Statement re share redemption
GDT Securities PLC (the 'Company')
The Board announced in the Company's circular dated 30 May, 2002 that the
Directors retained the right to make a further redemption of zero dividend
preference shares ('ZDP Shares') in each case when at least £5 million in cash
had been realised from disposals of the Group's remaining income portfolio. The
Board is pleased to announce that realisation of £5 million has been reached
and accordingly a further redemption of ZDP Shares will shortly be made
resulting in a distribution of cash to all ZDP Shareholders on the register of
members as at 5.30pm on 27 November 2002.
This distribution of cash represents a redemption of 20.8 per cent. of each ZDP
Shareholders current holding of ZDP Shares (rounded down to the nearest whole
ZDP Share) with each ZDP Shareholder receiving 115.32p in respect of each ZDP
Share redeemed, being the then accrued capital entitlement of such ZDP Shares
as at 28 November 2002. Redemption proceeds will be remitted to ZDP
Shareholders on or around Tuesday, 3 December 2002.
As at 19 November 2002, the Group's remaining income portfolio (at bid-market
prices) was comprised as follows:
% of total assets invested %* £ million*
in other split capital or
high income trusts
Class AAA investments 0% 13.94 0.75
Class AA investments 0% to 5% 33.09 1.78
Class A investments 5% to 25% 52.42 2.82
Class B investments 25% to 50% 0.00 0.00
Class C investments Over 50% 0.55 0.03
Total 100.00 5.38
* Source: Gartmore Investment Limited
Enquiries:
Roger Wood 020 7782 2000
Chairman
Ian Williams 020 7294 3628
Lansons
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