TIDMHMSO
RNS Number : 9787K
Hammerson PLC
31 August 2023
Hammerson plc (the "Company")
31 August 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT
FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 (EUWA) .
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO
ANY PERSON LOCATED OR RESIDENT IN, OR AT ANY ADDRESS IN, THE UNITED
STATES OF AMERICA , ITS TERRITORIES AND POSSESSIONS (INCLUDING
PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE
ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED
STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (THE UNITED STATES)
OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED
STATES SECURITIES ACT OF 1933, AS AMED (THE SECURITIES ACT)) OR IN
OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE,
PUBLISH OR DISTRIBUTE THIS DOCUMENT.
HAMMERSON PLC ANNOUNCES TER OFFERS IN RESPECT OF ITS
GBP350,000,000 3.500 PER CENT. BONDS DUE 2025 (THE 2025
BONDS)
AND
GBP300,000,000 6.00 PER CENT. BONDS DUE 2026 (THE 2026
BONDS)
Hammerson plc (the Company) announces today its separate
invitations to holders of its (a) GBP350,000,000 3.500 per cent.
Bonds due 2025 (ISIN: XS1311391 012) (the 2025 Bonds) and (b)
GBP300,000,000 6.00 per cent. Bonds due 2026 (ISIN: XS0184639 895)
(the 2026 Bonds and, together with the 2025 Bonds, the Bonds and
each a Series) to tender their Bonds for purchase by the Company
for cash (each such invitation an Offer and together the
Offers).
The Offers are being made on the terms and subject to the
conditions contained in the tender offer memorandum dated 31 August
2023 (the Tender Offer Memorandum), prepared by the Company, and is
subject to the offer restrictions set out below and as more fully
described in the Tender Offer Memorandum.
Capitalised terms used in this announcement but not defined have
the meanings given to them in the Tender Offer Memorandum.
Summary
A summary of certain terms of the Offers appears below:
Bonds ISIN / Common Coupon Applicable Outstanding Relevant Benchmark Purchase Maximum
Code Maturity Nominal Amount Security* Spread Acceptance
Date Amount
---------- -------------- --------- ----------- --------------- --------------------- --------- ---------------
2025 XS1311391012 3.500 27 October GBP350,000,000 3.5 per cent. UK 245 bps Subject as set
Bonds / 131139101 per 2025 Treasury due 22 out in the
cent. October 2025 (ISIN: Tender Offer
GB00BPCJD880) Memorandum, up
to
GBP100,000,000
in aggregate
nominal
amount
---------- -------------- --------- ----------- --------------- --------------------- ---------
2026 XS0184639895 6.000 23 GBP300,000,000 0.125 per cent. UK 330 bps
Bonds / 018463989 per February Treasury due 30
cent. 2026 January 2026 (ISIN:
GB00BL68HJ26)
* For information purposes only, the hypothetical Benchmark
Security Rate determined as at 4.00 p.m. (London time) on 30 August
2023 was 5.231 per cent. in respect of the 2025 Bonds and 4.706 per
cent. in respect of the 2026 Bonds. The hypothetical Purchase
Prices calculated as at 4.00 p.m. (London time) on 30 August 2023
(and assuming a settlement date of 13 September 2023) in accordance
with the terms and conditions of the Tender Offer Memorandum and
using the aforementioned hypothetical Benchmark Security Rates are
91.819 per cent. in respect of the 2025 Bonds and 95.306 per cent.
in respect of the 2026 Bonds. The actual Purchase Price that the
Company will pay for any Bonds of a Series validly tendered and
accepted for purchase pursuant to the relevant Offer will be
determined in the manner described in the Tender Offer Memorandum
on the basis of the Purchase Spread for such Series (as set out in
the table above), the relevant Benchmark Security Rate (determined
as at the Pricing Time) and the Settlement Date.
Rationale for the Offers
The Offers are being made in accordance with the Company's
policy to actively manage its balance sheet liabilities .
Purchase Prices and Accrued Interest
In respect of each Series, the Company will pay for any Bonds of
the relevant Series validly tendered and accepted for purchase by
the Company pursuant to the relevant Offer a purchase price for
such Bonds (each a Purchase Price) to be determined at or around
11.00 a.m. (London time) on 8 September 2023 (the Pricing Time) in
the manner described in the Tender Offer Memorandum by reference to
the annualised sum (each such sum, a Purchase Yield) of:
(a) the relevant Purchase Spread specified in the table on page 1 above; and
(b) the relevant Benchmark Security Rate.
