Guinness Peat Group PLC
6 July 2001
GUINNESS PEAT GROUP PLC: COMPANY ANNOUNCEMENT
8% CONVERTIBLE LOAN NOTES
Guinness Peat Group plc ('GPG') announces as follows:
1) Allotment of Shares
Consequent upon the Conversion of the first tranche of its 8% Convertible Loan
Notes ('CLNs') following the first Conversion Date on 30 June 2001, GPG has
today allotted 3,474,801 Ordinary Shares of 10p each in the capital of GPG at
a conversion price of 45.5 pence per Ordinary Share ('Conversion Shares') to
those Noteholders who elected to convert their Election Amounts.
2) Ranking of Conversion Shares
In accordance with paragraph 5.11 of the Trust Deed constituting the CLNs the
Ordinary Shares allotted and issued on Conversion are fully paid and rank pari
passu in all respects with other issued Ordinary Shares, except that they do
not rank for any dividends or other distributions declared or paid or made
either in respect of financial periods or parts of financial periods that have
ended on or prior to the relevant Conversation Date.
In practice this means that the Conversion Shares do not have a right to
receive any interim dividend that relates to the period prior to 1 July 2001,
should one be declared.
After the payment of any such interim dividend, or if there is no dividend
declared for that interim period, they will then rank equally with the other
fully paid Ordinary Shares.
It should be noted that no decision has been made or will be made in respect
of the declaration of any interim dividend until GPG makes public its interim
results in the usual way at the end of August.
The London Stock Exchange ('LSE') has provided the Conversion Shares with an
ISIN number GB0030646276.
3) Treatment by the three exchanges on which GPG's Ordinary Shares
are listed.
There is a slight difference to the way that the LSE, the
Australian Stock Exchange ('ASX') and the New Zealand Stock Exchange ('NZSE')
will treat the Conversion Shares:
* The LSE has indicated that it will show the Conversion Shares as a
separate line of stock. The Conversion Shares will continue to operate as
a separate class until GPG confirms it is unlikely that any dividends or
distributions are likely to be declared in respect of a period prior to 1
July 2001.
* The ASX has advised that it will show the Conversion Shares as a
separate line of Ordinary Shares which will rank pari passu in all
respects with other issued Ordinary Shares, except that the Conversion
Shares will not rank for any dividends or other distributions declared or
paid or made in respect of financial periods or parts of financial periods
that have ended on or prior to 30 June 2001.
* The NZSE has advised that it will quote the Conversion Shares as a
separate class of securities. The Conversion Shares will operate under
the description of 'new ordinary shares' with a security code of GPGNA.
The Conversion Shares will continue to operate as a separate class until
GPG confirms it is unlikely that any dividends or distributions are likely
to be declared in respect of a period prior to 1 July 2001.
Terms used in this announcement but not defined in it bear the same meanings
given to them in the Trust Deed constituting the CLNs dated 18 April 2000.
*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;
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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.
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