British American Tobacco PLC
1 June 2000
Sale of Genstar Land Company Agreed
Imperial Tobacco Canada Limited (formerly Imasco Limited), a wholly
owned subsidiary of British American Tobacco, has entered into an
agreement to sell Genstar Land Company, the United States operations of
its Genstar Division, to Newland-IHP Ventures LLC. The agreement is
conditional on satisfaction of certain conditions precedent by both
parties
Newland-IHP Ventures is a partnership between Newland Communities,
Institutional Housing Partners and the California Public Employees'
Retirement System (CalPERS). The amount receivable at closing, expected
to be in late June, will be US$223 million (C$335 million).
Discussions are under way for the sale of Genstar Development Company,
the Canadian operations of the Genstar Division, which will be the sole
remaining non tobacco business owned by Imasco when it was acquired by
British American Tobacco in February 2000.
Imperial Tobacco Canada was advised by Merrill Lynch & Co.
For further information, please contact:
British American Tobacco
Michael Prideaux Tel: 020 7845 1933
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.