AG52 Citi Fun 24

RNS Number:1414D
Green Property PLC
30 October 2002

                               GREEN PROPERTY PLC

                                 (the "Issuer")

                                PUT EVENT NOTICE
                       to the holders of the outstanding
                   #100,000,000 7.25 per cent. Bonds due 2009
                (the "Bondholders" and the "Bonds" respectively)
                                 of the Issuer

Terms not defined herein shall bear their meaning as defined in the modified
terms and conditions of the Bonds as set out in the Circular to Bondholders
dated 23 January 2002 relating to the Bonds.

NOTICE IS HEREBY GIVEN pursuant to Condition 5(d) of the Bonds that a Priority
Borrowings Event occurred on 29 October 2002.

Background

On 29 October 2002, Rodinheights plc (the direct parent of the Issuer), the
Issuer and certain Subsidiaries entered into a term loan and loan note guarantee
facility agreement with, among others, Bank of Scotland (Ireland) Limited and
Merrill Lynch Capital Corporation as lenders and The Governor and Company of the
Bank of Scotland as issuing bank, facility agent and security agent (the
"Facility Agreement"). On 29 October 2002, Rodinheights plc and the Issuer made
certain utilisations under the Facility Agreement (the "Utilisations"). The
Utilisations are, subject to certain limitations, guaranteed by Rodinheights
plc, the Issuer and certain Subsidiaries. As a result of the Utilisations being
made, the aggregate principal amount (together with any fixed or minimum premium
payable on final repayment and without double counting) for the time being
outstanding of all Secured Borrowings of the Issuer and the Subsidiaries
(excluding Borrowings by the Issuer from a Subsidiary or by a Subsidiary from
the Issuer or another Subsidiary) exceeds a sum equal to 35 per cent. of the
Adjusted Capital Reserves. Consequently, a Priority Borrowings Put Event is
deemed to have occurred.

As a consequence of the Priority Borrowings Put Event having occurred,
Bondholders have the option to require the Issuer to redeem or, at the Issuer's
option, to purchase (or procure the purchase of) Bonds in respect of which such
right is exercised at their principal amount together with (or, where purchased,
together with an amount equal to) interest accrued to, but excluding, the date
of redemption.

Procedure for Exercising Put Option

The Bonds are represented by Global Bonds, and such Global Bond(s) is/are held
on behalf of Euroclear and/or Clearstream, Luxembourg.

To exercise the option to require redemption or, as the case may be, purchase of
a Bond under Condition 5(d), a Bondholder must deliver a notice of exercise (a
"Put Notice") in the form (for the time being current) obtainable from the
specified office of any Paying Agent and in which the holder may specify a bank
account to which payment is to be made under Condition 5(d) or in such other
form as may be acceptable to the relevant clearing system from time to time.
Notice of exercise must be given on any day which falls within the period (the
"Put Period") of 45 days after 6 November 2002 and which, in the case of a
notice of exercise delivered to a Paying Agent, is a Business Day in the place
of the specified office of such Paying Agent at which the Put Notice is
delivered. The Put Notice must state the principal amount (which must be an
integral multiple of #1,000) of the Bonds in respect of which the option is
being exercised.

A Put Notice should be given in accordance with the standard procedures of
Euroclear and Clearstream, Luxembourg (which may include notice being given on
the instruction of the Bondholder by the relevant clearing system or the common
depositary to the Principal Paying Agent by electronic means). A Put Notice,
once given, shall be irrevocable. The Issuer shall redeem or, at its option,
purchase (or procure the purchase of) the relevant Bonds on the seventh day
after the expiry of the Put Period, which shall be 28 December 2002, together
with accrued interest as mentioned above unless previously redeemed or
purchased.
                PRINCIPAL PAYING AGENT                      PAYING AGENT
                    Citibank, N.A.                     Citibank (Switzerland)
                  5 Carmelite Street                      Bahnhofstrasse 63
                   London EC4Y 0PA                          PO Box 3760
                                                            8021 Zurich
        Contact: John Brickell/Richard Breeze               Switzerland
               Tel: 020 7508 3815/3809
                  Fax: 020 7508 3878


This notice is given by:

Green Property PLC

Styne House
Hatch Street Upper
Dublin 2
Ireland

30 October 2002


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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