Issue of Equity

Bodycote International PLC 09 March 2004 Embargoed for release at 7.00 a.m. 9 March 2004 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN Bodycote International plc 1 for 4 Rights Issue of 64,157,581 New Ordinary Shares at 100 pence per share to raise £64.2 million • 1 for 4 Rights Issue at 100p to raise approximately £64.2 million • Fully underwritten by Dresdner Bank AG • The Rights Issue will strengthen the Group's balance sheet and provide the Group with additional financial flexibility Bodycote is also today announcing its audited preliminary results for the year ended 31 December 2003 James Wallace, Chairman, said: 'In summary, the Rights Issue will give the Group a capital structure appropriate for the inherent operational gearing within the business. This, together with the receipt of the proceeds from the sale of Wet Coatings, will enable the Group to optimise its outsourcing opportunities and make considered, bolt-on acquisitions. Without the Rights Issue, the Group would be inhibited in its ability to exploit the opportunities available.' Bodycote will be holding a presentation to analysts at Financial Dynamics, Holborn Gate, 26 Southampton Buildings, London, WC2A 1PB which will start at 9.00 a.m. today. A prospectus will also be sent to shareholders today. Enquiries: Bodycote International plc Today Tel: 020 7831 3113 James Wallace, Chairman Thereafter Tel:01625 505 300 John D. Hubbard, Chief Executive David Landless, Group Finance Director Dresdner Kleinwort Wasserstein Limited Tel: 020 7623 8000 Chris Treneman Christopher Baird Financial Dynamics Tel: 020 7831 3113 Jon Simmons This summary should be read in conjunction with the full text of the following announcement. Appendix I sets out the expected timetable of principal events. Appendix II sets out the investment considerations to be considered carefully by Shareholders. Appendix III sets out the terms and conditions of the sub-underwriting of the Rights Issue. Appendix IV sets out definitions of terms used in this announcement. This announcement shall not constitute or form any part of any offer or invitation to subscribe for, or otherwise acquire, or any solicitation of any offer to purchase or subscribe for the Nil Paid Rights, the Fully Paid Rights or the New Ordinary Shares (the 'Securities'). Any purchase of, or application for the Securities in the Rights Issue should only be made on the basis of information contained in the Prospectus and any supplement thereto. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or under the laws of any State in the United States nor will they qualify for distribution under any of the relevant securities laws of the Excluded Territories nor has any Prospectus in relation to the New Ordinary Shares been lodged with or registered by the Australian Securities and Investments Commission. Accordingly, subject to certain exemptions, the Securities may not be offered, sold, delivered, renounced or transferred, directly or indirectly, in or into the Excluded Territories. There is no public offer of Securities in the United States or any other Excluded Territory. The Prospectus relating to the Rights Issue will be published today and a copy will be delivered to the Registrar of Companies in England and Wales for registration in accordance with Section 83 of FSMA. Copies of the Prospectus may be obtained from or inspected at the offices of Eversheds, Senator House, 85 Queen Victoria Street, London EC4V 4JL and the registered office of the Company. This announcement has been issued by Bodycote International plc and is the sole responsibility of Bodycote International plc. It has been approved solely for the purposes of section 21 of FSMA by Dresdner Kleinwort Wasserstein Limited of PO Box 560, 20 Fenchurch Street, London EC3P 3DB. Dresdner Kleinwort Wasserstein Limited and Dresdner Kleinwort Wasserstein Securities Limited, which are authorised and regulated by the Financial Services Authority, are acting for Bodycote International plc in connection with the matters referred to in this announcement and are not acting for any person other than Bodycote International plc and will not be responsible for any person other than Bodycote International plc for providing the protections afforded to customers of Dresdner Kleinwort Wasserstein Limited and Dresdner Kleinwort Wasserstein Securities Limited or for providing advice to any person in connection with the Rights Issue or any other matters referred to in this announcement. Persons needing advice should consult an independent financial adviser. Certain statements made in this announcement are forward-looking statements. These forward-looking statements speak only as at the date of this announcement. Such statements are based on current expectations and, by their nature, are subject to a number of risks and uncertainties that could cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statement. The information and opinions contained in this announcement are subject to change without notice and Bodycote International assumes no responsibility or obligation to update publicly or review any of the forward-looking statements contained herein. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR AMERICA, CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN 9 March 2004 Bodycote International plc ('Bodycote' or the 'Group') 1 for 4 Rights Issue of 64,157,581 New Ordinary Shares at 100 pence per share to raise £64.2 million Introduction The Board of Bodycote announces it is raising approximately £61.9 million, net of expenses, by the issue of approximately 64.2 million New Ordinary Shares at a price of 100 pence per share. The Board also announced today its preliminary results for the year ended 31 December 2003. The capital raising is by way of a rights issue to Qualifying Shareholders (other than certain Overseas Shareholders) on the basis of 1 New Ordinary Share for every 4 Bodycote Shares held at the close of business on 5 March 2004. The Rights Issue has been fully underwritten by Dresdner Bank AG. The issue price of 100 pence represents a discount of 34 per cent. to the middle market closing price of 152 pence per share on 8 March 2004, the last business day prior to the announcement of the Rights Issue. Background Since John Hubbard's appointment as Chief Executive in January 2002, the Group's key objectives have been to improve cash flow and to increase return on capital. These remain the Group's overriding priorities. To meet these objectives the Group has implemented important programmes to significantly enhance management cohesion, standardise reporting procedures and instil a discipline based on relevant key performance indicators. The Group has also had to contend with the two most difficult years in Bodycote's recent trading history, notably a reduction in demand in Bodycote's traditionally higher margin core markets (aerospace and power generation) whilst completing the integration of the Lindberg, HIT and Brukens. To meet these challenges, Bodycote has rationalised facility capacity and reduced headcount, achieving over £15 million annualised savings in the cost base. Capital expenditure has also been reduced, from £63 million in 2001 to £38 million in 2003, and now represents 0.8 times depreciation for 2003. Against this background, the Group ended the 2003 financial year with net debt of £210.3 million (2002: £234.2 million) after generating pre dividend free cash flow of £30.3 million (2002: £22.0 million). Following the strategic review announced in December 2003, the Board