Each Purchase Price will be determined in accordance with market
convention and expressed as a percentage of the nominal amount of
the Bonds of the relevant Series accepted for purchase pursuant to
the relevant Offer (rounded to the nearest 0.001 per cent., with
0.0005 per cent. rounded upwards), and is intended to reflect a
yield to maturity of the Bonds of the relevant Series on the
Settlement Date based on the relevant Purchase Yield. Specifically,
the Purchase Price applicable to the Bonds of a particular Series
will equal (a) the value of all remaining payments of principal and
interest on the relevant Series up to and including the scheduled
maturity date of the relevant Series, minus (b) any Accrued
Interest for such Series.
The Company will also pay an Accrued Interest Payment in respect
of any Bonds accepted for purchase pursuant to the relevant
Offer(s).
Maximum Acceptance Amount
If the Company decides, in its sole and absolute discretion, to
accept any validly tendered Bonds for purchase pursuant to the
Offers, the Company currently proposes that the aggregate nominal
amount of Bonds across both Series that it will accept for purchase
pursuant to the Offers will be no greater than GBP100,000,000 (the
Maximum Acceptance Amount), although the Company reserves the
right, in its sole and absolute discretion, to accept significantly
less or significantly more than such amount, or to accept none of
such Bonds, for purchase pursuant to the Offers (the final
aggregate nominal amount accepted for purchase pursuant to the
Offers being the Final Acceptance Amount).
The Company will determine the allocation of the nominal amount
accepted for purchase pursuant to the Offers between the 2025 Bonds
and the 2026 Bonds in its sole and absolute discretion, and
reserves the right to accept significantly more or significantly
less (or none) of the Bonds of one Series as compared to the other
Series. For the avoidance of doubt, the Company reserves the right
to accept for purchase, in its sole and absolute discretion, only
the 2025 Bonds or only the 2026 Bonds.
Series Acceptance Amounts and Scaling
In respect of each Series, if the Company decides to accept any
validly tendered Bonds of such Series for purchase pursuant to the
relevant Offer and the aggregate nominal amount of such Series
validly tendered for purchase is greater than the final aggregate
nominal amount of such Series accepted for purchase (in respect of
such Series, the Series Acceptance Amount), the Company intends to
accept such Bonds for purchase on a pro rata basis such that the
aggregate nominal amount of such Series accepted for purchase
pursuant to the relevant Offer is no greater than the relevant
Series Acceptance Amount.
The Series Acceptance Amount in respect of the 2025 Bonds will
be a multiple of GBP100,000.
New Issue Condition
The Company intends to issue in the region of circa
GBP100,000,000 7.25 per cent. bonds due 2028 (the New Bonds) to be
consolidated and form a single series with the Company's
outstanding GBP200,000,000 7.25 per cent. bonds due 2028 issued on
21 April 1998 , subject to market conditions. The New Bonds will be
placed via an accelerated book building process with certain
institutional investor(s), and will not be publicly available in
the primary market. The Company's purchase of any Bonds validly
tendered in the relevant Offer(s) is subject, without limitation,
to the successful completion (in the sole determination of the
Company) of the issue of the New Bonds (the New Issue Condition)
(unless the Company, in its sole and absolute discretion, elects to
waive the New Issue Condition).
Even if the New Issue Condition is satisfied, the Company is
under no obligation to accept for purchase any Bonds tendered
pursuant to the relevant Offer. The acceptance for purchase by the
Company of Bonds validly tendered pursuant to the relevant Offer is
at the sole discretion of the Company, and tenders may be rejected
by the Company for any reason or for no reason.
The New Bonds are not being, and will not be, offered or sold in
the United States. Nothing in this announcement or the Tender Offer
Memorandum constitutes an offer to sell or the solicitation of an
offer to buy the New Bonds in the United States or any other
jurisdiction. Securities may not be offered, sold or delivered in
the United States absent registration under, or an exemption from
the registration requirements of, the Securities Act. The New Bonds
have not been, and will not be, registered under the Securities Act
or the securities laws of any state or other jurisdiction of the
United States and may not be offered, sold or delivered, directly
or indirectly, within the United States or to, or for the account
or benefit of, U.S. persons.
