British Telecommunications PLC
18 June 2001
NR 0135
British Telecommunications public limited company ('BT')
18 June 2001
Rights Issue.
As previously announced on 17 June 2001, BT received valid acceptances in
respect of 1,768,695,260 new BT Shares representing 89.5% of the total number
of new BT shares being offered under its 3 for 10 rights issue at 300p (the
'Rights Issue'). The 206,884,792 new BT Shares for which valid acceptances
were not received have been sold by way of an international strike price
tender at a price of 430p per BT Share, and $60.4236 per BT ADS (based on an
exchange rate of £1 = $1.4052).
The net proceeds of the sale of these shares, after deduction of the rights
issue price of 300p per new BT Share and all relevant costs, will be sent to
shareholders who have not taken up their entitlements, pro-rata to their
lapsed provisional allotments, by 2 July 2001. Amounts of less than 300p per
holding, or $5.00 in the case of ADS holdings, will not be so paid but will be
aggregated and retained for the benefit of BT.
Commenting on the completion of the Rights Issue, Sir Christopher Bland,
Chairman of BT, said:
'I am delighted by the level of support that we have received from our
shareholders. This, together with the successful disposal programme we have
put in place, will enable us to deliver to shareholders the benefits of
structural change. I am particularly grateful to Peter Bonfield and Philip
Hampton for their efforts in presenting the BT case to shareholders in the UK,
US and Continental Europe.'
Contacts
BT
Robin Pauley Telephone: +44 20 7356 6535
Tim Johns Telephone: +44 20 7356 5365
Cazenove & Co. Ltd. Telephone: +44 20 7588 2828
David Mayhew
Edmund Byers
Merrill Lynch International Telephone: +44 20 7628 1000
Rupert Hume-Kendall
Rupert Evenett
This announcement, which has been issued by, and is the sole responsibility
of, British Telecommunications public limited company ('BT'), has been
approved by Cazenove & Co. Ltd and Merrill Lynch International, each of which
is regulated in the UK by The Securities and Futures Authority, solely for the
purposes of Section 57 of the Financial Services Act 1986.
Each of Cazenove & Co. Ltd and Merrill Lynch International is acting for BT
and no one else in connection with the Rights Issue and the International
Tender and will not be responsible to anyone other than BT for providing the
protections afforded to customers of Cazenove & Co. Ltd and Merrill Lynch
International respectively or for providing advice in relation to the Rights
Issue or the International Tender.
This announcement does not constitute, or form part of, an offer or any
solicitation of an offer, for securities.
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