has now decided to dispose of the Wet Coatings division. This division was established in the late 1990s through a series of acquisitions in the belief that it would be synergistic with Bodycote's core Heat Treatment operations. The anticipated synergies have not materialised. In 2003, Wet Coatings sales were £38.0 million (2002: £36.1 million) and the division made an operating loss of £6.0 million (2002 loss: £3.8 million). In the past two years the division also absorbed approximately £10 million of capital. The charge to the Group's profit and loss account for the disposal of Wet Coatings is estimated to be £35 million. Of this amount, approximately £30 million relates to the write down of fixed assets (£19 million) and goodwill (£11 million) and has been charged as an exceptional item in the accounts for the year ended 31 December 2003. The remaining £5 million relates to expected cash payments in respect of the related closure costs, which will be charged as an exceptional item in the year ended 31 December 2004. This disposal will free up cash and management resource that will be better deployed elsewhere in the Group's core activities. It will be earnings enhancing and will improve the return on capital employed but will reduce shareholders' funds by £35 million and increase gearing (net debt as a percentage of shareholders' funds) to a level which the Board believes to be too high. The Group will retain the Specialty Coatings operations, whose processes are synergistic with those of the Group's Heat Treatment division, and these will in the future be reported as part of that division. In 2003 these operations generated revenue of £18.7 million (2002: £16.3 million) and an operating profit of £2.7 million (2002: £2.6 million). Having taken these decisions and with the rationalisation programme now in place, the Board considers that the Group is well placed to improve its return on capital employed. Reasons for the Rights Issue and use of proceeds The Board believes that, given the Group's high level of operational gearing, it needs to strengthen the capital base. The proceeds of the Rights Issue will initially be used to reduce net indebtedness and provide the Group with the ability to make a smooth exit from Wet Coatings within an acceptable timeframe. The strengthening of the Group's balance sheet, together with the proceeds from the sale of the Wet Coatings division will give the Group greater financial flexibility to pursue outsourcing opportunities as they arise and also make Bodycote a more attractive outsourcing partner. Many of the outsourcing opportunities are strategic partnerships with larger multinational manufacturers who require strategic partners to be financially strong and clearly capable of sustaining a long term relationship. In 2003, the Group secured approximately £20 million of additional annual revenue through this programme. The Board will also look to consolidate further Bodycote's position as global leader in commercial heat treatment services through small, complementary acquisitions that generate good returns on capital in the highly fragmented European (West and East) and North American markets and considered expansion in areas of lower cost production. The Far East and South America remain long-term target locations for Bodycote's operations, but the Board considers it will take time for these markets to become attractive. Materials Testing has an excellent financial performance record and in the year just ended has again demonstrated its ability to manage a growing business in variable market conditions. The Board intends to capitalise on the opportunities for geographical and sector expansion within this part of the Group through bolt-on acquisitions. In addition, organic growth will continue to be pursued through partnerships with major global manufacturers, research organisations and national standards authorities. In summary, the Rights Issue will give the Group a capital structure more appropriate for the inherent operational gearing within the business. This, together with the receipt of the proceeds from the sale of Wet Coatings, will enable the Group to optimise its outsourcing opportunities and make considered, bolt-on acquisitions. Strict investment criteria will continue to be applied to all business opportunities as they arise to ensure investments are value enhancing to the Group. Without the rights issue, the Group would be inhibited in its ability to exploit the opportunities available. Current Trading and Prospects The results for the first two months of the year are in line with management's expectations. With the operational improvements that have already been implemented and the actions we are taking on Wet Coatings, the Directors are confident in the financial and trading prospects for the Group for the year ended 31 December 2004. Looking further ahead the Group is poised to move forward as market demand recovers. Bodycote has capable people, productive facilities and the systems to deliver exceptional quality and service. The Group will continue to focus on higher value added work, gaining further market share and winning new outsourcing contracts. The Group's medium term strategy is to deliver a pre-tax return on capital in the mid teens. Principal Terms of the Rights Issue The Rights Issue will raise approximately £61.9 million, net of expenses. The New Ordinary Shares are being offered by way of rights to Qualifying Shareholders (other than certain Overseas Shareholders) on the following basis: 1 New Ordinary Share at 100 pence for every 4 Existing Ordinary Shares held and registered in their name at the Record Date. Entitlements to fractions of New Ordinary Shares will be rounded down to the nearest whole number of New Ordinary Shares and will not be allotted to Qualifying Shareholders. Accordingly, Shareholders with fewer than 4 Ordinary Shares will not be entitled to subscribe for any New Ordinary Shares. Fractional entitlements will be aggregated, allotted and sold for the benefit of the Company as soon as practicable after dealings for the New Ordinary Shares commence, if they can be sold, nil paid, at a price at least equal to the cost of sale. The latest time and date for acceptance and payment in full under the Rights Issue is 9.30 a.m. on 31 March 2004. Based on the closing middle-market price of 152 pence per Ordinary Share on 8 March 2004 (the last business day before the announcement of the Rights Issue) and the proposed Issue Price of 100 pence for each New Ordinary Share, the theoretical ex-rights price of each Ordinary Share (after adjusting for the proposed 3.85 pence final dividend) is 138.5 pence. A summary of the material terms of the Underwriting Agreement is set out in the Prospectus. The Rights Issue is conditional upon (i) Admission becoming effective by no later than 8.00 a.m. on 10 March 2004 (or such later time and/or date as the Underwriter and the Company may agree (being not later than 8.00 a.m. on 17 March 2004)), and (ii) the Underwriting Agreement otherwise having become unconditional in all respects and not having been terminated in accordance with its terms prior to Admission. Admission is expected to become effective and dealings in the New Ordinary Shares, nil paid, to commence on 10 March 2004. The Rights Issue will result in the issue of 64,157,581 New Ordinary Shares having a nominal value of 10 pence each (representing approximately 20.0 per cent. of the issued share capital of Bodycote, as enlarged by the Rights Issue). The New Ordinary Shares will, when