GPG (UK) Holdings plc 8% p.a. Convertible Subordinated
Unsecured Loan Notes 2005 (CLNs).
The CLNs are subordinated, unsecured obligations of GPG (UK) Holdings
plc and carry interest at 8% per annum. The residual principal amount
of 20p (at 1 June 2004) is redeemable in two equal instalments of
10p per CLN per annum commencing 30 June 2004 or, at the option
of the holder, the instalment due for redemption in any year may
be converted to Ordinary Shares on the following effective basis:
on 30 June 2004, one Ordinary Share for every 44.4p in principal
of CLNs; and
on 30 June 2005, one Ordinary Share for every 47.7p in principal
Any Ordinary Shares issued will rank pari passu with those already
in issue, save that they will not rank for dividends or other distributions
declared, made or paid in respect of financial periods or parts
of financial periods ending on or prior to 30 June in that financial
year. Conversion prices are subject to adjustment for capitalisation
and rights issues and in certain other circumstances.
More information on CLNs can be obtained from the Notes section
of the latest Guinness Peat Group plc report and accounts and in
the relevant circulars to be found on the page in this Stock Events
section entitled “Stock Event Circulars”.
The timetable, notices and election forms for the CLNs are included
below for information only.