24th Feb 2005 08:39
Insight Foundation Property Tst Ltd24 February 2005 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,CANADA, AUSTRALIA OR JAPAN. Insight Foundation Property Trust Limited 24 February 2005 SALE OF SHARES Cazenove & Co. Ltd announces an offering on behalf of Clerical MedicalInvestment Group Limited ("CMIG") of up to 40,000,000 shares at 108p per share("Offering Shares") in Insight Foundation Property Trust Limited ("IFPT")representing approximately 15 per cent of IFPT's issued share capital, asdescribed below (the "Offering"). The Offering Shares are being offered by way of an international institutionalbookbuilding including into the United States to "Qualified Institutional Buyers" (as defined in Rule 144A of the United States Securities Act of 1933) inreliance on exemptions from the registration requirements of the Securities Act.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 24February 2005. The exact number of Offering Shares to be sold in the Offeringwill be announced thereafter. Cazenove reserves the right to close the book atany earlier date. Settlement is expected to be on 2 March 2005. Investorswishing to participate should contact the sales desk at Cazenove. 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 for a periodof at least six months from the date of this announcement. Enquiries: Duncan Owen (Insight Investment Management) 0207 321 1677 Richard Cotton (Cazenove & Co. Ltd) 020 7588 2828 This announcement is issued on behalf of the CMIG by Cazenove & Co. Ltd who areregulated by the Financial Services Authority Limited and does not constituteany offer to sell or any solicitation of any offer to purchase any securities.Cazenove & Co. Ltd are acting for CMIG in connection with the sale and for noone else and will not be responsible to anyone other than CMIG for providing theprotections offered to prospective customers of Cazenove & Co. Ltd nor forproviding advice in 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 of 1933, as amended, (the "Securities Act"). Any failure tocomply with this restriction may constitute a violation of US securities laws.The Offering Shares are not being registered under the Securities Act and maynot be offered or sold in the United States or to or for the account of any USperson unless registered under the Securities Act or pursuant to an exemptionfrom such registration. No public offer is being made in the United States. Neither this document nor any copy of it may be distributed in Canada or inJapan 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