issued and fully paid, rank equally in all respects with the Existing Ordinary Shares save that they will not carry the right to participate in the proposed final dividend of 3.85 pence per share for the year ended 31 December 2003 to be paid to Shareholders on the register on 26 March 2004. Information on Bodycote International plc Bodycote is the world's leading commercial metallurgical services provider and in future will comprise three principal divisions: Heat Treatment (including Specialty Coatings), Materials Testing and Hot Isostatic Pressing ('HIP') services. The majority of the engineering industry, which Bodycote targets for providing services, satisfies its requirements for metallurgical services by maintaining in-house processing capacity. Bodycote aims to provide a commercial, outsourced alternative to that in-house provision by processing customer-owned parts more economically and efficiently. Due to the need for rapid turnaround and to minimise logistics costs, Bodycote locates its facilities in areas of dense manufacturing activity and as at 31 December 2003, had 235 facilities in 22 countries. In most cases where Bodycote has entered into strategic partnerships to provide customer focused facilities, utilisation is improved by infilling capacity with work from other engineering firms in the area. The Directors believe that quality and reliability of its services, at competitive prices, are key selling points to Bodycote's customers. Almost all facilities hold third party certifications such as ISO, NADCAP, AS, TS, QS and numerous individual customer approvals. Bodycote continues to conduct significant application development work through various 'Centres of Excellence' within the Group with advances in technology being rolled out to other Bodycote locations and their customers as commercial applications are developed. The output of Bodycote's development efforts acts as a means of differentiation and the Directors believe re-enforces Bodycote's position as an industry leader. The expertise and knowledge base within the Group is vital to the ongoing development of the Group. The Board recognises the importance of its staff in providing 'best in class' service to customers and continues to focus on the training, development and motivation of its people. Summary financial information In the year to 31 December 2003 Bodycote generated revenues of £448.4 million (2002: £440.1 million), EBITDA of £87.4 million (2002: £92.4 million), an operating profit (pre goodwill amortisation and exceptionals) of £41.7 million (2002: £49.4 million), headline earnings per share of 9.7p (2002: 10.6p), a dividend per ordinary share of 6.1p (2002: 6.1p) and a pre dividend free cash inflow of £30.3 million (2002: £22.0 million). As at 31 December 2003, Bodycote had net assets of £371.8 million (2002: £389.4 million) and net debt of £210.3 million (2002: £234.2 million). Corporate Governance Over the last two years Bodycote has been proactive in reviewing and implementing changes to its board structure and governance procedures in general. What has emerged is a structure appropriate for Bodycote and in keeping with the spirit of the New Combined Code. The Board's focus is to concentrate on adding economic value to the Group whilst continuing to be transparent and open in its communication with shareholders and the investment community. Overseas Shareholders The attention of Qualifying Shareholders who have registered addresses outside the United Kingdom or residents of countries other than the United Kingdom, is drawn to wording included in the Prospectus to Shareholders. Action to be taken The procedure for acceptance and payment depends on whether, at the time at which acceptance and payment is made, the Nil Paid Rights are in certificated form (that is, are represented by a Provisional Allotment Letter) or are in uncertificated form (that is, are in CREST). Details will also appear in the Provisional Allotment Letters that are to be sent to Qualifying non-CREST Shareholders. Qualifying CREST Shareholders should note that they will receive no further written communication from the Company and accordingly such shareholders should retain the Prospectus throughout the period of the Rights Issue for, inter alia, details of the action they should take. Qualifying CREST Shareholders who sell or transfer all of their Nil Paid Rights should forward the Prospectus to the purchaser or transferee, or to the stockbroker, bank manager or other agent through whom the sale or transfer was effected, for transmission to the purchaser or transferee. Qualifying CREST Shareholders who are CREST sponsored members should refer to their CREST sponsors regarding the action to be taken in connection with the Prospectus and the Rights Issue. If you are in any doubt as to what action you should take, you are recommended to seek your own personal financial advice from your stockbroker, bank manger, solicitor, accountant or other independent financial adviser authorised under FSMA immediately. Directors' intentions All of the Directors, other than John Hubbard, have undertaken to take up their full entitlements in respect of, in aggregate, 136,330 Existing Ordinary Shares. John Hubbard has undertaken, in respect of his holding of 900,000 Existing Ordinary Shares, to subscribe for such number of New Ordinary Shares as can be funded by the net proceeds of the sale of the balance of his remaining entitlement. Prospectus It is expected that the Prospectus, which will include full details of the Rights Issue and further information on the Group, will be posted today, accompanied, in the case of Qualifying non-CREST Shareholders, by the Provisional Allotment Letter. Provisional Allotment Letters will be personal to Qualifying non-CREST Shareholders and may not be transferred except to satisfy bona fide market claims. Enquiries: Bodycote International plc Today Tel: 020 7831 3113 James Wallace, Chairman Thereafter Tel:01625 505 300 John D. Hubbard, Chief Executive David Landless, Group Finance Director Dresdner Kleinwort Wasserstein Limited Tel: 020 7623 8000 Chris Treneman Christopher Baird Financial Dynamics Tel: 020 7831 3113 Jon Simmons APPENDIX I Expected timetable of principal events 2004 Record date for entitlement to New Ordinary Shares 5 March Despatch of Provisional Allotment Letters (to Qualifying non-CREST Shareholders only) 9 March Nil Paid Rights credited to stock accounts in CREST (Qualifying CREST Shareholders 8.00 a.m. on 10 March only) Dealings in New Ordinary Shares commence, nil paid 8.00 a.m. on 10 March Nil Paid Rights and Fully Paid Rights enabled in CREST as soon as practicable after 8.00 a.m. on 10 March Recommended latest time for requesting withdrawal of Nil Paid Rights from CREST (i.e. 4.30 p.m. on 24 March if your Nil Paid Rights are in CREST and you wish to convert them into certificated form) Latest time and date for depositing renounced Provisional Allotment Letters, nil 3.00 p.m. on 26 March paid, into CREST or for dematerialising Nil Paid Rights into CREST stock accounts Latest time and date for splitting Provisional Allotment Letters, nil paid 3.00 p.m. on 29 March Latest time and date for acceptance, payments in full and registration of 9.30 a.m. on 31 March renunciation of Provisional Allotment Letters New Ordinary Shares credited to CREST stock accounts 8.00 a.m. on 1 April Definitive certificates for New Ordinary Shares despatched by 8 April If you have any questions on the procedure for acceptance and payment, you should contact Capita IRG, Corporate Actions, PO