Guinness Peat Group PLC
04 September 2006
Guinness Peat Group plc
The following is the text of an announcement released today to the New Zealand
Stock Exchange by GPG Finance plc, a wholly owned subsidiary of Guinness Peat
Group plc.
"GPG FINANCE PLC
2006 CAPITAL NOTE OFFER - EXCHANGE OFFER - ALLOTMENT ANNOUNCEMENT
In accordance with NZX Listing Rule 7.12.1, GPG Finance plc announces that it
has acquired $181,716,000 in principal amount of 2001 Capital Notes, and issued
$181,716,000 in principal amount of New Capital Notes, under the Exchange Offer
described in the registered prospectus and investment statement dated 31 July
2006 (Offer Document).
In relation to the 2001 Capital Notes acquired:
(a) The class of security acquired is unsecured subordinated capital
notes issued in 2001 and having an initial election date of 15 November 2006
(2001 Capital Notes). The ISIN of the 2001 Capital Notes is NZGFND0001S6.
(b) $181,716,000 in principal amount of 2001 Capital Notes have been
acquired.
(c) The acquisition price for the 2001 Capital Notes acquired was the
total principal amount of the 2001 Capital Notes acquired plus the amount of
interest accrued and unpaid on those 2001 Capital Notes from, and including, 15
August 2006 to, but excluding, 1 September 2006, being the date of allotment of
the New Capital Notes.
(d) The acquisition price was cash, but the portion of the acquisition
price representing the principal amount of the 2001 Capital Notes acquired was
applied in subscription for New Capital Notes in the manner described below.
(e) The portion of the acquisition price representing the principal
amount of the 2001 Capital Notes acquired has been paid in full. The portion of
the acquisition price representing accrued and unpaid interest will be paid on
15 November 2006.
(f) 2001 Capital Notes representing 72.7% in principal amount of the
2001 Capital Notes on issue were acquired.
(g) The reason for the acquisition was to enable holders of 2001
Capital Notes to exchange their 2001 Capital Notes for New Capital Notes, in the
manner described below and in the Offer Document.
(h) The authority for the acquisition was the Offer Document and
applications submitted under the Exchange Offer.
(i) The terms of the acquisition are set out in the Offer Document.
(j) $68,284,000 in principal amount of 2001 Capital Notes remain on
issue after the acquisition. Under the terms of the 2001 Capital Notes this
amount shall be repaid on 15 November 2006.
(k) The acquisition occurred on 1 September 2006.
In relation to the New Capital Notes issued:
(a) The class of security issued is unsecured subordinated capital
notes having an initial election date of 15 November 2012 (New Capital Notes).
The ISIN is NZGFND0003S2.
(b) $181,716,000 in principal amount of New Capital Notes have been
issued.
(c) The issue price was $1 for each $1 in principal amount of New
Capital Notes.
(d) The New Capital Notes issued were paid up in cash by applying the
portion of the purchase consideration for 2001 Capital Notes acquired under the
Exchange Offer, which represented the principal amount of 2001 Capital Notes
acquired, in subscription for New Capital Notes.
(e) The New Capital Notes have been paid up in full.
(f) The percentage of the total class issued is 100%. There will be a
further issue of New Capital Notes under the General Offer described in the
Offer Document.
(g) The reason for the issue was to enable holders of 2001 Capital
Notes to exchange their 2001 Capital Notes for New Capital Notes, in the manner
described above and in the Offer Document.
(h) The authority for the issue was the Offer Document and applications
submitted under the Exchange Offer.
(i) The terms of the issue are set out in the Offer Document and in
the trust deed relating to the New Capital Notes dated 31 July 2006.
(j) $181,716,000 in principal amount of New Capital Notes are in
existence after the issue.
(k) The issue was made on 1 September 2006.
In relation to the Offer the Company proposes to accept applications up to $350m
in aggregate."
J R Russell
Company Secretary
Guinness Peat Group plc
0207 484 3370
4 September 2006
This information is provided by RNS
The company news service from the London Stock Exchange
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