Results of Placing

RNS Number : 5735C

Bear Stearns Private Equity Limited

02 September 2008

 



THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN 

FOR IMMEDIATE RELEASE 

Bear Stearns Private Equity Limited

Result of placing

2 September 2008

This announcement appears as a matter of record only. 

The bookbuilding process in connection with the placing (the 'Placing') by JPMorgan Cazenove Limited ('JPMorgan Cazenove') on behalf of Bear Stearns Private Equity Limited (the 'Company'), of zero dividend preference shares in the Company, which was announced on 2 September 2008, has now closed. 

On 2 September 2008, the Company resolved that an aggregate of 5,947,165 new zero dividend preference shares in the Company (amounting to 10 per cent of the issued zero dividend preference share capital of the Company), and the 1,508,658 zero dividend preference shares ('together the Placing Shares') held in Treasury were placed in the Placing at a price of 52.5p per share. 

The Placing is conditional, inter alia, on admission of the Placing Shares to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's market for listed securities ('Admission'). It is expected that Admission will become effective, settlement will occur and dealings in the Placing Shares will commence on 5 September 2008. 

Conditional upon Admission, with effect from 5 September 2008, the Company's issued share capital will consist of 274,166,383 shares of 0.01p (excluding treasury shares) each classified as equity shares, and 65,418,824 shares of 0.01p (excluding treasury shares) each classified as zero dividend preference shares. With effect from 5 September 2008, the Company will hold 19,875,830 equity shares and no zero dividend preference shares in treasury.  

These figures may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency rules.  

Enquiries: 

Bear Stearns Asset Management 

Greg Getschow / Troy Duncan [phone] 

JPMorgan Cazenove 

Angus Gordon Lennox [phone] 

Anthony Payne / Max Hilton [phone] / [phone] / 

[e-mail] 

MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING. THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS DIRECTED ONLY AT: (A) PERSONS IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA WHO ARE QUALIFIED INVESTORS; (B) IN THE UNITED KINGDOM, QUALIFIED INVESTORS WHO ARE PERSONS WHO (I) HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(1) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE 'ORDER'); (II) ARE PERSONS FALLING WITHIN ARTICLE 49 (2)(A) TO (D) ('HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC') OF THE ORDER; OR (III) ARE PERSONS TO WHOM IT MAY OTHERWISE BE LAWFULLY COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS 'RELEVANT PERSONS'). THIS ANNOUNCEMENT MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. THIS ANNOUNCEMENT DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY. 

This announcement is not for distribution directly or indirectly in or into the United States, Canada, Australia or Japan. This announcement does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire shares in the capital of the Company in the United States, Canada, Australia or Japan or any jurisdiction in which such an offer or solicitation is unlawful. The shares in the Company referred to in this announcement have not been and will not be registered under the Securities Act of 1933, as amended and may not be offered or sold within the United States absent registration or an exemption from registration. No public offering of securities will be made in the United States, Canada, Australia, or Japan. 

This announcement has been issued by and is the sole responsibility of the Company. No representation or warranty express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by JPMorgan Cazenove or by any of its affiliates or agents as to or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed. 

JPMorgan Cazenove is acting for the Company in connection with the Placing and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to clients of JPMorgan Cazenove nor for providing advice in relation to the Placing. 

The distribution of this announcement and the offering of the Placing Shares in certain jurisdictions may be restricted by law. No action has been taken by the Company or JPMorgan Cazenove that would permit an offering of such shares or possession or distribution of this announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required by the Company and JPMorgan Cazenove to inform themselves about, and to observe, and such restrictions. 

Certain statements in this announcement are forward-looking statements which are based on the Company's or the manager's present beliefs, expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. 

The price of shares and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of the shares. Investments in private equity are relatively illiquid and more difficult to realise than equities or bonds. Yields may vary, and are not guaranteed. There is no guarantee that the market price of shares in the Company will fully reflect their underlying NAV. 

 

END

 

 

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