Box 166, 34 Beckenham Road, Beckenham, Kent BR3 4TH or telephone the Shareholder Helpline on 0870 162 3100. The times and dates set out above and mentioned throughout this announcement, the Prospectus and the Provisional Allotment Letter may be adjusted by Bodycote (with the consent of Dresdner Kleinwort Wasserstein) in which event details of the new dates will be notified to the UK Listing Authority and the London Stock Exchange and, where appropriate, to shareholders. References in this announcement are to UK time, unless otherwise stated. APPENDIX II INVESTMENT CONSIDERATIONS In addition to the other information set out in this announcement and the Prospectus, the following investment considerations should be considered carefully by Shareholders when deciding what action to take in relation to the Rights Issue. The business, financial condition or results of operations of the Group could be materially adversely affected by any of these risks. The trading price of Bodycote Ordinary Shares could decline due to these risks and investors might lose all or part of their investment. Bodycote operates a number of capital intensive businesses Bodycote has a high fixed cost base, comprised of high value plant and machinery. As a result, the Group incurs significant costs in relation to maintenance of these assets along with a high depreciation charge. In addition the long lead times to reduce or increase Group capacity may lead to periods of over or under capacity utilisation as market conditions change. Technological advances require that Bodycote's facilities and machinery require updating from time to time. Bodycote aims to remain at the forefront of advances in technology and will strategically invest in new machinery as and when required. In addition, Bodycote aims to continue to encourage the switch by manufacturers from in-house provision to the use of the commercial market for metallurgical services. An increase in specific demand may lead to significant capital expenditure. Short lead times on order book The Group has little visibility on its forward order book, making forecasting difficult. The Group does however have excellent long term relationships with its major customers and its network of strategically located facilities ensures that Bodycote is the supplier of choice to these major manufacturers. Bodycote's facilities are geographically dispersed As at 31 December 2003, Bodycote had 235 facilities spread over 22 countries. This has the following implications for Bodycote: • Bodycote undertakes work for many customers from a wide variety of markets. Market conditions can change dramatically in a short period of time; • Bodycote's revenue streams are subject to movement in foreign exchange rates on a translation rather than transactional basis; • Bodycote is subject to different taxation rates and rules in its geographies and these may change leading to an impact on the Group's financial performance; • Bodycote is exposed if the location of the customer's manufacturing moves; and • Management and reporting is decentralised. Environmental Some of the processes conducted by Bodycote include the treatment of metals under high temperature and/or high pressure and/or the use of hazardous substances. Whilst Bodycote facilities comply with industry standard regulations and the Directors continue to seek that the Group achieves industry leading standards (for example several facilities have obtained ISO 14001) above those set by legislation/trade bodies, the processes or by-products used by Bodycote are potentially capable of causing environmental damage. Save as set out in the Prospectus to Shareholders, Bodycote is currently not aware that any of its facilities are subject to material environmental litigation. Bodycote has a small management team Bodycote's senior management team includes some of the world's leading commercial expertise in metallurgical services. Whilst this team has a significant accumulated knowledge base in this industry, the senior management team remains small and any loss of personnel may have a short term impact on the Group. Litigation The Group is engaged in businesses which by their nature may become the subject of litigation. Further details of litigation involving the Company is set out in the Prospectus to Shareholders. APPENDIX III IMPORTANT INFORMATION FOR SUB-UNDERWRITERS ONLY MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE SUB-UNDERWRITING OF THE RIGHTS ISSUE. THIS APPENDIX AND THE TERMS AND CONDITIONS SET OUT HEREIN ARE DIRECTED ONLY AT PERSONS SELECTED BY DRESDNER BANK AG, LONDON BRANCH ('DRESDNER BANK AG') AND/OR DRESDNER KLEINWORT WASSERSTEIN SECURITIES LIMITED ('DrKWS') WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND ARE ' INVESTMENT PROFESSIONALS' WITHIN THE MEANING OF ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS 2000 (FINANCIAL PROMOTION) ORDER 2001 (AS AMENDED) (THE ' ORDER'), ARE PERSONS FALLING WITHIN ARTICLE 49(2)(a) TO (d) ('HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.') OF THE ORDER OR TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS 'RELEVANT PERSONS'). THIS APPENDIX AND THE TERMS AND CONDITIONS SET OUT HEREIN MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT ACTIVITY TO WHICH THIS APPENDIX AND THE TERMS AND CONDITIONS SET OUT HEREIN RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. This announcement and the information contained herein are not for publication or distribution, directly or indirectly, to persons in the United States, Canada, Australia, Japan, the Republic of South Africa, the Republic of Ireland or in any jurisdiction in which such publication or distribution is unlawful. Unless otherwise defined in this Appendix, definitions used in this Appendix shall have the same meanings set out in Appendix IV. Terms and Conditions of the Sub-underwriting of the Rights Issue If a Relevant Person chooses to participate in the sub-underwriting by Dresdner Bank AG of the Rights Issue ('the Sub-underwriting') by making or accepting an offer for a sub-underwriting participation (each such Relevant Person being hereinafter referred to as a 'Sub-underwriter') it will be deemed to have read and understood this Appendix in its entirety and to be making or accepting such offer on the terms and conditions and to be providing the representations, warranties and acknowledgements, contained in this Appendix. In particular, each Sub-underwriter represents, warrants and acknowledges to Dresdner Bank AG for itself and as agent for the Company that it: 1. is outside the United States and will offer and sell the Securities outside the United States in offshore transactions in accordance with Regulation S of the Securities Act; or 2. (i) is a qualified institutional buyer ('QIB') (as defined in Rule 144A of the US Securities Act of 1933, as amended (the 'US Securities Act') and a U.S. broker dealer registered under the US Securities Act of 1934, as amended, (ii) has duly executed a US investor representation letter in the form provided to it (or otherwise agreed) and has delivered the same to Dresdner Kleinwort Wasserstein Securities LLC or the Company, and (iii) will offer and sell the New Ordinary Shares in the United States only to other QIBs and in accordance with the exemption from registration under the Securities Act provided by Rule 144A of the Securities Act. The New Ordinary Shares referred to in this announcement have not been and will not be registered under the US Securities Act, and may not be offered or sold within the United States absent registration