No action has been or will be taken in any jurisdiction in
relation to the New Bonds to permit a public offering of
securities.
Announcements
The Company intends to announce, prior to the Pricing Time, a
non-binding indication of the level at which it expects to set each
Series Acceptance Amount and indicative details of any Scaling
Factors applicable to valid tenders of Bonds of each relevant
Series that will be applied in the event that the Company decides
to accept valid tenders of Bonds of such Series pursuant to the
relevant Offer(s).
The Company will then announce (subject to the satisfaction (or
waiver) of the New Issue Condition on or prior to the Settlement
Date), as soon as reasonably practicable after the Pricing Time,
its decision of whether to accept valid tenders of Bonds pursuant
to both or either of the Offers and, if so accepted, the Final
Acceptance Amount, each Series Acceptance Amount, each Benchmark
Security Rate, each Purchase Yield, each Purchase Price and any
Scaling Factor(s) that will be applied to the Bonds, of either
Series, as applicable.
Tender Instructions
In order to participate in, and be eligible to receive the
relevant Purchase Price and Accrued Interest Payment pursuant to
the relevant Offer, Bondholders must validly tender their Bonds by
delivering, or arranging to have delivered on their behalf, a valid
Tender Instruction that is received by the Tender Agent by 4.00
p.m. (London time) on 7 September 2023, unless extended, re-opened,
amended and/or terminated as provided in the Tender Offer
Memorandum (the Expiration Deadline).
Bondholders are advised to check with any bank, securities
broker or other intermediary through which they hold Bonds when
such intermediary would need to receive instructions from a
Bondholder in order for that Bondholder to be able to participate
in, or (in the limited circumstances in which revocation is
permitted) revoke their instruction to participate in, an Offer by
the deadlines set out above and in the Tender Offer Memorandum. The
deadlines set by any such intermediary and each Clearing System for
the submission and withdrawal of Tender Instructions will be
earlier than the relevant deadlines set out below and in the Tender
Offer Memorandum.
Tender Instructions will be irrevocable except in the limited
circumstances described in the Tender Offer Memorandum.
Tender Instructions must be submitted in respect of a minimum
nominal amount of Bonds of the relevant Series of no less than the
minimum denomination for such Series, as set out in the table
below, and may thereafter be submitted in integral multiples of the
relevant permitted integral multiple amount set out in the table
below.
Series Minimum denomination Permitted integral multiple
amount
2025 Bonds GBP100,000 GBP1,000
--------------------- ----------------------------
2026 Bonds GBP1,000 GBP1,000
--------------------- ----------------------------
A separate Tender Instruction must be completed on behalf of
each beneficial owner and in respect of each Series.
Indicative Timetable for the Offers
Events Times and Dates
(All times are London time)
Commencement of the Offers
Offers announced. Tender Offer Memorandum available from 31 August 2023
the Tender Agent.
Expiration Deadline
Final deadline for receipt of valid Tender Instructions 4.00 p.m. on 7 September 2023
by the Tender Agent in order for Bondholders
to be able to participate in the Offers.
Announcement of Indicative Results
Announcement by the Company of a non-binding indication Prior to the Pricing Time on 8 September 2023
of the level at which it expects to
set each Series Acceptance Amount and indicative details
of any Scaling Factors applicable
to valid tenders of Bonds of the relevant Series that
will be applied in the event that the
Company decides to accept valid tenders of Bonds of such
Series pursuant to the relevant Offer(s)
(subject to the satisfaction (or waiver) of the New Issue
Condition on or prior to the Settlement
Date) .
Pricing Time
Determination of each Benchmark Security Rate, each At or around 11.00 a.m. on 8 September 2023
Purchase Yield and each Purchase Price.
Announcement of Results and Pricing
Announcement of whether (subject to the satisfaction (or As soon as reasonably practicable after the Pricing Time
waiver) of the New Issue Condition on 8 September 2023
on or prior to the Settlement Date) the Company will
accept valid tenders of Bonds pursuant
to both or either of the Offers and, if so accepted, the
Final Acceptance Amount, each Series
Acceptance Amount, each Benchmark Security Rate, each
Purchase Yield, each Purchase Price
and any Scaling Factors that will be applied to the Bonds
of either Series, as applicable.
