Bondholder notice
October 18 2004 - 2:30AM
UK Regulatory
To: The Stock Exchange For immediate release: 18 October 2004
PRIVATE INVESTORS CAPITAL TRUST PLC
(formerly Ptarmigan International Capital Trust plc)
(Registered in Scotland, no. SC123548)
To holders of 3.25% Subordinated Convertible Bonds 2009 ("Bondholders")
Private Investors Capital Trust plc hereby announces that, on 15 October 2004,
it published a circular convening meetings of its ordinary shareholders to
consider a scheme of reconstruction and winding up of the company under the
Insolvency Act 1986 (the "Scheme"). Bondholders will be given the opportunity
to exercise their rights to convert into Ordinary Shares whereupon they can
elect to roll their investment into a unit trust, an investment trust or receive
cash. Bondholders who do not convert into Ordinary Shares will be entitled to
elect for a cash uplift during a three month period following the winding up of
the Company. Further details of the options available to Bondholders can be
found in the documentation relating to the Scheme. Bondholders who wish to
receive copies of the documentation relating to the Scheme should contact Lloyds
TSB Registrars at The Causeway, Worthing, West Sussex BN99 6DA or by telephone
on 0870 600 0673 or, if calling from outside the UK, (+44) 1903 702767.
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