or an exemption from registration. The New Ordinary Shares have not been recommended, approved or disapproved by any United States federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of the Circular or this announcement. Any representation to the contrary is a criminal offence in the United States. This announcement and Appendix do not constitute an offer to sell or issue or a solicitation of an offer to buy or subscribe for New Ordinary Shares in any jurisdiction including, without limitation, the United Kingdom, the United States, Canada, Australia, Japan, the Republic of South Africa or the Republic of Ireland. The distribution of this announcement and the Sub-underwriting and issue of the New Ordinary Shares in certain jurisdictions may be restricted by law. Persons to whose attention this announcement has been drawn are required by the Company, DrKWS and Dresdner Bank AG to inform themselves about and to observe any such restrictions. Details of the Underwriting Agreement and the New Ordinary Shares The Company has entered into an Underwriting Agreement with Dresdner Bank AG under which DrKWS will, as an affiliate of Dresdner Bank AG and as agent of the Company, procure subscribers to subscribe on the terms and subject to the conditions set out therein for any of the New Ordinary Shares not taken up by the existing shareholders pursuant to the Rights Issue (the 'Rump'). To the extent that DrKWS does not procure subscribers for the totality of the Rump, Dresdner Bank AG and/or the Sub-underwriters (as the case may be) shall subscribe as principal for the balance of any such shares (the 'Stick') at the Rights Issue Price. The Stick, if any, shall be allocated by Dresdner Bank AG to the Sub-underwriters, subject to the terms set out below. The New Ordinary Shares will, when issued and fully paid, rank pari passu in all respects with the existing Ordinary Shares of the Company save that they will not include the right to receive the final dividend of 3.85 pence per share payable in respect of the year ended 31 December 2003. Application for Listing and Admission to Trading Application has been made to the UKLA for admission of the New Ordinary Shares to the Official List of the UKLA (the 'Official List') and to the London Stock Exchange for admission to trading of the New Ordinary Shares on the London Stock Exchange's market for listed securities. It is expected that Admission will take place at 8.00am on 10 March 2004. Principal Terms of the Sub-underwriting This Appendix gives details of the terms and conditions of, and the mechanics of participation in, the Sub-underwriting. 1. Dresdner Bank AG will arrange the Sub-underwriting and participation will only be available to persons invited to participate by Dresdner Bank AG. 2. The price payable per New Ordinary Share shall be the Rights Issue Price. 3. A Sub-underwriter's commitment to sub-underwrite and subscribe for a fixed number of New Ordinary Shares will be agreed with and confirmed to it orally (the 'Sub-underwriting Commitment') and a written confirmation (a ' Confirmed Commitment Letter') will be dispatched as soon as possible thereafter. The oral confirmation to the Sub-underwriter by DrKWS (as an affiliate of Dresdner Bank AG) (the 'Oral Confirmation') constitutes an irrevocable, legally binding contractual commitment to Dresdner Bank AG (as agent for the Company) to sub-underwrite a fixed number of New Ordinary Shares allocated to it on the terms and conditions set out in this Appendix (the 'Contract'). The Oral Confirmation will also include details of any commissions payable to the Sub-underwriters in respect of their Sub-underwriting commitments (details of which will also be included in the Confirmed Commitment Letter). A Form of Confirmation will be included with each Confirmed Commitment Letter and this should be completed and returned to Simon Green at DrKWS by fax by 3.00 p.m. on 11 March 2004. In the event that the conditions set out in the Underwriting Agreement are not satisfied in accordance with their terms or waived, or if Dresdner Bank AG exercises its right to terminate the Underwriting Agreement in accordance with its terms (see further below Rights of Termination), the sub-underwriting commissions will be adjusted in accordance with the terms notified to Sub-underwriters in the Oral Confirmation and set out in the Confirmed Commitment Letter. In the event that the Underwriting Agreement is terminated due to force majeure at any time before Admission, no sub-underwriting commissions will be payable (see further below under Rights of Termination). 4. On the basis that Provisional Allotment Letters are posted to Qualifying non-CREST Shareholders on 9 March 2004 and Nil Paid Rights in respect of New Ordinary Shares are credited to accounts maintained by Qualifying CREST Shareholders within the CREST System with effect from 10 March 2004, any New Ordinary Shares allotted pursuant to the Rights Issue, to the extent not taken up or treated as taken up under the terms of the Rights Issue by 9.30 a.m. on 31 March 2004 will be deemed to have been declined and the provisional allotments in respect of such shares will lapse. DrKWS will, as an affiliate of Dresdner Bank AG and as agent for the Company, seek to procure subscribers for such New Ordinary Shares not later than 3.00 p.m. on 2 April 2004, if placees can be found to acquire such shares for a consideration at least equal to the Rights Issue Price and the expenses of such placing. Sub-underwriters will be called upon to subscribe for some or all (as the case may be) of such New Ordinary Shares only if placees for any of such New Ordinary Shares cannot be (or, in the opinion of DrKWS and/or Dresdner Bank AG, would not be able to be) procured on such basis. Any allocation to Sub-underwriters will be notified as soon as possible thereafter but, on the basis set out above, not later than the close of business on 2 April 2004, for settlement in cleared funds by 11.00 am on 6 April 2004 or by the Sub-underwriter ensuring that its CREST account enables delivery of such New Ordinary Shares to be made to it on 7 April 2004 against payment of the settlement price. Conditions of the Rights Issue The obligations of Dresdner Bank AG under the Underwriting Agreement are conditional, inter alia, on: 1. Admission becoming effective in accordance with the Listing Rules of the UKLA and the admission of the New Ordinary Shares to trading on London Stock Exchange's market for listed securities becoming effective in accordance with the Admission and Disclosure Standards produced by the London Stock Exchange by no later than 8.00 a.m. on 10 March 2004 (or by such other date, being not later than 8.00 a.m. on 17 March 2004, as may be agreed between the Company and Dresdner Bank AG); 2. none of the warranties given by the Company in the Underwriting Agreement being breached or being untrue or inaccurate or misleading at the date of the Underwriting Agreement and there being no change of circumstances such that if repeated at any time up to immediately prior to Admission by reference to the facts and circumstances then existing, any of such warranties would be breached or untrue or inaccurate or misleading; 3. the Company allotting prior to Admission, subject to Admission, the New Ordinary Shares in accordance with the terms of the Underwriting Agreement; and 4. the Company having applied to CRESTCO for admission of the Nil Paid Rights and the Fully Paid Rights to CREST as participating securities and no notification having been received before