Settlement Date
Subject to the satisfaction (or waiver) of the New Issue 13 September 2023
Condition, expected Settlement Date
for the Offers.
This is an indicative timetable and may be subject to change.
Bondholders are advised to check with any bank, securities broker
or other intermediary through which they hold Bonds when such
intermediary would need to receive instructions from a Bondholder
in order for that Bondholder to be able to participate in, or (in
the limited circumstances in which revocation is permitted) revoke
their instruction to participate in, an Offer by the deadlines set
out above and in the Tender Offer Memorandum. The deadlines set by
any such intermediary and each Clearing System for the submission
and withdrawal of Tender Instructions will be earlier than the
relevant deadlines set out above and in the Tender Offer
Memorandum.
Unless stated otherwise, announcements in connection with the
Offers will be made (i) by publication through RNS and (ii) by the
delivery of notices to the Clearing Systems for communication to
Direct Participants. Such announcements may also be made on the
relevant Reuters Insider Screen and by the issue of a press release
to a Notifying News Service. Copies of all such announcements,
press releases and notices can also be obtained upon request from
the Tender Agent, the contact details for which are below.
Significant delays may be experienced where notices are delivered
to the Clearing Systems and Bondholders are urged to contact the
Tender Agent for the relevant announcements during the course of
the Offers. In addition, Relevant Bondholders may contact the
Dealer Managers for information using the contact details
below.
Neither Dealer Manager (or their respective directors, officers,
employees, agents or affiliates) has any role in relation to any
part of an Offer made to Bondholders who are not Relevant
Bondholders, where Relevant Bondholder means a Bondholder that is:
(a) in a member state of the European Union, an "eligible
counterparty" or a "professional client", each as defined in
Directive No. 2014/65/EU on markets in financial instruments (as
amended from time to time); (b) in the United Kingdom, an "eligible
counterparty", as defined in the FCA Handbook Conduct of Business
Sourcebook, or a "professional client" as defined in point (8) of
Article 2(1) of Regulation (EU) No. 600/2014 as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act 2018;
or (c) in a jurisdiction outside of the EU and the UK, an
institutional holder under applicable local law and not a retail
holder.
Bondholders are advised to read carefully the Tender Offer
Memorandum for full details of and information on the procedures
for participating in the Offers.
For detailed terms of the Offers please refer to the Tender
Offer Memorandum which (subject to distribution restrictions) can
be obtained from the Tender Agent referred to below.
Lloyds Bank Corporate Markets plc (Tel: + 44 (0) 20 7158
1719/1726 ; Attn: Liability Management, Commercial Banking; Email:
LBCMLiabilityManagement@lloydsbanking.com ); and Mizuho
International plc (Tel: + 44 20 7090 6134 ; Attn: Liability
Management; Email: liabilitymanagement@uk.mizuho-sc.com ) are
acting as Dealer Managers for the Offers (as made to the Relevant
Bondholders).
Kroll Issuer Services Limited (Tel: +44 20 7704 0880; Attn:
David Shilson / Alessandro Zorza; Email: hammerson@is.kroll.com) is
acting as Tender Agent.
Questions and requests for assistance in connection with (i) the
Offers may be directed to the Dealer Managers by the Relevant
Bondholders, and (ii) the delivery of Tender Instructions may be
directed to the Tender Agent, the contact details for each of which
are on the last page of this Tender Offer Memorandum.
UK MAR : This announcement is released by the Company and
contains information that qualified or may have qualified as inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 (MAR) as it forms part of UK domestic law
by virtue of the EUWA (UK MAR), encompassing information relating
to the Offers described above. For the purposes of UK MAR and
Article 2 of the binding technical standards published by the
Financial Conduct Authority in relation to MAR as regards
Commission Implementing Regulation (EU) 2016/1055, this
announcement is made by Alex Dunn, Company Secretary at the
Company.
DISCLAIMER This announcement must be read in conjunction with
the Tender Offer Memorandum. This announcement and the Tender Offer
Memorandum contain important information which should be read
carefully before any decision is made with respect to the Offers.
