06HB Hemingway 10te

RNS Number:9002W
Hemingway Properties Ld
9 January 2001


Hemingway Properties Limited

Stg  100 million 10.375 per cent. Debenture Stock 2023  (the
"stock")

Tender for the purchase by Hemingway Properties Limited (the
"charging company") of up to Stg 75m of stock

Background

The  charging  company and its parent (First  Sloane  Street
Limited  (the  "parent",  and  together  with  the  charging
company,  the  "group")) have recently  been  considering  a
number  of  alternatives concerning  the  stock,  so  as  to
provide the group with additional flexibility to pursue  its
strategy.   As   a  result  of  a  recent  approach,   these
alternatives  include the disposal of the charging  company,
together  with all or part of the stock, to a  third  party,
for  which  discussions are ongoing. The  alternatives  also
include the tender set out below.

The Tender

Dresdner  Kleinwort Wasserstein, on behalf of  the  charging
company, announces a tender by the charging company  to  all
stockholders  alike to offer to sell up to  Stg  75  million
nominal amount of the stock. The tender will be conducted by
way  of a reverse book-build on a spread basis. Stockholders
are  invited  to submit offers at such price  at  which  the
Gross  Redemption  Yield of the stock  (as  defined  in  the
conditions  of  the stock) equals the sum of (i)  the  Gross
Redemption Yield of the 8 per cent. Treasury Stock 2021 (the
"reference  gilt")  and (ii) a spread of  between  2.25  per
cent.  and  2.35 per cent.. For the purposes of  calculating
the   tender  price,  the  Gross  Redemption  Yield  of  the
reference gilt will be based on the average of the  bid  and
offer  prices  of the reference gilt quoted  by  three  Gilt
Edged Market Makers at or around 10am on 24 January 2001.

The  charging  company and its parent reserve the  right  to
continue  discussions with third parties and to  dispose  of
any  stock  not  repurchased via the tender  to  such  third
parties.   The  charging  company  reserves  the  right   to
purchase less than the full amount of the stock tendered, or
to  purchase  no  stock. The charging company  reserves  the
right  to  extend the period of the tender or  to  make  any
revision  or  amendment thereto, provided that if  any  such
revision or amendment is material the charging company  will
permit stockholders to withdraw any offer to sell stock made
by that price at that date.

Tender Period and Closing

The  tender  will  close at 10am on  19  January  2001  with
pricing  set  at  10am on 24 January 2001  and  bargains  to
settle on 31 January 2001.

Contact:

Stockholders who wish to tender a bid on these terms  should
contact Bernard Grundy at Dresdner Kleinwort Wasserstein  on
+44 20 7475 7024.

Grafico Azioni Hemingway 10te (LSE:06HB)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Hemingway 10te (LSE:06HB)
Storico
Da Giu 2023 a Giu 2024