Proposed Redemption Timetable
Guinness Peat Group PLC
21 June 2002
GUINNESS PEAT GROUP plc
('GPG' or 'the Company')
PROPOSED TIMETABLE 2002 FOR CONVERSION/REDEMPTION OF 8%
SUBORDINATED CONVERTIBLE LOAN NOTES ('LOAN NOTES')
Loan Notes marked ex-conversion and Tues 25 June 2002
redemption rights (Australia)
Record Date for Loan Notes for ASX trading Fri 28 June 2002
purposes
Date on which exchange rate set for Mon 1 July 2002 (*3)
redemptions (*2)
Loan Notes marked ex-conversion and redemption Mon 1 July 2002
rights (UK & NZ)
Election Date for conversion of Loan Notes Mon 1 July 2002
Return date for Election Notices 3:00pm Mon 1 July 2002
Return date for notifying bank account details 5:00pm Mon 1 July 2002
Allotment of Conversion Shares (UK time) 5:00pm Fri 5 July 2002
Payment despatched to Noteholders for redemption Mon 8 July 2002
and fractional entitlements (if any)
Update of UK CREST accounts (UK time) 5:00am Mon 8 July 2002
Dealings commence in Conversion Shares (LSE and Mon 8 July 2002
NZSE)
Post out certificates (Conversion Shares and Mon 8 July 2002
residual Loan Notes) (UK)
Post out allotment certificates (Conversion Shares Mon 8 July 2002
and residual Loan Notes) (Australia)
Dispatch of FASTER mailings notifying NZ holders Mon 8 July 2002
of the change in holdings following the conversion
allotment
Dealings commence in Conversion Shares (ASX) Tues 9 July 2002
Notes:
1. Events take place in London, Australia and New Zealand on the same date
unless otherwise indicated.
2. Loan Note holders who wish to receive their Redemption Amount in other than
the currency of the Register where their Loan Notes are held will be given
the opportunity to elect for one of the other two GPG currencies.
3. Being 5 business days before the payment due date of 8 July 2002.
4. Loan Notes will automatically be redeemed in respect of Loan Notes holders
who do not return a valid Conversion Election form.
5. 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 of parts of financial periods that have ended on or prior to the
relevant Conversion 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
2002, 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.
6. 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 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 2002.
* 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 of parts of financial periods that have ended
on or prior to 30 June 2002.
* 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 GPGNB. 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 2002.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
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