If any Bondholder is in any doubt as to the action it should take,
it is recommended to seek its own financial advice, including in
respect of any tax consequences, from its broker, bank manager,
solicitor, accountant or other independent financial, tax or legal
adviser. Any individual or company whose Bonds are held on its
behalf by a broker, dealer, bank, custodian, trust company or other
nominee must contact such entity if it wishes to tender such Bonds
pursuant to the Offers. None of the Company, the Dealer Managers
and the Tender Agent nor any of their respective directors,
officers, employees, agents or affiliates makes any recommendation
whether Bondholders should tender Bonds pursuant to the Offers.
OFFER AND DISTRIBUTION RESTRICTIONS
The distribution of this announcement and the Tender Offer
Memorandum in certain jurisdictions may be restricted by law.
Persons into whose possession this announcement and/or the Tender
Offer Memorandum comes are required by each of the Company, the
Dealer Managers and the Tender Agent to inform themselves about,
and to observe, any such restrictions. Neither this announcement
nor the Tender Offer Memorandum constitutes an offer to buy or a
solicitation of an offer to sell the Bonds (and tenders of Bonds in
the relevant Offer will not be accepted from Bondholders) in any
circumstances in which such offer or solicitation is unlawful. In
those jurisdictions where the securities, blue sky or other laws
require the relevant Offer to be made by a licensed broker or
dealer and either of the Dealer Managers or any of the Dealer
Managers' respective affiliates is such a licensed broker or dealer
in any such jurisdiction, the relevant Offer shall be deemed to be
made by such Dealer Manager or affiliate, as the case may be, on
behalf of the Company in such jurisdiction (but only to any
Bondholder that is a Relevant Bondholder).
In addition to the representations referred to below in respect
of the United States, each Bondholder participating in the Offers
will also be deemed to give certain representations in respect of
the other jurisdictions referred to below and generally as set out
in the Tender Offer Memorandum. No action has been or will be taken
in any jurisdiction in relation to the New Bonds that would permit
a public offering of securities and the minimum denomination of the
New Bonds will be GBP1,000.
United States . The Offers are not being made, and will not be
made, directly or indirectly, in or into, or by use of the mail of,
or by any means or instrumentality of interstate or foreign
commerce of, or of any facilities of a national securities exchange
of, the United States or to any U.S. person (as defined in
Regulation S of the Securities Act (each a U.S. Person)). This
includes, but is not limited to, facsimile transmission, electronic
mail, telex, telephone, the internet and other forms of electronic
communication. Accordingly, copies of this announcement, the Tender
Offer Memorandum and any other documents or materials relating to
the Offers are not being, and must not be, directly or indirectly
mailed or otherwise transmitted, distributed or forwarded
(including, without limitation, by custodians, nominees or
trustees) in or into the United States, to any person located or
resident in the United States or to any U.S. Person, and the Bonds
cannot be tendered in the Offers by any such use, means,
instrumentality or facility or from within the United States or by
any person located or resident in the United States or by, or by
any person acting for the account or benefit of, a U.S. Person. Any
purported tender of Bonds in the Offers resulting directly or
indirectly from a violation of these restrictions will be invalid
and any purported tender of Bonds made by any person located in the
United States or any agent, fiduciary or other intermediary acting
on a non-discretionary basis for a principal giving instructions
from within the United States or by any U.S. Person or by use of
such mails or any such means, instrumentality or facility will be
invalid and will not be accepted.
Neither this announcement nor the Tender Offer Memorandum is an
offer of securities for sale in the United States or to U.S.
Persons. Bonds may not be offered, sold or delivered in the United
States absent registration under, or an exemption from the
registration requirements of, the Securities Act. The New Bonds
have not been, and will not be, registered under the Securities Act
or the securities laws of any state or other jurisdiction of the
United States and may not be offered, sold or delivered, directly
or indirectly, within the United States or to, or for the account
or benefit of, U.S. Persons.
Each holder of Bonds participating in an Offer will represent
that it is not a U.S. Person and is not located in the United
States and is not participating in such Offer from the United
States, or it is acting on a non-discretionary basis for a
principal located outside the United States that is not giving an
order to participate in such Offer from the United States and who
is not a U.S. Person. For the purposes of this and the above two
paragraphs, United States means the United States of America, its
territories and possessions (including Puerto Rico, the U.S. Virgin
Islands, Guam, American Samoa, Wake Island and the Northern Mariana
Islands), any state of the United States of America and the
District of Columbia.
