Business
Offer to Bondholders
Offer to Bondholders.
About this update from Grainger Plc
[{"type":"text","content":"\n RNS Number : 5963G Grainger PLC 24 October 2008 \n \n24 October 2008\nGrainger plc (\"Grainger\" or the \"Company\")\n\n£112,000,000 3.625 per cent. Convertible Bonds due 2014 (\"the Bonds\") (ISIN XS0298922617)\n\nOffer to bondholders\n\nDuring the past few weeks, a number of holders of the Bonds (the \"Bondholders\") have contacted the Company to enquire whether it could assist them enhance the liquidity of their investment in the Bonds.\n\nAccordingly, Grainger today announces that it will make, and hereby offers to each Bondholder, a cash payment equal to £35,000 per £100,000 in principal amount of the Bonds (the \"Cash Amount\") in respect of which a valid Conversion Notice is received by the Principal Paying and Conversion Agent by 5.00 pm (London time) on 4 November 2008 (the \"Submission Deadline\"). \n\nUpon conversion of their Bonds, Bondholders who have exercised their Conversion Rights will receive approximately 11,574 ordinary shares per £100,000 principal of Bonds in discharge of all obligations as set forth under such Bonds. \n\nThe Cash Amount will only be paid for Bonds in respect of which a valid Conversion Notice has been received by the Principal Paying and Conversion Agent during the period from, and including, the date of this notice to, and including the Submission Deadline (the \"Offer Period\") (the holders of such Bonds being \"Eligible Bondholders\"). Holders of Bonds in respect of which (i) Conversion Notices are received by the Principal Paying and Conversion Agent after the Submission Deadline or (ii) invalid Conversion Notices are received by the Principal Paying and Conversion Agent by the Submission Deadline or (iii) Conversion Notices were received by any Paying and Conversion Agent prior to the commencement of the Offer Period will not be eligible to receive the Cash Amount. This offer does not affect Bondholders' Conversion Rights under the Bonds or the Trust Deed constituting the Bonds and does not affect or alter any terms and conditions of the Bonds. The Company will pay, or procure payment of, the Cash Amount ...