Admission from CRESTCO that such admission has been or is to be refused. If (a) the conditions set out in the Underwriting Agreement are not satisfied or waived by Dresdner Bank AG by the required time (or before such later time and/ or date as the Company and Dresdner Bank AG may agree) or (b) the Underwriting Agreement is terminated in the circumstances specified below, the Rights Issue will lapse and the rights and obligations of the Sub-underwriters hereunder shall cease and determine at such time and no claim can be made by any Sub-underwriter in respect thereof. Right to Terminate under the Underwriting Agreement Dresdner Bank AG will be entitled in its absolute discretion by notice to the Company prior to Admission to terminate its obligations under the Underwriting Agreement if: 1. there has been a breach of any of the warranties given by the Company to Dresdner Bank AG in the Underwriting Agreement which in the reasonable opinion of Dresdner Bank AG is material; 2. an event has occurred or a matter has arisen on or after the date of the Underwriting Agreement and before Admission which if it had occurred or arisen before the date of the Underwriting Agreement would have rendered any of the warranties untrue, inaccurate or misleading by reference to the circumstances then existing and which in the reasonable opinion of Dresdner Bank AG is material; 3. the Company fails in any respect, which in the reasonable opinion of Dresdner Bank AG is material, to comply with any of the Company's obligations under the Underwriting Agreement; 4. any press or public announcement concerning the Group or the Rights Issue has been made by or on behalf of the Group which has not been sanctioned by Dresdner Bank AG prior to its release in accordance with the Underwriting Agreement; 5. there has been, in the reasonable opinion of Dresdner Bank AG, a material adverse change in the financial or trading position or prospects of the Group; or 6. in the absolute discretion of Dresdner Bank AG there has been a change in national or international financial, political, economic or stock market conditions (primary or secondary); an incident of terrorism, outbreak or escalation of hostilities, war, declaration of martial law or any other calamity or crisis; a suspension or material limitation in trading of securities generally on any stock exchange; any change in currency exchange rates or exchange controls or a disruption of settlement systems or a material disruption in commercial banking as in each case would be likely to materially prejudice the success of the Rights Issue. Each Sub-underwriter agrees with DrKWS and Dresdner Bank AG that the waiver by Dresdner Bank AG, or the agreement by Dresdner Bank AG to the extension of time for the satisfaction, of any condition of the Underwriting Agreement or the exercise by Dresdner Bank AG of its right of termination of the Underwriting Agreement, or any other discretion under such agreement, shall be within the absolute discretion of Dresdner Bank AG and that neither DrKWS nor Dresdner Bank AG shall have any liability to any Sub-underwriter whatsoever in connection with any decision to waive any such condition, agree to any such extension or to exercise or not to exercise any such right or discretion. By participating in the Sub-underwriting, each Sub-underwriter agrees that its rights and obligations hereunder terminate only in the circumstances described above and will not be capable of rescission or termination by any Sub-underwriter. No Prospectus For the purpose of the Sub-underwriting, no offering document or prospectus has been or will be submitted to be approved by the UKLA or filed with the Registrar of Companies in England and Wales and the commitments from Sub-underwriters will be made solely on the basis of the information contained in this Appendix III and the sub-underwriting proof of a circular comprising a prospectus relating to the Company setting out the details of and reasons for the proposed rights issue (the 'Sub-underwriting Proof'). Each Sub-underwriter, by accepting a participation in the Sub-underwriting, agrees that the content of this Appendix III and the Sub-underwriting Proof is exclusively the responsibility of the Company and confirms to Dresdner Bank AG, DrKWS and the Company that it has neither received nor relied on any other information, representation, warranty or statement made by or on behalf of DrKWS (other than the amount of the relevant sub-underwriting participation and amount of sub-underwriting commissions communicated by DrKWS in the Oral Confirmation), Dresdner Bank AG or any of their affiliates or the Company and none of DrKWS, Dresdner Bank AG or any of their affiliates or the Company will be liable for the decision of any Sub-underwriter to accept an invitation to participate in the Sub-underwriting based on any other information, representation, warranty or statement which the Sub-underwriter may have obtained or received. Each Sub-underwriter acknowledges and agrees, to Dresdner Bank AG for itself and as agent for the Company, that it has relied on its own investigation of the business, financial or other position of the Company in deciding to participate in the Sub-underwriting. Nothing in this paragraph shall exclude the liability of any person for fraudulent misrepresentation. Registration and Settlement Settlement of transactions in the New Ordinary Shares following Admission will take place within the CREST system, subject to certain exceptions. DrKWS reserves the right to require settlement for and delivery of the New Ordinary Shares to the Sub-underwriters in such other means that it deems necessary if delivery or settlement is not possible within the CREST system within the timetable set out in this announcement or would not be consistent with the regulatory requirements in the jurisdictions of such Sub-underwriters. Following the results of the Rights Issue and completion of the placing of any Rump, (i) in the event that DrKWS has procured subscribers for the whole of the Rump, each Sub-underwriter shall be notified of such fact through publication of an announcement on the Stock Exchange Regulatory News Service or (ii) in the event that there is a Stick remaining, each Sub-underwriter shall be sent a confirmed allocation letter that will state the number of New Ordinary Shares, if any, for which it is required to subscribe and the aggregate amount owed by it. It is expected that settlement of the Stick will be no later than 7 April 2004. If a Sub-underwriter does not comply with these obligations, DrKWS may sell the New Ordinary Shares allocated to such Sub-underwriter and retain from the proceeds, an amount equal to the Rights Issue Price plus any interest due. The relevant Sub-underwriter will, however, remain liable, inter alia, for any shortfall below the Rights Issue Price and it may be required to bear any stamp duty or stamp duty reserve tax (together with any interest or penalties) which may arise upon the sale of its New Ordinary Shares on its behalf. If New Ordinary Shares are to be delivered to a custodian or settlement agent of a Sub-underwriter, the relevant Sub-underwriter should ensure that its Confirmed Commitment Letter is copied and delivered immediately to the relevant person within that organisation. Insofar as New Ordinary Shares are registered in the name of a Sub-underwriter or that of its nominee or in the name of any person for whom the Sub-underwriter is contracting as agent or that of a nominee for such person, such New Ordinary Shares will, subject