SVG Capital PLC
22 May 2006
NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE
UNITED STATES OF AMERICA
SVG Capital plc
(FORMERLY KNOWN AS
SCHRODER VENTURES INTERNATIONAL INVESTMENT TRUST PLC)
REDEMPTION NOTICE TO HOLDERS OF THE £49,000,000 41/2 PER CENT. SUBORDINATED
CONVERTIBLE BONDS DUE 2013
22 May 2006
SVG Capital plc (formerly known as Schroder Ventures International Investment
Trust plc) (the 'Company') announces that, under the terms and conditions of its
£49,000,000 41/2 per cent. Subordinated Convertible Bonds due 2013 (the '2013
Bonds'), it is now exercising its right to call for redemption of all the 2013
Bonds in issue. JPM Chase Bank (the 'Conversion Agent') has despatched to the
holders of the 2013 Bonds a notice redeeming the 2013 Bonds in issue (the '
Under the terms and conditions of the 2013 Bonds, the Company may, at any time
on giving not less than 21 days' notice to the holders of the 2013 Bonds, redeem
some or all of the 2013 Bonds at their principal amount plus accrued and unpaid
interest thereon to, but excluding, the date fixed for redemption, if at any
time on or after 21 May 2006 the average closing price of the Company's Ordinary
Shares for 20 consecutive dealing days immediately prior to the issue of the
Notice is equal to or greater than 130 per cent. of the conversion price of
480p, being 624p.
The average closing price of the Company's Ordinary Shares over the 20
consecutive dealing days prior to the publication of the Notice was 787.23p.
The closing price on Friday 19 May 2006, being the latest practicable date prior
to the publication of the Notice, was 771p.
The date fixed for redemption by the Company in the Notice is 13 June 2006 (the
Holders of 2013 Bonds may, prior to 3pm on Tuesday 6 June 2006, elect, in
writing to the Conversion Agent to convert their 2013 Bonds into the Company's
Ordinary Shares at the conversion price of 480p.
The Company calculates the net asset value of its Ordinary Shares on a fully
diluted basis, hence the conversion of the 2013 Bonds will have no impact on its
diluted net asset value per Ordinary Share.
For further information, please contact:
SVG Capital plc
Alice Todhunter 020 7010 8925
This announcement has been issued by the Company and is the sole responsibility
of the Company.
This announcement is for information purposes only and does not constitute an
offer or an invitation to acquire or dispose of any securities or investment
advice. This announcement does not constitute an offer to sell or issue or the
solicitation of an offer to buy or acquire Ordinary Shares in any jurisdiction
in which such offer or solicitation is unlawful.
This announcement may not be used for the purpose of an offer or solicitation in
any jurisdiction or in any circumstances in which such offer or solicitation is
unlawful or not authorised.
This announcement does not constitute an offer of securities for sale in the
United States. The securities being sold have not been and will not be
registered under the United States Securities Act of 1933 and may not be offered
or sold in the United States absent registration or an applicable exemption from
registration. There will be no public offer of securities in the United States.
The Company will not be registered under the United States Investment Company
Act of 1940.
The distribution of this announcement and/or issue of Ordinary Shares in certain
jurisdictions may be restricted by law. No action has been taken by the Company
that would permit an offer of Ordinary Shares or possession or distribution of
this announcement or any other offering or publicity material relating to
Ordinary Shares in any jurisdiction where action for that purpose is required,
other than in the United Kingdom. Persons into whose possession this
announcement comes are required to inform themselves about and to observe any
This information is provided by RNS
The company news service from the London Stock Exchange