Conversion of Securities

Hammerson PLC
9 November 2001

 
Hammerson plc early redemption of £ 110 million 6.5% Subordinated Convertible
Bonds due 2006  
 
On 3 October 2001, Hammerson plc announced its decision to redeem in full all
outstanding Bonds at par on 9 November 2001.
 
During the period 3 October 2001 to 2 November 2001, Hammerson plc purchased
£ 45.4 million for cancellation at an average price of 103.68% plus accrued
interest, representing a total of 41.3% of the original issue.
 
At close of business on 2 November 2001, the last date for elections to
convert the Bonds, Bondholders had elected to convert £ 61.8 million Bonds at
the conversion price of 435.6 pence per ordinary share. Accordingly,
application will be made for listing of up to 14.2 million new ordinary
shares arising from the conversion of the Bonds. It is expected that dealings
in the new ordinary shares will commence on 20 November 2001.
 
 
     
For further information:
 
Simon Melliss                                         Tel: [phone]
Group Finance Director                                Fax: [phone]
 
Christopher Smith
Director of Corporate Affairs