as provided below, be so registered free from any liability to UK stamp duty or stamp duty reserve tax. Representations and Warranties by Sub-underwriters By participating in the Sub-underwriting, each Sub-underwriter (and any persons acting on its behalf): 1. represents and warrants that it is entitled to subscribe for and purchase New Ordinary Shares under the laws of all relevant jurisdictions which apply to it and that it has fully observed such laws and obtained all such governmental and other guarantees and other consents which may be required there under and complied with all necessary formalities; 2. represents and warrants that the issue to the Sub-underwriter, or the person specified by such Sub-underwriter for registration as holder of New Ordinary Shares will not give rise to a liability under any of sections 67, 70, 93 or 96 of the Finance Act 1986 (depositary receipts and clearance services); 3. represents and warrants that it has complied with its obligations in connection with money laundering under the Criminal Justice Act 1993 and the Money Laundering Regulations 1993 (the 'Regulations') and, if it is making payment on behalf of a third party, that satisfactory evidence has been obtained and recorded by it to verify the identity of the third party as required by the Regulations; 4. represents and warrants that it is a person falling within Article 19 (5) or Article 49(2)(a) to (d) of the Order and undertakes that it will acquire, hold, manage or dispose of any New Ordinary Shares that are allocated to it for the purposes of its business; 5. represents and warrants that it has complied and will comply with all applicable provisions of FSMA with respect to anything done by it in relation to the New Ordinary Shares in, from or otherwise involving the United Kingdom; 6. represents and warrants that it has all necessary capacity and authority and has obtained all necessary consents and authorities to enable it to commit to participation in the Sub-underwriting and to perform its obligations in relation thereto and will honour its obligations (including, without limitation, in the case of any person on whose behalf it is acting, all necessary consents and authorities to agree to the terms set out or referred to in this announcement); 7. undertakes that it will pay for the New Ordinary Shares acquired by it in accordance with this announcement on the due time and date set out herein, failing which the relevant New Ordinary Shares may be placed with other subscribers or sold as DrKWS determines and without liability to such Sub-underwriter; 8. acknowledges that participation in the Sub-underwriting is on the basis that it is not and will not be a client or customer of DrKWS or Dresdner Bank AG and that DrKWS and Dresdner Bank AG have no duties or responsibilities to it for providing the protections afforded to its clients or customers or for providing advice in relation to the Sub-underwriting or in respect of any representations, warranties, undertakings or indemnities contained in the Underwriting Agreement nor for the exercise or performance of any of DrKWS's and Dresdner Bank AG's rights and obligations thereunder, including any right to waive or vary conditions or exercise any termination right; 9. undertakes and agrees that (i) the person whom it specifies for registration as holder of the New Ordinary Shares will be (a) the Sub-underwriter or (b) a nominee of the Sub-underwriter, (ii) neither DrKWS, Dresdner Bank AG nor the Company will be responsible for any liability to stamp duty or stamp duty reserve tax resulting from a failure to observe this requirement and (iii) the Sub-underwriter and any person acting on its behalf agrees to subscribe on the basis that the New Ordinary Shares will be allotted to the CREST stock account of DrKWS who will hold them as nominee on its behalf until settlement in accordance with its standing settlement instructions; 10. acknowledges that any agreements entered into by it pursuant to these terms and conditions shall be governed by and construed in accordance with the laws of England and it submits (on behalf of itself and on behalf of any person on whose behalf it is acting) to the exclusive jurisdiction of the English courts as regards any claim, dispute or matter arising out of any such contract; 11. acknowledges that the New Ordinary Shares, the Provisional Allotment letters and the Nil Paid and Fully Paid Rights in respect of the New Ordinary Shares have not been and will not be registered under the securities legislation of any State of the United States, Australia, Canada, Japan, the Republic of South Africa or the Republic of Ireland and, subject to certain exceptions, may not be offered, sold, delivered or transferred, directly or indirectly, within those jurisdictions; 12. undertakes and agrees that it will not offer or sell any New Ordinary Shares within the United States except in accordance with Rule 903 of Regulation S of the Securities Act or to QIBs pursuant to the exemption from the registration requirements of the Securities Act provided by Rule 144A; 13. undertakes and agrees that neither it nor its affiliates nor any person acting on its or their behalf have engaged in or will engage in any 'general solicitation or general advertising' (within the meaning of Regulation D under the Securities Act) or 'directed selling efforts' (as defined in Regulation S under the Securities Act) in connection with any offer or sale of the New Ordinary Shares; 14. acknowledges that the agreement to settle each Sub-underwriter's subscription (and/or the subscription of a person for whom it is contracting as agent) free of stamp duty and stamp duty reserve tax depends on the settlement relating only to a subscription by it and/or such person direct from the Company for the New Ordinary Shares in question. Such agreement assumes that the New Ordinary Shares are not being acquired in connection with arrangements to issue depositary receipts or to transfer the New Ordinary Shares into a clearance service. If there were any such arrangements, or the settlement related to other dealing in the New Ordinary Shares, stamp duty or stamp duty reserve tax may be payable, for which neither the Company nor DrKWS nor Dresdner Bank AG will be responsible. If this is the case, the relevant Sub-underwriter should take its own advice and notify DrKWS and Dresdner Bank AG accordingly. In addition, Sub-underwriters should note that they will be liable for any capital duty, stamp duty and all other stamp, issue, securities, transfer, registration, documentary or other duties or taxes (including any interest, fines or penalties relating thereto) payable outside the UK by them or any other person on the acquisition by them of any New Ordinary Shares or the agreement by them to acquire any New Ordinary Shares; and 15. acknowledges that any monies of any Sub-underwriter or any person acting on behalf of the Sub-underwriter held or received by DrKWS will not be subject to the protections conferred by the FSA's Client Money Rules. As a consequence, these monies will not be segregated from the monies of DrKWS and may be used by DrKWS in the course of its business, and the relevant Sub-underwriter or any person acting on its behalf will therefore rank as a general creditor of DrKWS. The acknowledgements, undertakings, representations and warranties referred to above are given to each of the Company, DrKWS and Dresdner Bank AG. APPENDIX IV Definitions The following definitions apply throughout this Announcement unless the context