BTR PLC - Initial Redemption Period,etc
May 11 1998 - 5:28AM
UK Regulatory
RNS No 2207k
BTR PLC
11th May 1998
BTR plc ("BTR")
Announcement of Initial Redemption Period,
Redemption of B Shares
and repurchase of aggregated fractional entitlements
Following admission of the Consolidated Ordinary Shares and
the B Shares to the Official List at 8.30am this morning all
conditions to the Capital Reorganisation, announced on 9
April 1998, have been satisfied.
As envisaged in the Circular dated 9 April 1998, the Board
of BTR announces an Initial Redemption Period from today
until 5pm on 5 June 1998. Shareholders who did not complete
and return an Early Redemption Form by 9.30pm on 8 May 1998
may elect to have their B Shares redeemed on 8 June 1998 by
- completing the Redemption Form on the reverse of the B
Share certificate, once it is received, if they held their
Existing Ordinary Shares in certificated form (ie. not in
CREST), or
- by following the instructions set out in paragraph 3 of
Appendix VI of the Circular dated 9 April 1998 if they held
their Existing Ordinary Shares in uncertificated form (ie.
in CREST).
J. Henry Schroder & Co. Limited ("Schroders") acting as
agent for those shareholders who completed and returned
Early Redemption Forms by 9.30pm on Friday 8 May 1998, has
elected for redemption of 3,499,294,671 B Shares. BTR has
today redeemed these shares at their nominal value of 36.5
pence. These shares represented approximately 85.7 per cent.
of the B Shares in issue. Following the redemption
583,949,403 B Shares remain in issue.
Fractional entitlements to Consolidated Ordinary Shares
arising out of the 13 for 16 Share Capital Consolidation
have been aggregated into 59,839 Consolidated Ordinary
Shares of 3010/13 pence and have been purchased by Schroder
Securities Limited ("Schroders Securities")at a price of
195.5 pence per share and BTR has purchased these shares at
the same price. All the Consolidated Shares so purchased
will be cancelled and will not be reissued. The proceeds of
sales will be distributed among shareholders in proportion
to their fractional entitlements.
Where appropriate, Consolidated Ordinary Share certificates,
B Share certificates and cheques in respect of B Shares
redeemed today and/or in respect of fractional entitlements
to Consolidated Ordinary Shares will be despatched to
shareholders by 15 May 1998.
Contacts:
BTR
David Robbie Tel: +44 (0) 171 821 3712
Schroders
Steve Wallace Tel: +44 (0) 171 658 6000
Michael Hornung
Schroders, which is regulated in the United Kingdom by the
Securities and Futures Authority Limited, is acting as
financial adviser to BTR plc in relation to the Capital
Reorganisation and redemption of B Shares and no one else
and will not be responsible to anyone else other than BTR
plc for providing the protections afforded to customers of
Schroders nor for providing advice in relation to the
Capital Reorganisation and redemption of B Shares.
END
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