Italy. None of the Offers, this announcement, the Tender Offer
Memorandum or any other document or materials relating to the
Offers have been or will be submitted to the clearance procedures
of the Commissione Nazionale per le Società e la Borsa (CONSOB)
pursuant to Italian laws and regulations. Each Offer is being
carried out in Italy as an exempted offer pursuant to article
101-bis, paragraph 3-bis of the Legislative Decree No. 58 of 24
February 1998, as amended (the Financial Services Act) and article
35-bis, paragraph 4 of CONSOB Regulation No. 11971 of 14 May 1999,
as amended. Bondholders or beneficial owners of the Bonds that are
located in Italy can tender Bonds for purchase in the Offers
through authorised persons (such as investment firms, banks or
financial intermediaries permitted to conduct such activities in
the Republic of Italy in accordance with the Financial Services
Act, CONSOB Regulation No. 20307 of 15 February 2018 , as amended
from time to time, and Legislative Decree No. 385 of 1 September
1993, as amended) and in compliance with applicable laws and
regulations or with requirements imposed by CONSOB or any other
Italian authority.
Each intermediary must comply with the applicable laws and
regulations concerning information duties vis-à-vis its clients in
connection with the Bonds, the Offers, the Tender Offer Memorandum
and/or this announcement.
United Kingdom. This announcement, the Tender Offer Memorandum
and any other documents or materials relating to the Offers are not
being made and such documents and/or materials have not been
approved by an authorised person for the purposes of section 21 of
the Financial Services and Markets Act 2000 and are not for general
distribution and must not be passed on to the general public in the
United Kingdom. The communication of such documents and materials
is made only to and directed only at those persons in the United
Kingdom falling within the definition of investment professionals
(as defined in Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (the Financial Promotion
Order)) or persons falling within Article 43 of the Financial
Promotion Order or any other persons to whom it may otherwise
lawfully be made under the Financial Promotion Order (all such
persons together being referred to as Relevant Persons) and the
transaction contemplated herein will be available only to, and
engaged in only with, Relevant Persons. Any person who is not a
Relevant Person should not act on or rely on this announcement or
the Tender Offer Memorandum or (in either case) any of its
contents.
France. The Offers are not being made, directly or indirectly,
to the public in the Republic of France. This announcement, the
Tender Offer Memorandum and any other document or material relating
to the Offers have only been and shall only be distributed in
France to qualified investors as defined in Article 2(e) of
Regulation (EU) 2017/1129. Neither this announcement nor the Tender
Offer Memorandum has been or will be submitted for clearance to nor
approved by the Autorité des Marchés Financiers.
Belgium. Neither this announcement, the Tender Offer Memorandum
nor any other documents or materials relating to the Offers have
been submitted to or will be submitted for approval or recognition
to the Belgian Financial Services and Markets Authority (Autoriteit
voor Financiële Diensten en Markten / Financial Services and
Markets Authority) and, accordingly, the Offers may not be made in
Belgium by way of a public offering, as defined in Article 3 of the
Belgian Law of 1 April 2007 on public takeover bids or as defined
in Article 3 of the Belgian Law of 16 June 2006 on the public offer
of placement instruments and the admission to trading of placement
instruments on regulated markets, each as amended or replaced from
time to time. Accordingly, the Offers may not be advertised and the
Offers will not be extended, and neither this announcement, the
Tender Offer Memorandum nor any other documents or materials
relating to the Offers (including any memorandum, information
circular, brochure or any similar documents) has been or shall be
distributed or made available, directly or indirectly, to any
person in Belgium other than "qualified investors" in the sense of
Article 10 of the Belgian Law of 16 June 2006 on the public offer
of placement instruments and the admission to trading of placement
instruments on regulated markets (as amended from time to time),
acting on their own account. Insofar as Belgium is concerned, each
of this announcement and the Tender Offer Memorandum has been
issued only for the personal use of the above qualified investors
and exclusively for the purpose of the Offers. Accordingly, the
information contained in each of this announcement and the Tender
Offer Memorandum may not be used for any other purpose or disclosed
to any other person in Belgium.
This announcement has also been released on the SENS system of
the Johannesburg Stock Exchange and on Euronext Dublin.
This information is provided by RNS, the news service of the
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END
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