requires otherwise: 'Act' the Companies Act 1985 (as amended); 'Admission' the admission of the New Ordinary Shares (nil paid) (i) to listing on the Official List and (ii) to trading on the London Stock Exchange's market for listed securities becoming effective in accordance, respectively, with the Listing Rules and the Admission and Disclosure Standards; 'Admission and Disclosure Standards' the requirements contained in the publication 'Admission and Disclosure Standards' dated May 2001 containing, inter alia, the admission requirements to be observed by companies seeking admission to trading on the London Stock Exchange's market for listed securities; 'Alon' Aluminium oxynitride, a transparent ceramic material with high ballistic properties that is created by HIP process; 'AS' Aerospace Standard; 'Australia' The Commonwealth of Australia, its territories and possessions; 'Bodycote' or the 'Company' Bodycote International plc; 'Bodycote Share(s)' Ordinary Share(s) in Bodycote; 'Bodycote Share Option Schemes' the Bodycote International Executive Share Option Scheme 1994, the Bodycote International Executive Share Option Scheme 1996 and the Bodycote International Executive Share Option Scheme 2003; 'CCSS' the CREST Courier and Sorting Office established by CRESTCo to facilitate, amongst other things, the deposit and withdrawal of securities; 'Canada' Canada and each province thereof; 'CHAPS' clearing houses automated payment systems; 'Communications Host' a network provider's communication host as defined in the glossary to the CREST Manual; 'CREST' the relevant system (as defined in the CREST Regulations) for paperless settlement of share transfers and the holding of shares in uncertificated form in respect of which CREST Co Limited is the operator (as defined in the CREST Regulations); 'CRESTCo' CRESTCo Limited, the operator of CREST; 'CREST Manual' the rules governing the operation of CREST consisting of the CREST Reference Manual, the CREST International Manual, the CREST Central Counterpart Service Manual, the CREST Rules, the CCSS Operations Manual, the Daily Timetable, the CREST Application Procedures and the CREST Glossary of Terms (as updated in November 2001); 'CREST member' a person who has been admitted by CRESTCo as a system member (as defined in the Regulations); 'CREST sponsor' a CREST participant admitted to CREST as a CREST sponsor; 'CREST participant' a person who is, in relation to CREST a system-participant (as defined in the Regulations); 'CREST Regulations' the Uncertificated Securities Regulations 2001 (SI2001 No. 3755), as amended; 'CREST sponsored member' a CREST member admitted to CREST as a sponsored member; 'Densal II(R)' Densification of aluminium castings to remove porosity resulting in improved fatigue, impact and ductility properties; 'Directors' or 'Board' the directors of Bodycote International plc at the date of this announcement, whose names are set out in paragraph 2 of Part 6 of the Prospectus; 'Dresdner Bank AG' Dresdner Bank AG (London Branch); 'Dresdner Kleinwort Wasserstein' Dresdner Kleinwort Wasserstein Limited and Dresdner Kleinwort Wasserstein Securities Limited; 'EBITDA' earnings before exceptional items, interest, tax, depreciation and amortisation; 'EU' the European Union; 'Excluded Holders' Overseas Shareholders who have registered addresses in, or who are residents of, the United States, Canada, Australia, Japan, the Republic of Ireland or the Republic of South Africa; 'Excluded Territories' the United States of America, Canada, Australia, Japan, the Republic of Ireland and the Republic of South Africa; 'Existing Ordinary Shares' the fully paid Ordinary Shares in issue at the Record Date; 'FSA' the Financial Services Authority; 'FSMA' the Financial Services and Markets Act 2000; 'Fully Paid Rights' rights to acquire New Ordinary Shares, fully paid; 'Group' Bodycote and its subsidiaries and subsidiary undertakings; 'HIP' or 'HIPping' Hot Isostatic Pressing; 'ISO' International Organization for Standardization; 'Japan' Japan, its cities, prefectures, territories and possessions; 'LIBOR' the London Inter-Bank Offer Rate; 'London Stock Exchange' London Stock Exchange plc; 'Member account ID' the identification code or number attached to any member account in CREST; 'NADCAP' the National Aerospace and Defence Contractors Accreditation Program; 'New Ordinary Shares' the new Ordinary Shares to be issued pursuant to the Rights Issue; 'Nil Paid Rights' New Ordinary Shares in nil paid form provisionally allotted to Qualifying Shareholders pursuant to the Rights Issue; 'OEM' original equipment manufacturer; 'Official List' the Official List of the UK Listing Authority; 'Ordinary Shares' ordinary shares of 10p each in the capital of the Company; 'Overseas Shareholders' Qualifying Shareholders who have registered addresses in, or who are residents of, countries other than the United Kingdom; 'Participant ID' the identification code or membership number used in CREST to identify a particular CREST member or other CREST participant; 'Prospectus' the prospectus issued by the Company in relation to the Rights Issue; 'Provisional Allotment Letter' the renounceable provisional letter of allotment in respect of New Ordinary Shares proposed to be sent to Qualifying non-CREST Shareholders (save as described in paragraph 1 of Part 3 of the Prospectus) in connection with the Rights Issue; 'QS' Quality Standard; 'Qualifying Shareholders' holders of Ordinary Shares on the register of members of the Company at the Record Date; 'Qualifying CREST Shareholders' Qualifying Shareholders except Excluded Holders whose Ordinary Shares on the register of members of the Company at the close of business on the Record Date are in uncertificated form; 'Qualifying non-CREST Shareholders' Qualifying Shareholders except Excluded Holders whose Ordinary Shares on the register of members of the Company at the close of business on the Record Date are in certificated form; 'Registrars' or 'Capita Registrars' Capita Registrars of The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU; 'Receiving Agent' or 'Capita IRG' Capita IRG Plc of The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TH; 'Recognised Stock Exchange' a recognised stock exchange (within the meaning specified in Section 841 of the Income and Corporation Taxes Act 1988) on which Shares in the Company are listed and if more than one such Recognised Stock Exchange as the Board shall determine; 'Record Date' the close of business on 5 March 2004; 'Regulatory Information Service' one of the regulatory services authorised by the UK Listing Authority; 'Rights Issue' the proposed issue by way of rights of 64,157,581 New Ordinary Shares as described in the Prospectus; 'Rights Issue Price' 100 pence per New Ordinary Share; 'Shareholders' holders of Ordinary Shares; 'TS' Technical Standard; 'Underwriting Agreement' the conditional underwriting agreement dated 9 March 2004 between Bodycote and Dresdner Bank AG relating to the Rights Issue, details of which are set out in the Prospectus; 'United Kingdom' or 'UK' the United Kingdom of Great Britain and Northern Ireland; 'United States' or 'US' or 'USA' the United States of America, its territories and possessions and any State of the United States and the district of Columbia and all other areas subject to its jurisdiction. 'US Securities Act' the United States Securities Act of 1933, as amended. This information is provided by RNS The company news service from the London Stock Exchange

Companies

Bodycote (BOY)
UK 100

Latest directors dealings