made in the United States. Neither this document nor any copy of it may be distributed in Canada, Australiaor in Japan or to any resident thereof or in any other jurisdiction where suchdistribution would be unlawful under the laws of such jurisdiction. END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Schroder Real