Re Convertible Bonds due 2007
Land Securities PLC
22 May 2002
22 May 2002
Land Securities Finance (Jersey) Limited 6 per cent. Guaranteed Convertible
Bonds ('the Bonds') due 2007 Guaranteed by Land Securities PLC (the 'Guarantor')
Redemption Notice
Land Securities Finance (Jersey) Limited (the 'Issuer') announces that notice is
being given to holders of the Bonds (the 'Bondholders') informing them that all
of the Bonds remaining outstanding will be redeemed at 100 per cent. of the
original Issue Price, together with interest accrued, on 27 June 2002. A
Redemption Notice, giving details of the process for redemption of the Bonds, is
being published in tomorrow's Financial Times.
Bondholders will remain entitled to exercise their rights to convert the Bonds
held by them into Ordinary Shares of the Guarantor, at the Exchange Price of
874p per Ordinary Share, at any time up to the close of business on 20 June 2002
in accordance with the Conditions of the Bonds and the Articles of Association
of the Issuer.
Conversion rights may be exercised by Bondholders delivering the relevant Bonds
accompanied by a duly completed and signed conversion and exchange notice to the
specified office of, in the case of Bonds in bearer form ('Bearer Bonds'), the
Paying and Conversion Agents together with all unmatured Coupons, and, in the
case of Bonds in registered form ('Registered Bonds'), the Registrar, during
their usual business hours. Further information on the procedure for conversion
may be obtained from (a) for Bearer Bond holders: JP Morgan Chase Bank, Crosby
Court, 38 Bishopsgate, London, EC2N 4AJ (attn: John Patten, tel: 01202 347936)
and (b) for Registered Bond holders: JP Morgan Chase Registrars, Bourne House,
34 Beckenham Road, Beckenham, Kent, BR3 4TU (attn: Dave Chadwick, tel: 020 8639
2120).
Following conversions £209,998,000 nominal of the Bonds remained outstanding as
at 21 May 2002. As an alternative to conversion, Bondholders should be aware
that Cazenove & Co. Ltd may be in a position to respond to offers of the
remaining Bonds for repurchase and cancellation by the Issuer or Guarantor.
-Ends-
For further information please contact
Land Securities PLC
Andrew Macfarlane
Peter Dudgeon
020 7413 9000
Cazenove & Co. Ltd
Roger Clough
Francis Burkitt
020 7588 2828
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